[eng] Nominal and Real Convergence in EC and EFTA countries This paper estimates the speed of convergence towards German values of nominal and real macroeconomic indicators of EC and EFTA countries for the last twenty years (for real GDP per capita we consider the period 1950- 1988). We use a...

[eng] Efficiency and Formation of Expectations in Exchange Markets The aim of this article is twofold : first to analyse the efficiency properties of the French franc and the American dollar exchange markets : second, to determine the nature of exchange rate expectations in these markets for...

We present a monetary model of unilateral exchange rate target zone based on microeconomic optimization principles. We endogenously derive the consumer's consumption and protfolio choices, and the demand for money balances. The standard monetary model results, like the S-shaped solution for the...