DP1047 Monetary Policies in the EMS: Lessons from the Great Recession of 1991-3
|Author(s):||Paul De Grauwe|
|Publication Date:||October 1994|
|Keyword(s):||EMS, Monetary Policy, Recession|
|JEL(s):||F33, F36, F42|
|Programme Areas:||International Macroeconomics|
|Link to this Page:||cepr.org/active/publications/discussion_papers/dp.php?dpno=1047|
This paper analyses the nature of the monetary policies in the EMS during the most recent recession. It shows that these monetary policies were very restrictive in an historical perpective, and identifies the characteristics of the workings of the EMS responsible for these monetary policies.