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The EMS and International Transmission Mechanisms

  • Jean-Paul Fitoussi
  • Jacques Le Cacheux

Abstract

At first sight, the EMS appears (or is said) to be an island of stability in a choppy ocean. For sure, the waves affect the shores of the island. But by and large the degree of stability of the inside land is enhanced, thus favouring intra-European trade. The metaphor has flimsy empirical and ambiguous theoretical foundations. It is common sense but common sense is often wrong, especially when applied to new problems.

Keywords

Exchange Rate Monetary Policy Real Exchange Rate Money Supply Real Interest Rate 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Piero Ferri 1990

Authors and Affiliations

  • Jean-Paul Fitoussi
  • Jacques Le Cacheux

There are no affiliations available

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