Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996
In this paper, I describe the implementation of monetary policy by the Banque de France between 1987 and 1996. This period was characterised by a quasi-fixed exchange rate for France, as the franc was never realigned within the European Monetary System (EMS). I build indicators of the stance of Fren...
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| Format: | Article |
| Language: | English |
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Associazione Economia civile
1999-12-01
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| Series: | PSL Quarterly Review |
| Subjects: | |
| Online Access: | http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10547/10432 |
| _version_ | 1819143114713989120 |
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| author | B. MOJON |
| author_facet | B. MOJON |
| author_sort | B. MOJON |
| collection | DOAJ |
| description | In this paper, I describe the implementation of monetary policy by the Banque de France between 1987 and 1996. This period was characterised by a quasi-fixed exchange rate for France, as the franc was never realigned within the European Monetary System (EMS). I build indicators of the stance of French monetary policy. These show the influence of the EMS constraint on French monetary policy. In particular, since 1987, the shocks of purely domestic French monetary policy (i.e. the variations of the interest rate around the rule of ERM peg target), have only had very little impact on the French economy. |
| first_indexed | 2024-12-22T12:21:06Z |
| format | Article |
| id | doaj.art-a143771d94474aee80c5ddce58de1049 |
| institution | Directory Open Access Journal |
| issn | 2037-3635 2037-3643 |
| language | English |
| last_indexed | 2024-12-22T12:21:06Z |
| publishDate | 1999-12-01 |
| publisher | Associazione Economia civile |
| record_format | Article |
| series | PSL Quarterly Review |
| spelling | doaj.art-a143771d94474aee80c5ddce58de10492022-12-21T18:25:59ZengAssociazione Economia civilePSL Quarterly Review2037-36352037-36431999-12-0152211401430Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996B. MOJONIn this paper, I describe the implementation of monetary policy by the Banque de France between 1987 and 1996. This period was characterised by a quasi-fixed exchange rate for France, as the franc was never realigned within the European Monetary System (EMS). I build indicators of the stance of French monetary policy. These show the influence of the EMS constraint on French monetary policy. In particular, since 1987, the shocks of purely domestic French monetary policy (i.e. the variations of the interest rate around the rule of ERM peg target), have only had very little impact on the French economy.http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10547/10432FranceFrench monetary policyEMSinterest rate |
| spellingShingle | B. MOJON Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996 PSL Quarterly Review France French monetary policy EMS interest rate |
| title | Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996 |
| title_full | Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996 |
| title_fullStr | Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996 |
| title_full_unstemmed | Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996 |
| title_short | Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996 |
| title_sort | monetary policy under a quasi fixed exchange rate regime the case of france between 1987 and 1996 |
| topic | France French monetary policy EMS interest rate |
| url | http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10547/10432 |
| work_keys_str_mv | AT bmojon monetarypolicyunderaquasifixedexchangerateregimethecaseoffrancebetween1987and1996 |