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Some empirical evidence
Uncoupling and the role of the DM
2 other sections not shown
appreciation on European bilateral exchange rates central bank CEPS Papers Chart coefficient correlation and principal coupling-uncoupling covariation divergence dollar appreciation Dollar/DM exchange rate domestic policies economic effects EMS period estimated Europe European interest rates European Monetary System exchange rate changes external Federal Republic financial integration financial markets floating exchange rates foreign exchange markets forward premia France and Italy FRG interest rate impact innovations interdependence interest differentials interest rate differentials interest rate level interest rates deflated International Financial Statistics Italy market interest rates Michael Emerson monetary aggregates monetary linkages monetary policy monetary stance money market interest Nominal interest rates number of lagged Olivier Blanchard percentage changes policy mix principal component principal component analysis rates in selected rates vis-a-vis real interest rates Robert Triffin second oil shock selected countries selected countries1 special role sub-periods Swoboda Table terest tion trade transition to floating vis-a-vis the DM vis-a-vis the dollar