| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP597 |
| DP597 Inflation Convergence with Realignments in a Two-Speed Europe | |
| Marcus Miller; Alan Sutherland; Luisa Lambertini | |
| 发表日期 | 1991-12-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | In the first decade of its existence the EMS passed through three phases of realignments: full accommodation, partial accommodation and zero accommodation of inflation differentials. To what extent, however, does the new freedom of capital movements within the EC rule out such gradual convergence with realignments for new members? This paper uses a model with forward-looking behaviour in labour and financial markets to analyse this question. A rule which partially accommodates inflation differentials is shown to be consistent with inflation convergence and perfect capital mobility, provided that the timing of realignments is stochastic and the rule is fully credible. |
| 主题 | International Macroeconomics |
| 关键词 | Ems Emu Exchange rate realignments Inflation convergence |
| URL | https://cepr.org/publications/dp597 |
| 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/529759 |
| 推荐引用方式 GB/T 7714 | Marcus Miller,Alan Sutherland,Luisa Lambertini. DP597 Inflation Convergence with Realignments in a Two-Speed Europe. 1991. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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