This PDF is a selection from an out-of-print volume from the National Bureau

of Economic Research
Volume Title: International Volatility and Economic Growth: The First Ten Years
of The International Seminar on Macroeconomics
Volume Author/Editor: Georges de Mnil and Robert J. Gordon, editors
Volume Publisher: Elsevier Science Publishers B.V., 1991
Volume ISBN: 0-444-89284-2
Volume URL: http://www.nber.org/books/de_m91-2
Conference Date: various
Publication Date: January 1991
Chapter Title: The Advantage of Tying One's Hands: EMS Discipline and Central
Bank Credibility
Chapter Author: Francesco Giavazzi, Marco Pagano
Chapter URL: http://www.nber.org/chapters/c11684
Chapter pages in book: (p. 303 - 330)























































































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