MacDonald, R. and Taylor, M. P. (1991) Exchange rates, policy convergence, and the European monetary system. Review of Economics and Statistics, 73(3), pp. 553-558. (doi: 10.2307/2109585)
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Publisher's URL: http://www.jstor.org/stable/2109585
Abstract
We analyze the degree of policy convergence of EMS member countries relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members but not for the non-EMS countries. We also provide some evidence to support the "German leadership hypothesis" in the context of intra-EMS monetary policy convergence.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | MacDonald, Professor Ronald |
| Authors: | MacDonald, R., and Taylor, M. P. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Review of Economics and Statistics |
| Publisher: | MIT Press |
| ISSN: | 0034-6535 |
| ISSN (Online): | 1530-9142 |
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