Waiting for EMU: living with monetary policy asymmetries in the EMS
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | Undetermined |
| Veröffentlicht: |
Rome
1992
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| Schriftenreihe: | Temi di discussione del Servizio Studi / Banca d'Italia
168 |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 41 S. |
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Datensatz im Suchindex
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| adam_text | WAITING FOR EMU: LIVING WITH
MONETARY POLICY ASYMMETRIES IN THE EMS
by
Lorenzo Bini Smaghi(*)
Abstract
In an exchange rate system such as the EMS, with
full capital mobility and highly credible parities, the
ability to use monetary policy to achieve price stability in
all countries is diminished in the presence of differentiated
domestic inflationary pressures. A country can achieve
domestic monetary policy objectives only if it acts as leader
of the system and brings the others to accept its policy
stance even if it is not optimal for them. Several factors
influence the ability of a country to perform the role of
leader, such as its size and the credibility of its policies.
A further important factor is the position of the currency in
the fluctuation band. The design of the EMS makes it easier
for countries whose currencies have a strong position within
the band to act as leaders. As a consequence, the leadership
of the system is likely to be exercised by the countries that
have to conduct the most restrictive monetary policies, due
for instance to their domestic inflationary pressures or
their unbalanced budgetary positions. As a result, the
monetary policy of the system will tend to be excessively
restrictive.
Contents
Introduction and main conclusions page 5
1. Monetary policy and exchange rate stability
before EMU n V
2. The model 10
3. Adjustment under fixed exchange rates 12
4. Policy dilemmas prior to EMU n 17
Tables and Figures 24
Appendix 1 - Solution of the model 33
Appendix 2 - Construction of ERM aggregate 38
References 40
(*) Banca d Italia, Research Department.
|
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| author | Bini-Smaghi, Lorenzo 1956- |
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| spelling | Bini-Smaghi, Lorenzo 1956- Verfasser (DE-588)115042350 aut Waiting for EMU living with monetary policy asymmetries in the EMS by Lorenzo Bini Smaghi Rome 1992 41 S. txt rdacontent n rdamedia nc rdacarrier Temi di discussione del Servizio Studi / Banca d'Italia 168 Banca d'Italia Temi di discussione del Servizio Studi 168 (DE-604)BV026080739 168 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021692009&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bini-Smaghi, Lorenzo 1956- Waiting for EMU living with monetary policy asymmetries in the EMS |
| title | Waiting for EMU living with monetary policy asymmetries in the EMS |
| title_auth | Waiting for EMU living with monetary policy asymmetries in the EMS |
| title_exact_search | Waiting for EMU living with monetary policy asymmetries in the EMS |
| title_full | Waiting for EMU living with monetary policy asymmetries in the EMS by Lorenzo Bini Smaghi |
| title_fullStr | Waiting for EMU living with monetary policy asymmetries in the EMS by Lorenzo Bini Smaghi |
| title_full_unstemmed | Waiting for EMU living with monetary policy asymmetries in the EMS by Lorenzo Bini Smaghi |
| title_short | Waiting for EMU |
| title_sort | waiting for emu living with monetary policy asymmetries in the ems |
| title_sub | living with monetary policy asymmetries in the EMS |
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