Bayoumi, Tamim A; Kenen, Peter B - In: Review of International Economics 1 (1993) 3, pp. 209-20
This paper looks at whether the aggregate ERM money supply has been a useful predictor of short-term changes in inflation and growth, and of long-term trends in price levels among the core ERM countries. The evidence suggests that over the period since 1987 the ERM money supply performs at least...