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The EMS is a greater Deutschmark area

Title data

Herz, Bernhard ; Röger, Werner:
The EMS is a greater Deutschmark area.
In: European Economic Review. Vol. 36 (1992) Issue 7 . - pp. 1413-1425.
ISSN 0014-2921
DOI: https://doi.org/10.1016/0014-2921(92)90075-8

Abstract in another language

There is a wide consensus among policy makers that the EMS has developed into an asymmetric, fixed exchange rate system with Germany being the center country. This view of asymmetry, which is also supported by the game theoretic literature, is at odds with empirical work, which claims that Germany is a member among peers. In contrast to previous studies this paper adopts a more structural approach and derives testable restrictions of the German dominance hypothesis from a general two-country macro model. Our empirical results indicate a pronounced dominance of German monetary policy in the EMS.

Further data

Item Type: Article in a journal
Refereed: Yes
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I > Chair Economics I - Univ.-Prof. Dr. Bernhard Herz
Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I
Result of work at the UBT: No
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 20 May 2015 06:47
Last Modified: 20 May 2015 06:47
URI: https://eref.uni-bayreuth.de/id/eprint/10170