| Titre | Les politiques monétaires au sein du SME | |
|---|---|---|
| Auteur | Frank Sédillot, Eric Jondeau, Patrick Jacq | |
 |
Revue | Economie et prévision |
| Numéro | no 109, 1993/3 | |
| Rubrique / Thématique | Essais sur l'Union Économique et Monétaire |
|
| Page | 57-74 | |
| Résumé anglais |
Monetary Policies under the EMS,
by Patrick Jacq, Eric Jondeau and Frank Sédillot.
The constraints imposed by the EMS and the prospects for the European Union have produced a spectacular alignment of Member States' interest rates. This alignment has been essentially asymmetric with the majority of the countries seeing Germany as the leader in monetary policy. The article first considas monetary policy in the EMS Member States before the exchange crises of 1992. It endeavours to identify the reaction functions of the different central banks, mainly through inflation/growth arbitrage and the foreign exchange constraint. The mechanism aligning the behaviour of these central banks is illustrated by positing weights that vary over time for the different goals. The article then turns to the effect of the EMS aisis on the Member States' monetary policies. In particular, it looks at which new specifications of reaction functions provide an account of the observed trend in interest rates (increased weight of the foreign exchange constraint, etc.) and it endeavours to identify the specific features of each country. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1993_num_109_3_5622 |
