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.