Daniel, Betty C.; Shiamptanis, Christos - Federal Reserve Board (Board of Governors of the … - 2008
A country entering the EMU surrenders its monetary policy, and its debt becomes denominated in terms of a currency over … surplus in a panel of ten EMU countries over the period 1970-2006. The group mean estimate for the coefficient on lagged debt … is consistent with the hypothesis that the monetary authority can control the price level in the EMU, independent of …