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Tekijä: | Giavazzi, F. Giovannini, A. |
Otsikko: | Exchange rates and prices in Europe. |
Lehti: | Weltwirtschaftliches Archiv
1987 : VOL. 123:4, p. 592-605 |
Asiasana: | EXCHANGE RATES PRICES EUROCURRENCY MARKETS MONETARY POLICY EUROPE |
Kieli: | eng |
Tiivistelmä: | This paper discusses centralized exchange-rate setting in a monetary union characterized by asymetries in the transmission of price disturbances. It shows that the presence of these asymetries makes a system of irrevocably fixed exchange rates suboptimal whenever nominal exchange rate changes can be used effectivelz, together with monetary policy, to counteract external shocks. |
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