| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP649 |
| DP649 Counter-Inflationary Policy in the Framework of the EMS | |
| Michael Artis | |
| 发表日期 | 1992-03-03 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | The conditions of the `new EMS' - an absence of exchange rate realignments and corresponding added credibility - have given rise to concern about the stabilization properties of the System. Nominal interest rate divergence may have been narrowed ahead of inflation divergence. Cross-country real interest rankings would then assume a negative correlation with the corresponding inflation rankings. The paper argues that on theoretical grounds, a perverse correlation between real interest rates and inflation can be predicted for `old EMS' conditions. Empirical evidence supports this prediction while failing to confirm it for the `new EMS'. |
| 主题 | International Macroeconomics |
| 关键词 | European monetary system inflation Real interest rates |
| URL | https://cepr.org/publications/dp649 |
| 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/529789 |
| 推荐引用方式 GB/T 7714 | Michael Artis. DP649 Counter-Inflationary Policy in the Framework of the EMS. 1992. |
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