Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/81276
Authors: 
Forssbæck, Jens
Oxelheim, Lars
Year of Publication: 
2005
Series/Report no.: 
IUI Working Paper 637
Abstract: 
We investigate monetary-policy autonomy under different exchange-rate regimes in small, open European economies during the 1980s and 1990s. We find no systematic link between ex post monetary-policy autonomy and exchange rate regimes. This result is enforced for countries/periods with alternative nominal targets. Our interpretation of the results is that over the medium and long term following an ‘independent’ target for monetary policy, which does not deviate much from the targets of those countries to which one is closely financially integrated, is as constraining as locking the exchange rate to some particular level
Subjects: 
Exchange Rate Regimes
Monetary Policy Autonomy
Capital Mobility
JEL: 
E42
E52
F41
Document Type: 
Working Paper

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