Exchange Rates, Policy Convergence, and the European Monetary System
分析了欧洲货币体系成员国与非成员国在名义和实际汇率及货币供应量上的政策趋同程度，发现成员国存在趋同，并支持德国领导假说。
We analyze the degree of policy convergence of \nEMS member countries relative to that of some non-EMS \ncountries. Interestingly, we find convergence for the nominal \nand real exchange rates and money supplies of the EMS \nmembers but not for the non-EMS countries. We also provide \nsome evidence to support the "German leadership hypothesis" \nin the context of intra-EMS monetary policy convergence.