Citation

Discussion Paper Details

Please find the details for DP448 in an easy to copy and paste format below:

Full Details   |   Bibliographic Reference

Full Details

Title: EMU and Asymmetries and Adjustment Problems in the EMS

Author(s): Axel A Weber

Publication Date: August 1990

Keyword(s): Economic Integration, Europe, European Monetary System, Exchange Rates and Monetary Policy

Programme Area(s): International Macroeconomics

Abstract: The paper empirically analyzes asymmetries in the EMS with special reference to their implication for the creation of a monetary union (EMU). Two types of asymmetries are analyzed: those in the form of "German dominance" are detected in the conduct of monetary policies in the EMS, in particular when the concept of "Granger causality" is applied in vector autoregressions using money-market interest rates through which most of the short-term policy impulses are transmitted; and second, asymmetries in the shocks to macroeconomic variables are discussed.

For full details and related downloads, please visit: https://cepr.org/active/publications/discussion_papers/dp.php?dpno=448

Bibliographic Reference

Weber, A. 1990. 'EMU and Asymmetries and Adjustment Problems in the EMS'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=448