Exchange rates, policy convergence, and the European monetary system

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)

Full text not currently available from Enlighten.

Publisher's URL:


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
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 (Online):1530-9142

University Staff: Request a correction | Enlighten Editors: Update this record