| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP96 |
| DP96 The Dynamic Stability of the European Monetary System | |
| Jacques MELITZ; Philippe Michel | |
| 发表日期 | 1986-03-01 |
| 出版年 | 1986 |
| 语种 | 英语 |
| 摘要 | The European Monetary System (EMS) has proven to work remarkably well thus far, despite three major realignments. We make an attempt to explain the dynamic stability of the system. This attempt gives a central place to movements in desired transactions balances, or `leads and lags', as they are known. We assume the absence of pure speculation, although we examine this assumed absence after completing our main argument. Two important features of the EMS in our model, apart from leads and lags, are uncertainty of realignment dates and coordinated adjustments in interest rates by the central banks of the member governments. |
| 主题 | International Macroeconomics |
| 关键词 | Coordinated policy Currency realignment European monetary system Leads and lags Stability Transactions balances |
| URL | https://cepr.org/publications/dp96 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529252 |
| 推荐引用方式 GB/T 7714 | Jacques MELITZ,Philippe Michel. DP96 The Dynamic Stability of the European Monetary System. 1986. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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