Monetary Policy in the European Monetary System

1. Front Matter

   Pages i-x

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2. Introduction

   • João Loureiro, Jürgen von Hagen

   Pages 1-3

3. The origins, design and working of the European Monetary System

   • Jürgen von Hagen, João Loureiro

   Pages 5-11

4. “Leaning against the wind” in the EMS: Did it work? An analysis of the period from 1979 to 1988

   • João Loureiro, Jürgen von Hagen

   Pages 13-43

5. “Leaning against the wind” through interest rate management: The EMS in the period from 1979 to 1988

   • João Loureiro, Jürgen von Hagen

   Pages 45-51

6. Monetary autonomy in the EMS

   • João Loureiro, Jürgen von Hagen

   Pages 53-65

7. The discipline hypothesis: What role for the EMS?

   • Jürgen von Hagen, João Loureiro

   Pages 67-101

8. In search of a credible EMS

   • Jürgen von Hagen, João Loureiro

   Pages 103-126

9. Summary and conclusions

   • Jürgen von Hagen, João Loureiro

   Pages 127-128

10. Back Matter

    Pages 129-147

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Monetary Policy in the European Monetary Systems (EMS) provides the reader with a critical assessment of the EMS operation, focusing on key issues like intervention in money and foreign exchange markets and credibility of EMS exchange rate bands. The book also reopens the discussion on the "EMS discipline-credibility hypothesis" and the notion of "New EMS", testing both with an original methodology. The conflict between internal and external objectives is made clear and the empirical results show the choices made by the individual countries and the resulting implications. The book is written with an empirical orientation based on a unifying data description framework.

• European Monetary System
• Europäische Währungsunion
• Europäisches Währungssystem
• Inflation
• Währung
• Währungsunion
• monetary policy
• monetary union

• Faculty of Economics, University of Porto, Porto, Portugal

  João Loureiro

Policies and ethics