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Marco Pagano

Papers by Marco Pagano tracked in the Macro Paper Warehouse.

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Published Classic European Economic Review Published Jun 1988

The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility

This 1988 European Economic Review paper by Francesco Giavazzi and Marco Pagano asks why a high-inflation country would voluntarily submit to the EMS's fixed-but-adjustable exchange-rate discipline, …

Monetary Union Central Bank Independence Exchange Rates Time Consistency Inflation Free Read ↗