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EMU and the External Value of the Euro
Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1999
The size and economic relevance of Europe may imply a new role for the EURO in the international financial markets. But will the EURO compete with the $US and the Yen for a place in the basket of international currencies? Will that induce a bipolar or indeed tri-polar system, and with what...
Persistent link: https://www.econbiz.de/10005662141
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The Emergence of the Euro as an International Currency
Alogoskoufis, George; Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1997
*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro …
Persistent link: https://www.econbiz.de/10005662175
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The Real Effects of EMU
Lane, Philip R. - C.E.P.R. Discussion Papers - 2006
We explore the impact of European monetary union (EMU) on the economies of the member countries. While the annual … euro area have been much more persistent, such that cumulative intra-EMU real exchange rate movements have been quite … substantial. EMU has indeed contributed to greater economic integration - however, economic linkages with the rest of the world …
Persistent link: https://www.econbiz.de/10005791619
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The Macroeconomic Costs and Benefits of the EMU and other Monetary Unions: An Overview of Recent Research
Beetsma, Roel; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2009
This article provides an overview of recent research into the macroeconomic costs and benefits of monetary unification. We are primarily interested in Europe’s monetary union. Given that unification entails the loss of a policy instrument its potential benefits have to be found elsewhere....
Persistent link: https://www.econbiz.de/10008477181
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The Irish Crisis
Lane, Philip R. - C.E.P.R. Discussion Papers - 2011
This paper has three goals. First, it seeks to explain the origins of the Irish crisis. Second, it provides an interim assessment of the Irish government’s management of the crisis. Third, it evaluates the lessons from Ireland for the macroeconomics of monetary unions.
Persistent link: https://www.econbiz.de/10008861903
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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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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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Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - C.E.P.R. Discussion Papers - 2010
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10008692318
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Can Comparative Advantage Explain the Growth of US Trade?
Cuñat, Alejandro; Maffezzoli, Marco - C.E.P.R. Discussion Papers - 2005
We present a dynamic comparative advantage model in which moderate reductions in import tariffs can generate sizable increases in trade volumes over time. A fall in import tariffs has two effects on the volume of trade. First, for given factor endowments, it raises the degree of specialization...
Persistent link: https://www.econbiz.de/10005662267