A LONG-RUN VIEW OF GERMAN DOMINANCE AND THE DEGREE OF POLICY CONVERGENCE IN THE EMS

被引:23
作者
HAFER, RW
KUTAN, AM
机构
关键词
D O I
10.1111/j.1465-7295.1994.tb01358.x
中图分类号
F [经济];
学科分类号
02 ;
摘要
A preliminary for European monetary union is convergence of the European Monetary System's members' policies. Using a cointegration framework with short-term interest rates and monetary bases as monetary policy measures, we find policy convergence has not occurred. Nor, contrary to popular belief, does the Bundesbank dominate other members' policies. Although the Bundesbank is influential, substantial policy interaction occurs among almost all the EMS countries examined. Finally, the ''credibility'' argument, that pegged exchange rate systems constrain and discipline monetary policymakers behavior, is undermined by our findings.
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页码:684 / 695
页数:12
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