(1991) EMS Discipline and Central Bank Credibility

This PDF is a selection from an out-of-print volume from the National Bureauof Economic Research Volume Title: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics Volume Author/Editor: Georges de Ménil and Robert J. Gordon, editors Volume Publisher: Elsevier Science Publishers B.V., 1991 Volume ISBN: 0-444-89284-2 Volume URL: http://www.nber.org/books/de_m91-2 Conference Date: various Publication Date: January 1991 Chapter Title: The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility Chapter Author: Francesco Giavazzi, Marco Pagano Chapter URL: http://www.nber.org/chapters/c11684 Chapter pages in book: (p. 303 - 330) F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s 3 0 5 F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s 3 0 7 i t _ e _ 1 T _ t ) ) 1 S i F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s = < ' , i " = < C ( h / p 2 ) I c h / p I h i p + ( 3 1 4 F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s s u r p r i s e F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s % t j ' j ' 0 ( 8 ) k = 1 0 = 0 ) . F . G i a v a z z i a n d M . P a g a n o , T h e a d u a n t a g e o f t y i n g o n e ' s h a n d s = = + c 3 1 8 F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s o f o f o f n o m i n a l 3 1 9 = $ e - = ( I T L o L F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s 3 2 1 c / 3 , [ 1 _ e _ P T _ p T 1 3 2 2 F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s 3 2 3 F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s 3 2 8 F . G j a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s 3 3 0 F . G i a v a z z i a n d M . P a g a n o , T h e a d v a n t a g e o f t y i n g o n e ' s h a n d s