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| Tekijä: | Bleaney, M. Mizen, P. |
| Otsikko: | Credibility and disinflation in the European monetary system |
| Lehti: | Economic Journal
1997 : NOV, VOL. 106:445, p. 1751-1767 |
| Asiasana: | EUROPEAN MONETARY SYSTEM CREDIT EXCHANGE RATES SYSTEM DYNAMICS INFLATION |
| Kieli: | eng |
| Tiivistelmä: | This paper investigates whether ERM has enabled participating countries to obtain some of the reputation of the Bundesbank for price stability. If the exchange rate commitments of the ERM were credible, inflation expectations outside Germany would be influenced by expectation of German inflation. The results suggest that the ERM did have some credibility in the ssense that domestic price-setters did set a probability greater than zero of no realignment. The probability of no realignment was rejected consistently for Belgium, Netherlands and Eire but less so for France, Italy and Denmark, although the influence of German prices was found to operate through the real exchange rate in levels. |
SCIMA