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- W1965620730 abstract "The paper presents estimates of a model of the credibility of the U.K. commitment to its central parity against the deutsche mark during the period of U.K. ERM membership (1990-92). The measure of credibility used is the long-term interest differential with Germany. Credibility is decomposed into two aspects: an assessment of whether the government was truly committed to the ERM, and the probability that even a committed government would be able to continue to bear the unemployment costs. Doubts about the first aspect--which could lead to a self-fulfilling crisis--are shown to have declined steadily during the period of ERM membership, while the second aspect is estimated to have become increasingly important, due to rising unemployment." @default.
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- W1965620730 date "1994-12-01" @default.
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- W1965620730 title "The credibility of the United Kingdom's commitment to the ERM : intentions versus actions" @default.
- W1965620730 hasPublicationYear "1994" @default.
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