{"product_id":"international-finance-discussion-papers-hali-j-edison-9781288732807","title":"International Finance Discussion Papers: Monetary Policy Independence in the Erm: Was There Any","description":"Recently proposals for introducing greater exchange rate fixity into the behavior of key exchange rates have become fashionable. One proposal, for example, suggests that a target zone arrangement for the dollar, mark and yen would represent a desirable reform of the international monetary system. The question we seek to address in this paper is how much monetary independence is likely to be conferred on a country participating in such an arrangement. Recent research for the Classical gold standard has suggested that even with a rigidly fixed exchange rate system there is still some scope for monetary independence. Here we examine the extent of monetary independence conferred by a target zone using data from the recent ERM experience. Amongst our findings is the result that countries which had a credible commitment to the target zone had more independence in the operation of their monetary policy than countries with a lesser commitment. It turns out that the monetary independence for a credible participant in a target zone arrangement is longer than that conferred by participation in a regime of rigidly fixed exchange rates, such as the Classical gold standard.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Hali J. Edison,Ronald MacDonald\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 1288732805\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9781288732807\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Bibliogov\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 02\/08\/2013\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 40\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.20lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.69h x 7.44w x 0.08d","brand":"Hali J. Edison","offers":[{"title":"Paperback","offer_id":48994611921151,"sku":"9781288732807","price":15.75,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.whiterainbookhouse.com\/products\/international-finance-discussion-papers-hali-j-edison-9781288732807","provider":"WR Book House","version":"1.0","type":"link"}