The EMS, the EMU, and the Transition to a Common Currency
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When central banks are about to relinquish control over their exchange rate and enter into a currency union, the reptutational costs to devaluation are very low. As with any finite-horizon game, the endpoint affects the earlier expectations of private agents, here causing them to demand higher
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美国国家经济研究局创建时间：
1991-04-01
