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|z 9781451841565
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|a 1018-5941
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|a BD-DhAAL
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|a Masson, Paul.
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|a ERM Money Supplies and the Transition to EMU /
|c Paul Masson, Marcel Cassard, Timothy Lane.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1994.
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|a 1 online resource (42 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Stage 2 of monetary union in the Europe is to involve greater monetary cooperation; the paper examines the case for using the M3 money supply aggregated across 'core ERM' countries- -those with low inflation and absence of realignments- -as a vehicle for that cooperation. First, the existence of a satisfactory long-run money demand relationship and short-run dynamic equation is verified. The resulting demand equations have at least as satisfactory econometric properties as those for France and Germany separately. Second, the predictive power of the core-ERM aggregate relative to French and German inflation is examined; it is shown that the aggregate helps to predict German inflation, over and above the predictive power of German M3. Thus, core-ERM M3 has value as an indicator for the anchor country in hitting its own domestic objective, quite separate from any concern about economic developments in neighboring countries.
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|a Mode of access: Internet
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|a Cassard, Marcel.
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|a Lane, Timothy.
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|a IMF Working Papers; Working Paper ;
|v No. 1994/001
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1994/001/001.1994.issue-001-en.xml
|z IMF e-Library
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