@techreport{Orlowski2004Money,
abstract = {This study proposes the adoption of money growth rules as indicator variables of monetary
policies by the countries converging to a common currency system, in particular, by the
eurozone candidate countries. The analytical framework assumes an inflation target as the
ultimate policy goal. The converging countries act in essence as \textquotedblleft{}takers\textquotedblright{} of the inflation
target, which, in this case, is the eurozone's inflation forecast. The study advances a forwardlooking
money growth model that might be applied to aid monetary convergence to the
eurozone. However, feasibility of adopting money growth rules depends on stable
relationships between money and target variables, which are low inflation and stable
exchange rate. Long-run interactions between these variables are examined for Poland,
Hungary and the Czech Republic by employing a Johansen cointegration test, along with
short-run effects assessed with a vector error correction procedure.},
address = {Bonn},
author = {Lucjan T. Orlowski},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E42; E52; F36; P24; 330; common currency system; eurozone; monetary convergence; money growth rules; inflation targeting},
language = {eng},
number = {B 05-2004},
publisher = {ZEI},
title = {Money rules for the eurozone candidate countries},
type = {ZEI working paper},
url = {http://hdl.handle.net/10419/39630},
year = {2004}
}
