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The European Monetary System (EMS) has, since its inception in 1979, provided a fascinating example of policy co-ordination in practice. As concern about exchange-rate instability and global economic imbalances has grown, both academic researchers and policy-makers have looked to the EMS for lessons about co-operation on a wider scale. This volume contains the papers and proceedings of an October 1987 conference organised by the Centre for Economic Policy Research in co-operation with the Banca d'Italia and the Centro Interuniversitario di Studi Teorici per la Politica Economica (STEP). The conference brought together distinguished academics and practitioners from eleven European central banks. The papers offer a timely summary of current research, while the concluding panel discussion provides a valuable perspective on the concerns of policy-makers. This will be the definitive publication on the EMS for some years to come, and hence a basic reference for anyone interested in the inter

A provocative argument that unless Europe takes serious action soon, its economic and political decline is unavoidable, and a clear statement of the steps Europe must take before it's too late.

A provocative argument that unless Europe takes serious action soon, its economic and political decline is unavoidable, and a clear statement of the steps Europe must take before it's too late.

“This is a truly outstanding textbook that beautifully marries theory, empirics and policy. It is surely destined to become the gold standard against which all other texts must be me

How Brazil's monetary and fiscal policies survived a series of severe economic shocksand the policy lessons for other countries.

The NBER International Seminar on Macroeconomics brings together leadingAmerican and European economists to discuss a broad range of current issues inglobal macroeconomics. An international companion

The distinguished International Seminar on Macroeconomics has met annually in Europe for over thirty years. The topics covered in this year’s volume fall into four categories: exchange rates, global b

The distinguished International Seminar on Macroeconomics has met annually in Europe for over thirty years. The topics covered in this year’s volume fall into four categories: exchange rates, global b

It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European

The distinguished International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers in ISoM 2007 discuss interest setting and central bank transparency; expectatio

The NBER International Seminar on Macroeconomics brings together leadingAmerican and European economists to discuss a broad range of current issues inglobal macroeconomics. An international companion

A timely and incisive look at austerity measures that succeed—and those that don’tFiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-

The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spendin