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Should We Worry About the Fiscal Numerology of Maastricht?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1992

fiscal convergence criteria written into the Treaty of Maastricht and its Protocols. In order to qualify for full membership …

Persistent link: https://www.econbiz.de/10005123517

Hansa vs Habsburg: Debt, Deficits and the Entry of Accession Countries into the Euro

Hughes Hallett, Andrew; Lewis, John - C.E.P.R. Discussion Papers - 2004

Price and output level convergence between new member states and the existing EU necessarily implies inflation and … nominal criteria are suspended, the policy instruments required to achieve euro convergence are in the hands of the individual …

Persistent link: https://www.econbiz.de/10005124072

Do real interest rates converge? Evidence from the European Union

Arghyrou, Michael; gregoriou, andros; Kontonikas, Alexandros - Economics Section, Cardiff Business School - 2007

average. For the majority of our sample countries we obtain evidence of real interest rate convergence towards the latter …. Convergence, however, is a gradual process subject to structural breaks, typically falling close to the launch of the euro. Our …

Persistent link: https://www.econbiz.de/10005002713

Convergence and Anchoring of Yield Curves in the Euro Area

Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - C.E.P.R. Discussion Papers - 2007

We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional …

Persistent link: https://www.econbiz.de/10005067658

Is a Two-speed System in Europe the Answer to the Conflict between the German and the Anglo-Saxon Models of Monetary Control?

Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1996

the convergence criteria will be able to adopt a single currency, while the remaining peripheral countries will continue … to use their national monetary instrument until monetary convergence is attained. In this paper we accept the core …

Persistent link: https://www.econbiz.de/10005124078

Relative Prices and Economic Adjustment in the US and EU: A Real Story About European Monetary Union

Bayoumi, Tamim; Thomas, Alun - C.E.P.R. Discussion Papers - 1994

Structural vector autoregressions are used to analyse the relationship between real output and relative prices within the European Union (EU) and the United States. Relative price variability appears to be more important for adjustment within the EU than the United States, reflecting the lower...

Persistent link: https://www.econbiz.de/10005067643

European Fiscal Union: What Is It? Does It Work? And Are There Really 'No Alternatives'?

Fuest, Clemens; Peichl, Andreas - Institute for the Study of Labor (IZA) - 2012

The view is widespread that there are just two options for the future of the Eurozone – either it is complemented by a fiscal union, or it will fall apart. In this paper, we discuss five possible elements of a fiscal union, of which three are in the centre of the current debate on fiscal union...

Persistent link: https://www.econbiz.de/10010556928

Structural Distortions and Decentralized Fiscal Policies in EMU

Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 2001

The combination of discretionary monetary policy, labour-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions. Although an inflation target eliminates this inflation bias, it creates...

Persistent link: https://www.econbiz.de/10005667138

No Credit for Transition: The Maastricht Treaty and German Unemployment

Driffill, John; Miller, Marcus - C.E.P.R. Discussion Papers - 1998

Germany is generally regarded as the nominal anchor for Europe. Its participation is the sine qua non of EMU. It has been the largest net contributor to EU finances, the leading proponent of greater economic and political union, and the leading example of the virtues of fiscal and monetary...

Persistent link: https://www.econbiz.de/10005791778

Optimal Monetary and Fiscal Policy in a Currency Union

Galí, Jordi; Monacelli, Tommaso - C.E.P.R. Discussion Papers - 2005

We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyse its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...

Persistent link: https://www.econbiz.de/10005123577