Evaluating the EMS and EMU Using Stochastic Simulations : Some Issues

Evaluations of European monetary integration using model simulations have given conflicting results, and the paper attempts to elucidate the reasons for the differences. Several features stand out: how to model realignments; how monetary policy is set for individual countries or for Europe; and how large are risk premium shocks in exchange markets. We quantify the effects of different assumptions relating to these features using MULTIMOD.
Publication date: March 1993
ISBN: 9781451844580
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Inflation , inflation , monetary policy , money supply , monetary union , monetary fund

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