| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP444 |
| DP444 Exchange Rates, Policy Convergence and the European Monetary System | |
| Mark Taylor; Ronald MacDonald | |
| 发表日期 | 1990-08-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | In this paper we use a recently developed multivariate cointegration technique to analyse the degree of policy convergence of EMS member 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 evidence to support the `German leadership hypothesis' in the context of intra-EMS monetary policy convergence, which accords with anecdotal evidence on the modus operandi of the EMS. |
| 主题 | International Macroeconomics |
| 关键词 | European monetary system Exchange rates Policy convergence |
| URL | https://cepr.org/publications/dp444 |
| 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/529600 |
| 推荐引用方式 GB/T 7714 | Mark Taylor,Ronald MacDonald. DP444 Exchange Rates, Policy Convergence and the European Monetary System. 1990. |
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