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150128 ||| eng |
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|a 9781451856682
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| 100 |
1 |
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|a Masson, Paul
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| 245 |
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|a The Credibility of the United Kingdom's Commitment to the Erm
|b Intentions Versus Actions
|c Paul Masson
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1994
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| 300 |
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|a 32 pages
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| 651 |
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4 |
|a United Kingdom
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| 653 |
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|a Inflation
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| 653 |
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|a International Monetary Arrangements and Institutions
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| 653 |
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|a Labour
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| 653 |
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|a Deflation
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| 653 |
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|a Unemployment: Models, Duration, Incidence, and Job Search
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| 653 |
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|a Unemployment
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| 653 |
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|a Aggregate Labor Productivity
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| 653 |
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|a Currency
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| 653 |
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|a Aggregate Human Capital
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| 653 |
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|a Labor
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| 653 |
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|a Price Level
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Wages
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Economic theory
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| 653 |
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|a Exchange rates
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| 653 |
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|a Intergenerational Income Distribution
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| 653 |
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|a Income economics
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| 653 |
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|a Foreign exchange
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| 653 |
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|a Employment
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451856682.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/1994/147/001.1994.issue-147-en.xml?cid=1056-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a The paper presents estimates of a model of the credibility of the U.K. commitment to its central parity against the deutsche mark during the period of U.K. ERM membership (1990-92). The measure of credibility used is the long-term interest differential with Germany. Credibility is decomposed into two aspects: an assessment of whether the government was truly committed to the ERM, and the probability that even a committed government would be able to continue to bear the unemployment costs. Doubts about the first aspect—which could lead to a self-fulfilling crisis—are shown to have declined steadily during the period of ERM membership, while the second aspect is estimated to have become increasingly important, due to rising unemployment
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