Artus, Jacques R. <br/><br/>
Effects of U.S. Monetary Restraint on the DM-$ Exchange Rate and the German Economy / 
Jacques R. Artus. 
 - Cambridge, Mass.  National Bureau of Economic Research  1982. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w0926 .
 - Working Paper Series (National Bureau of Economic Research)  no. w0926. .
<br/><br/> July 1982. 
<br/><br/> This 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. 
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