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Written from 1985 to 1992, the author's essays address such topics as the transition to a European monetary system, the design and functioning of a Eu...
The European Monetary System
This book provides the first in depth analysis of the European Monetary System (EMS), the only lasting experiment of this kind....
Evidence and Interpretation
This paper examines the evolution of the relative price between tradable and nontradable goods in a group of European countries. A model of an open ec...
Some Estimates for OECD Countries
Using 1970-85 sectoral data for the OECD we find that inflation in nontradable good exceeds inflation in tradables. We identify a demand shift towards...
Reflections on the Proposed Statute of the European Central Bank
In theory, governments should not resort to financial repression when they face no constraints on taxation. In fact, countries obtain substantial impl...
The Deutsch Mark, 1974-1982
The Evidence from the Gold Standard, Bretton Woods and the EMS
This paper defines two competing hypotheses on the working of fixed exchange rates. The "symmetry" hypothesis states that every country is concerned w...
This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in...
Using 1970-1985 sectoral data for the OECD we find that inflation in nontradable goods is higher than in tradables, We identify a demand shift towards...