ECB Working Paper Series, No 154

WORKING PAPER - The Euro bloc, the Dollar bloc and the Yen bloc: how much monetary policy independence can exchange rate flexibility buy in an interdependent world?, by Marcel Fratzscher, June 2002.

Click here to download the Working Paper

The paper analysed empirically whether countries under flexible exchange rate regimes enjoyed more monetary policy autonomy than countries under less flexible regimes. Three key results stand out, they find. Firstly they find that joining a particular exchange

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