| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP472 |
| DP472 European Monetary Union or Hard EMS? | |
| Jane Rapson; Paul Levine; Joseph Pearlman | |
| 发表日期 | 1990-10-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper contributes to the debate engendered by the Delors Report on the issue of European Monetary Union. It focuses on the options of a strengthened (or hard-) EMS, with a commitment to a fixed exchange rate relative to the Deutschmark, or a European central bank with full monetary union (EMU). Under hard-EMS, an anti-inflationary reputation is acquired by all as a result of Bundesbank credibility. As regards EMU, it is possible that too rapid a move through the latter stages of the Delors process will produce a central bank with little or no anti-inflation credibility. Here we make starkest assumption of no credibility under EMU, and compare it with hard-EMS for various supply and demand shocks using a two-bloc model, the latter exhibiting short-run wage/price stickiness but with long run natural rate properties. A non-EMS regime with floating exchange rates is used to examine the incentive compatibility of hard-EMS and EMU, with a cooperative reputational regime acting as a benchmark. |
| 主题 | International Macroeconomics |
| 关键词 | Credibility European monetary system inflation Monetary union |
| URL | https://cepr.org/publications/dp472 |
| 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/529627 |
| 推荐引用方式 GB/T 7714 | Jane Rapson,Paul Levine,Joseph Pearlman. DP472 European Monetary Union or Hard EMS?. 1990. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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