German dominance in the EMS: a correction

German

dominance

in the EMS:

a correction

J~~RGEN VOX HAGES ASD MICHELE FRATIASNI S~lwol of

Table

1 &our

Busirress. Imlinm

above-mentioned

C;nisersitj,. Bloomingtm.

article

(Frntl,mni

IN 47405. C’SA

and \-on Iiagen,

incorrect dntn t?)r Greece. By some uncsplnined error, up the CPI growth rate of Iceland instead of Greece. in Table 1 belo\v. Essentially, the non-E,\IS inhation

19%)) sho~vs some

our computer program picked The corrected data are shou-n rate and standnrd deviations

are sliqhtlv in the article in the table of that same number in the L. , lower than shonn article. Table 1 contains drscripti!-e stntistics and mnkcs the point that the intlation slolv-down of the 1980s is not unique to the EAIS countries. The slight don-nu-3rd correction UF the non-EAIS ini-lation rates rein!krces our point. Z\;one of the tests pcrtijrmed in the article nrr at‘t‘ectcd b\. the corrected data since Grcccc is not p.lrt ot- the ERAI.

1977

1978

1979

19x0

1981

19x2

19Y3

IYS-I

1985

12.2 7.9 2.9 Y.8

12.5

19.0 Y.5

I .9

3.1

5.8

7.1

24.9 I’.3 3.3 10.7

24.5 Y.5 ‘7 X13

2 I .o 6.2 2.6 6.7

20.1 3.6 !.I 3.7

1s 4 4.1 I.5 3.x

lY.3 3.7 1x 3.9

3.7

2.6

4.3

1.5

3.9

4.0

3.2

2.3

2.7

lYS6

19x7

19Yd

Son-E.1IS Greece .-\\erage Srandard deviation .Awqr \cithout L’S Standard deviation

6.9

.VOIL’. Data shown here are corrections to the correspondlns bon Hagen. 1990. p. 336).

rox\s m our original Table

C.nchanged Unchanged L’nchan_red Unchanged Unchanqd

I

(Fratianni

and

Reference FRATIANNI. MICHELE. AND J~~RGEN vos

from Interest 9: 358-375.

OX-5606

Rates,’

91 0-l 0591-01

t

Jmtrnnl

of‘

HAGEN. Itlferncltioncll

1991 Butter\horrh-Hsinrmann

‘German .Ifone~~

Dominance cud

in the EMS: Evidence December 1990.

Finrrr~c,