{
    "id": 926,
    "citation_title": "Effects of U.S. Monetary Restraint on the DM-$ Exchange Rate and the German Economy",
    "citation_author": [
        "<NAME>"
    ],
    "citation_publication_date": "1982-07-01",
    "issue_date": "1982-07-01",
    "revision_date": "None",
    "topics": null,
    "program": [
        "International Trade and Investment",
        "International Finance and Macroeconomics"
    ],
    "projects": null,
    "working_groups": null,
    "abstract": "\n\nThis paper assesses the quantitative effects of a shift to monetary restraint in the United States on the DM-$ exchange rate and the German economy. The results indicate that such effects are large. If Germany keeps its money growth unchanged, it will tend to experience a sharp and sustained depreciation of the deutsche mark and a significant increase in inflation and in unemployment. If it adopts an equivalent policy of monetary restraint, it will tend to benefit from a marked decline in inflation, but the cost in terms of lost output is extremely large.\n\n",
    "acknowledgement": "\n"
}