Adjustment under Fixed Exchange Rates: Application to the European Monetary Union
收藏Organisation for Economic Co-operation and Development2026-04-11 收录
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The increasing, and ultimately complete, fixity of exchange rates between countries entering into the European Monetary Union (EMU) throws the burden of adjustment onto labour and product markets. At present, most countries adhering to the exchange rate mechanism of the EMS have relatively rigid labour markets, implying that, in the absence of...
