The European Monetary SystemFrancesco Giavazzi, Stefano Micossi, Marcus Miller, Banca d'Italia, Centre for Economic Policy Research (Great Britain) Cambridge University Press, 1988 - 424 strani The European Monetary System has, since its inception in 1979, provided a fascinating example of policy coordination in practice. As concern about exchange-rate instability and global economic imbalances has grown, both academic researchers and policy makers have looked to the EMS for lessons about cooperation on a wider scale. This volume contains the papers and proceedings of a conference organized by the Centre for Economic Policy Research in cooperation with the Banca d'Italia and the Centro Interuniversitario di Studi Teorici per la Politica Economica. The conference brought together distinguished academics and central bankers offering a timely summary of current research on the European Monetary System, while the concluding panel discussion provides a valuable perspective on the concerns of policy-makers. |
Vsebina
Introduction | 1 |
Robert Triffin | 40 |
Monetary discipline and cooperation in the European | 51 |
36 | 76 |
822 | 79 |
41 | 94 |
Empirical evidence | 103 |
Inflation and the European Monetary System | 112 |
the role | 232 |
Interventions sterilisation and monetary policy in European | 252 |
Monetary policy coordination within the European Monetary | 292 |
Introduction | 296 |
A theoretical framework | 342 |
Empirical evidence | 359 |
a longterm view | 369 |
A new phase in the European Monetary System exchange | 385 |
Economic growth and exchange rates in the European Mone | 140 |
Exchange rates interest rates capital controls and | 185 |
The stability and sustainability of the European Monetary | 211 |
Concluding remarks | 403 |
| 419 | |
Pogosti izrazi in povedi
aggregate analysis balance of payments Banca d'Italia band behaviour bilateral Bretton Woods system Bundesbank capital controls capital mobility cent central bank central rates CEPR coefficient competitiveness convergence cooperation costs credibility deficits depreciation Deutsche mark devaluation disinflation dollar domestic component domestic demand effects EMS members equation equilibrium ERM countries ERM currencies European Monetary System exchange-rate exchange-rate mechanism exchange-rate system expectations exports external fiscal policy fixed exchange rates flexible foreign foreign-exchange markets France and Italy French function Germany Giavazzi Giovannini growth implies important increase inflation rates interest-rate international reserves intramarginal interventions macroeconomic Melitz member countries monetary base monetary discipline monetary policy monetary union money stock money supply nominal non-ERM Obstfeld OECD output parity participating period price level Princ 2 Princ principal component problem real exchange rates realignments reduced role rule shift shocks short-term stabilise sterilisation Table trade balance Tullio variables variance vis-à-vis volatility