Discussion paper

DP1047 Monetary Policies in the EMS: Lessons from the Great Recession of 1991-3

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.

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Citation

De Grauwe, P (1994), ‘DP1047 Monetary Policies in the EMS: Lessons from the Great Recession of 1991-3‘, CEPR Discussion Paper No. 1047. CEPR Press, Paris & London. https://cepr.org/publications/dp1047