|
|
|
|
LEADER |
02385nmm a2200505 u 4500 |
001 |
EB000926345 |
003 |
EBX01000000000000000719941 |
005 |
00000000000000.0 |
007 |
cr||||||||||||||||||||| |
008 |
150128 ||| eng |
020 |
|
|
|a 9781451856682
|
100 |
1 |
|
|a Masson, Paul
|
245 |
0 |
0 |
|a The Credibility of the United Kingdom's Commitment to the Erm
|b Intentions Versus Actions
|c Paul Masson
|
260 |
|
|
|a Washington, D.C.
|b International Monetary Fund
|c 1994
|
300 |
|
|
|a 32 pages
|
651 |
|
4 |
|a United Kingdom
|
653 |
|
|
|a Inflation
|
653 |
|
|
|a International Monetary Arrangements and Institutions
|
653 |
|
|
|a Labour
|
653 |
|
|
|a Deflation
|
653 |
|
|
|a Unemployment: Models, Duration, Incidence, and Job Search
|
653 |
|
|
|a Unemployment
|
653 |
|
|
|a Aggregate Labor Productivity
|
653 |
|
|
|a Currency
|
653 |
|
|
|a Aggregate Human Capital
|
653 |
|
|
|a Labor
|
653 |
|
|
|a Price Level
|
653 |
|
|
|a Foreign Exchange
|
653 |
|
|
|a Prices
|
653 |
|
|
|a Macroeconomics
|
653 |
|
|
|a Wages
|
653 |
|
|
|a Interest Rates: Determination, Term Structure, and Effects
|
653 |
|
|
|a Economic theory
|
653 |
|
|
|a Exchange rates
|
653 |
|
|
|a Intergenerational Income Distribution
|
653 |
|
|
|a Income economics
|
653 |
|
|
|a Foreign exchange
|
653 |
|
|
|a Employment
|
041 |
0 |
7 |
|a eng
|2 ISO 639-2
|
989 |
|
|
|b IMF
|a International Monetary Fund
|
490 |
0 |
|
|a IMF Working Papers
|
028 |
5 |
0 |
|a 10.5089/9781451856682.001
|
856 |
4 |
0 |
|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
|
082 |
0 |
|
|a 330
|
520 |
|
|
|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
|