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In this paper we analyze the degree of policy convergence of EMS member countries relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members but not for the non-EMS countries. We also provide some...
Persistent link: https://www.econbiz.de/10014396029
This paper traces the effects of an appreciation of the deutsche mark with the help of a computable general equilibrium model under alternative structural policy scenarios. In the first scenario, characterized by severe structural rigidities, the contractionary effects of exchange rate...
Persistent link: https://www.econbiz.de/10014395794
These Technical Notes on France explain integration of global financial markets. The stress tests for the France … constraints of the approach. Retail activity by foreign banks in France is small, but significant. The financial landscape in … France remains characterized by a large number of idiosyncrasies that affect monetary transmission. Macroeconometric models …
Persistent link: https://www.econbiz.de/10014405967
For the time being—and possibly for a considerable time to come—developments and prospects for the euro area are quite favorable. This upbeat outlook is underpinned by buoyant activity indicators and a supportive policy mix. High household and business confidence, rising capacity utilization...
Persistent link: https://www.econbiz.de/10014401965
This cross-country paper explains differences in external sector performance among four large euro area countries—France …, Germany, Italy, and Spain. The paper discusses that during 2001–04, the performance of the external sector differed markedly …
Persistent link: https://www.econbiz.de/10014407076
Union is a major achievement but also a difficult process in the four countries (France, Germany, Italy, and Spain) …
Persistent link: https://www.econbiz.de/10014407227
This paper assesses the role of the deutsche mark as a key international currency. It first investigates the theoretical basis underlying the international use of a currency. Theoretical considerations indicate that several factors relating to the issuing country—including inflation...
Persistent link: https://www.econbiz.de/10014396438
-looking monetary policy decisions. The bias is higher for countries whose monetary policy was more independent of Germany …
Persistent link: https://www.econbiz.de/10014400699
Persistent link: https://www.econbiz.de/10000412854
Persistent link: https://www.econbiz.de/10000671075