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Models of the EMS: is Europe a Greater Deutschmark Area?

In: Global Macroeconomics: Policy Conflict and Cooperation

Author

Listed:
  • Francesco Giavazzi

    (Universita di Venezia
    CEPR)

  • Alberto Giovannini

    (Columbia University)

Abstract

Regimes of fixed exchange rates or of limited exchange-rate flexibility, like the ideal ‘target zone’ proposal or the real European Monetary System (EMS), raise the question of symmetry. Who runs monetary policy and who sets exchange-rate parities? If exchange rates are determined exogenously by a mechanical rule, does — or should — only one country run monetary policy, or does this depend on all members of the system?

Suggested Citation

  • Francesco Giavazzi & Alberto Giovannini, 1987. "Models of the EMS: is Europe a Greater Deutschmark Area?," International Economic Association Series, in: Ralph C. Bryant & Richard Portes (ed.), Global Macroeconomics: Policy Conflict and Cooperation, chapter 7, pages 237-272, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-18916-8_7
    DOI: 10.1007/978-1-349-18916-8_7
    as

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