Working Paper No. 637

On the Link between Exchange-Rate Regimes and Monetary-Policy Autonomy: The European Experience

Publicerad: March 15, 2005Antal sidor: 39Nyckelord: Exchange Rate Regimes; Monetary Policy Autonomy; Capital Mobility JEL-koder: E42; E52; F41

On the Link between Exchange-Rate Regimes and Monetary-Policy Autonomy: The European Experience Jens Forssbæck and Lars Oxelheim


We investigate monetary-policy autonomy under different exchange-rate regimes in small, open European economies during the 1980s and 1990s. We find no systematic link between ex post monetary-policy autonomy and exchange rate regimes. This result is enforced for countries/periods with alternative nominal targets. Our interpretation of the results is that over the medium and long term following an ‘independent’ target for monetary policy, which does not deviate much from the targets of those countries to which one is closely financially integrated, is as constraining as locking the exchange rate to some particular level.

 

Lars Oxelheim

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Kollektivavtal och lönebildning i en ny tid

Kollektivavtal-framsida.gif

 Kollektivavtal och lönebildning i en ny tid av Lars Calmfors, Simon Ek och Per Skedinger, IFN, samt Ann-Sofie Kolm, Stockholms universitet, analyseras olika sätt att göra lönebildningen mer flexibel. Analysen utmanar den etablerade synen inom partsorganisationerna på hur lönebildningen bör fungera. 

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