Muscatelli, A., Tirelli, P. and Trecroci, C. (2002) Monetary Policy on the Road to EMU: The Dominance of External Constraints on Domestic Objectives. Annales d'Economie et de Statistique(67-68), pp. 389-414.
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Publisher's URL: http://www.jstor.org/stable/20076353
Abstract
We estimate forward-looking interest-rate reaction functions Exchange Rate Model for four ERM countries. Reputational factors and convergence to the German inflation rate are found to be the main policy goals. We cannot detect evidence that the target zone band was exploited to implement countercyclical policies: Thus, their enthusiastic joining of EMU is not particularly surprising, as the ECB's policies are more likely to take into account their national preferences than the Bundesbank did under the ERM regime.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Trecroci, Mr Carmine and Muscatelli, Professor Anton |
| Authors: | Muscatelli, A., Tirelli, P., and Trecroci, C. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics College of Social Sciences > Adam Smith Business School > Accounting and Finance |
| Journal Name: | Annales d'Economie et de Statistique |
| Publisher: | GENES on behalf of ADRES |
| ISSN: | 2115-4430 |
| ISSN (Online): | 1968-3863 |
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