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Testing for monetary policy convergence in european countries

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dc.contributor.author Fountas, Stilianos en
dc.date.accessioned 2010-11-19T12:20:49Z en
dc.date.available 2010-11-19T12:20:49Z en
dc.date.issued 1997-12 en
dc.identifier.citation Fountas, S. (1997). "Testing for monetary policy convergence in european countries" (Working Paper No. 019) Department of Economics, National University of Ireland, Galway. en
dc.identifier.uri http://hdl.handle.net/10379/1428 en
dc.description.abstract The paper tests for long-run monetary policy convergence and short-run policy interactions in seven ERM countries over the 1979-1992 period using the approach of multivariate cointegration and Granger-causality tests. We provide evidence for very little monetary policy convergence, even during the more stable 1987-1992 period. Our tests for short-run monetary policy interactions show that, in agreement with some other studies, Germany is not the leader country in the system as it appears to accommodate shocks in other member countries. Our tests show also that full monetary policy convergence applied among Germany, Belgium and Netherlands in the 1987-1992 period implying that these countries could be the first to join a European monetary union should a two-speed approach to monetary union become a reality. en
dc.format application/pdf en
dc.language.iso en en
dc.publisher National University of Ireland, Galway en
dc.relation.ispartofseries Economics working papers;019 en
dc.subject Economics en
dc.subject Policy convergence en
dc.subject German dominance hypothesis en
dc.subject Common stochastic trends en
dc.title Testing for monetary policy convergence in european countries en
dc.type Working Paper en
dc.description.peer-reviewed peer-reviewed en

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