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...

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Bibliographic Details
Main Author: Masson, Paul
Other Authors: Symansky, Steven
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1993
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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651 4 |a Germany 
653 |a Inflation 
653 |a Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation 
653 |a Investment 
653 |a Economic integration 
653 |a Return on investment 
653 |a Monetary economics 
653 |a Currency; Foreign exchange 
653 |a Deflation 
653 |a Financial Aspects of Economic Integration 
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653 |a National accounts 
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653 |a Investments: General 
653 |a Prices 
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520 |a 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.