Year: 1988
Author: Melitz, Jacques
Credit and Capital Markets – Kredit und Kapital, Vol. 21 (1988), Iss. 4 : pp. 481–512
Abstract
Monetary Discipline, Germany, and the European Monetary System
This paper explores the hypothesis that the non-German members of the European Monetary System (EMS) draw benefits from the system because of the monetary discipline that it imposes upon them. The hypothesis explains the dominant position of Germany in the EMS and is consistent with the evidence that membership has induced several countries to disinflate more than they would have done otherwise. Analysis shows, however, that the required conditions for the hypothesis to work are very stringent. Even if the conditions are met, the non-German members could obtain the advantages of monetary discipline in other ways.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/ccm.21.4.481
Credit and Capital Markets – Kredit und Kapital, Vol. 21 (1988), Iss. 4 : pp. 481–512
Published online: 1988-04
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 32
Author Details
-
Artis, Michael: "The European Monetary System: An Evaluation," University of Manchester, mimeo (1986).
Google Scholar -
Barro, Robert, and David Gordon (1983a): "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, Vol. 91 (1983), pp. 589 - 610.
Google Scholar -
Barro, Robert, and David Gordon (1983 b): "Rules, Discretion and Reputation in a Model of Monetary Policy," Journal of Monetary Economics, Vol. 12 (1983), pp. 101 - 21.
Google Scholar -
Bean, Charles: "Macroeconomic Policy Coordination: Theory and Evidence," Recherches Economiques de Louvain, Vol. 51 (1985), pp. 267 - 83.
Google Scholar -
Canzoneri, Matthew, and Jo Anna Gray: "Two Essays on Monetary Policy in an Interdependent World," Federal Reserve Internal Finance Discussion Paper No. 219 (1983).
Google Scholar