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Other People's Money: The Microfoundations of Optimal Currency Areas
Minford, Patrick - C.E.P.R. Discussion Papers - 1993
The theory of optimal currency areas, due to Mundell and McKinnon, has enjoyed a revival of interest in the wake of European discussions of monetary union. The basic theme of this old literature is that there are potential gains for stabilization policy in an independent exchange rate and money...
Persistent link: https://www.econbiz.de/10005136405
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The Political Economy of the Exchange Rate Mechanism
Minford, Patrick - C.E.P.R. Discussion Papers - 1993
Since the establishment in 1979 of the Exchange Rate Mechanism of the EMS a number of countries, after entry, have experienced a substantial and persistent rise in their real exchange rate (the ratio of domestic to foreign prices). This paper explains this phenomenon in terms of a `peso problem'...
Persistent link: https://www.econbiz.de/10005497704
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The Price of EMU Revisited
Hughes Hallett, Andrew; Minford, Patrick; Rastogi, Anupam - C.E.P.R. Discussion Papers - 1992
-run nominal rigidity in wages and prices, one would expect that under European Monetary Union (EMU) the loss of the exchange rate … strategically responsive monetary policy, floating is superior to EMU for all countries, and that even if the rest of the Community … proceeds with EMU, the UK is better off outside it. This latter conclusion is reinforced in the exercise on the more refined UK …
Persistent link: https://www.econbiz.de/10005114257
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The Exchange Rate - A Shock-Absorber or Source of Shocks? A Study of Four Open Economies
Artis, Michael J; Ehrmann, Michael - C.E.P.R. Discussion Papers - 2000
The paper provides SVAR estimates for four open economies: the UK, Canada, Sweden and Denmark, making explicit a monetary policy reaction function and taking account of exchange rate targeting practices. The object of the analysis is to examine the idea that an independent money and exchange...
Persistent link: https://www.econbiz.de/10005789208
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Macroeconomic Policy Interaction under EMU: A Dynamic Game Approach
Aarle, Bas Van; Engwerda, Jacob; Plasmans, Joseph; … - In: Open Economies Review 12 (2001) 1, pp. 29-60
In this article, we study macroeconomic stabilization in the Economic and Monetary Union (EMU) using a dynamic game … fiscal policies and monetary policy of the European Central Bank (ECB) in the EMU. A special focus is on the effects of labor …
Persistent link: https://www.econbiz.de/10005715031
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Monetary and Fiscal Policy Design in the EMU: An Overview
Aarle, Bas van; Bartolomeo, Giovanni Di; Engwerda, Jacob; … - In: Open Economies Review 13 (2002) 4, pp. 321-340
European Union. This paper analyzes the design of monetary and fiscal policies in the EMU. To do so, the paper starts with an …
Persistent link: https://www.econbiz.de/10005715100
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Industrielle Konzentration als Kriterium für die Geeignetheit eines einheitlichen Währungsraums. Eine empirische Untersuchung der Europäischen Union von 1972 bis 1996 / Industrial...
Rübel, Gerhard; Klüver, Anja - In: Jahrbücher für Nationalökonomie und Statistik 221 (2001) 1, pp. 68-86
Summary Using empirical tests on 52 industrial sectors, this paper shows that industrial agglomeration has increased significantly in Europe since 1972. However, important differences can be observed between the sectors. These differences suggest that discrepancies between EU countries - which...
Persistent link: https://www.econbiz.de/10014608817
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Some critical remarks on Alain Parguez's "Economic theories of social order and the origins of the euro"
Largentaye, Bertrand de - In: International journal of political economy : a journal … 45 (2016) 1, pp. 25-32
Persistent link: https://www.econbiz.de/10011519073
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Unit of account, sovereign debt, and optimal currency area
Toyofuku, Kenta - In: Journal of international financial markets, … 75 (2021), pp. 1-16
Persistent link: https://www.econbiz.de/10012820788
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Currency areas and voluntary transfers
Picard, Pierre M.; Worrall, Timothy - In: Journal of international economics 127 (2020), pp. 1-30
Persistent link: https://www.econbiz.de/10012631710