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Wyplosz, Charles - C.E.P.R. Discussion Papers - 1997

This paper reviews the history, economic rationale and main components of the project of establishing a monetary union in Europe by 1999. The adoption of a single currency is shown to be the best available option following the liberalization of capital movements. Much of the institutional design...

Persistent link: https://www.econbiz.de/10005666857

Monetary Union, Entry Conditions and Economic Reform

Ozkan, F Gulcin; Sibert, Anne; Sutherland, Alan - C.E.P.R. Discussion Papers - 1997

This paper models the behaviour of a potential entrant into a monetary union where there is an inflation entry condition. In addition to making a monetary policy decision during a qualifying period, the potential entrant must make a decision about structural reform. The paper shows that the...

Persistent link: https://www.econbiz.de/10005792219

The Optimality of a Monetary Union Without a Fiscal Union

Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 1998

The paper explores the case for monetary and fiscal unification. Monetary policy suffers from an inflation bias because the monetary authorities are not able to commit. With international risk-sharing in a fiscal union, fiscal discipline suffers from moral hazard. An inflation target alleviates...

Persistent link: https://www.econbiz.de/10005123736

Does Monetary Unification Lead to Excessive Debt Accumulation?

Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 1995

If discretionary monetary policy implies an inflation bias, monetary unification boosts the accumulation of public debt. The additional debt accumulation is welfare reducing only if governments are sufficiently myopic. In the presence of myopic governments, debt ceilings play a useful role in...

Persistent link: https://www.econbiz.de/10005662146

East Germany, West Germany, and their Mezzogiorno Problem: An Empirical Investigation

Hughes Hallett, Andrew; Ma, Yue - C.E.P.R. Discussion Papers - 1992

westwards are to be avoided, there must be convergence in productivity levels. This paper analyses possible convergence paths … and the policy regimes which accelerate convergence. The intention is to illustrate the (albeit less extreme) problems … the aid of an econometric model, shows that convergence sufficient to avoid a `Mezzogiorno' problem is likely to be slow …

Persistent link: https://www.econbiz.de/10005666815

Inflation Targets and Debt Accumulation in a Monetary Union

Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 1999

This paper explores the interaction between centralized monetary policy and decentralized fiscal policy in a monetary union. Discretionary monetary policy suffers from a failure to commit. Moreover, decentralized fiscal policymakers impose externalities on each other through the influence of...

Persistent link: https://www.econbiz.de/10005792306

Fiscal Deficit Reductions in Line with the Maastricht Criteria for Monetary Union: An Empirical Analysis

Hughes Hallett, Andrew; McAdam, Peter - C.E.P.R. Discussion Papers - 1996

Of all the institutional arrangements for monetary union in Europe, the fiscal convergence criteria have proved the …

Persistent link: https://www.econbiz.de/10005656418