This paper gives an interpretation of the working of the EMS in the eighties. On one hand French franc, Belgium franc, and Irish pound, appear to have been stabilized around implicit central parities, which were revised from time to time. On the other hand, lira and Danish crown have followed a...

This paper considers a disequilibrium model of the French economy. This model includes a tradable and a nontradable sectors, investment behaviours of these sectors, and has been estimated over the period 1964/4-1984/4. A regime of excess demand had prevailed in the tradable goods sector from...