The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility

Francesco Giavazzi and Marco Pagano, International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics (Elsevier Science Publishers B.V., 1991), chap. 9, https://www.nber.org/books-and-chapters/international-volatility-and-economic-growth-first-ten-years-international-seminar-macroeconomics/advantage-tying-ones-hands-ems-discipline-and-central-bank-credibility.