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Effects of U.S. Monetary Restraint on the DM-$ Exchange Rate and the German Economy / Jacques R. Artus.
- Format:
- Book
- Author/Creator:
- Artus, Jacques R.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w0926.
- NBER working paper series no. w0926
- Language:
- English
- Subjects (All):
- Monetary unions.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1982.
- Cambridge, Mass : National Bureau of Economic Research, 1982.
- Summary:
- This paper assesses the quantitative effects of a shift to monetary restraint in the United States on the DM-$ exchange rate and the German economy. The results indicate that such effects are large. If Germany keeps its money growth unchanged, it will tend to experience a sharp and sustained depreciation of the deutsche mark and a significant increase in inflation and in unemployment. If it adopts an equivalent policy of monetary restraint, it will tend to benefit from a marked decline in inflation, but the cost in terms of lost output is extremely large.
- Notes:
- Print version record
- July 1982.
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