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EMU in the Early Years: Differences and Credibility

Buti, Marco; Sapir, André - C.E.P.R. Discussion Papers - 2001

The main issue in the early years of EMU is one of credibility. On one hand, high exposure to asymmetric shocks and low … adaptability (be it in terms of stabilization or adjustment) to both symmetric and asymmetric shocks make the early years of EMU … potentially problematic. On the other hand, significant economic differences between EMU countries raise questions regarding the …

Persistent link: https://www.econbiz.de/10005123746

Monetary Cohabitation in Europe

Persson, Torsten; Tabellini, Guido - C.E.P.R. Discussion Papers - 1996

How can monetary policy in stage III of European Monetary Union be coordinated between the ‘ins’ and the ‘outs’? This paper compares alternative institutional mechanisms, and concludes that a generalized system of inflation targets at the European level has several merits: it strengthens...

Persistent link: https://www.econbiz.de/10005124416

Monetary Interdependence under Alternative Exchange-Rate Regimes: A European Perspective

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1989

This paper analyses and compares the effects of common demand and supply shocks on the setting of optimal monetary policies under a clean float, a managed exchange rate system (such as the EMS) and a monetary union, when welfare depends on unemployment and the cost of living. The results suggest...

Persistent link: https://www.econbiz.de/10005504499

Some Cross-Country Evidence about Debt, Deficits and the Behaviour of Monetary and Fiscal Authorities

Melitz, Jacques - C.E.P.R. Discussion Papers - 1997

This paper assesses how monetary authorities behave and how they interact. Pooled data for the 15 members of the European Union except Luxembourg and five other OECD countries serves to answer these questions. Three basic conclusions emerge. First, fiscal policy responds to the ratio of public...

Persistent link: https://www.econbiz.de/10005497715

Some Stylized Facts on Non-Systematic Fiscal Policy in the Euro Area

Marcellino, Massimiliano - C.E.P.R. Discussion Papers - 2002

We derive a set of stylized facts on the effects of non-systematic fiscal policy in the four largest countries of the Euro area, and discuss their implications for the fiscal policy coordination debate, for the effectiveness of fiscal shocks in stabilizing the economies, and for the interaction...

Persistent link: https://www.econbiz.de/10005498152

Fiscal Policy Interdependence and Efficiency

Buiter, Willem H.; Kletzer, Kenneth - C.E.P.R. Discussion Papers - 1990

This paper uses a two-country overlapping generations model to study the international transmission of fiscal policy among open interdependent economies under free international capital mobility. With only lump-sum taxes and transfers, international transmission involves only pecuniary...

Persistent link: https://www.econbiz.de/10005504214

Price and Trade Effects of Exchange Rate Fluctuations and the Design of Policy Coordinaton

Cohen, Daniel; Wyplosz, Charles - C.E.P.R. Discussion Papers - 1990

We analyze a two-country zone facing a joint inflationary shock and responding with coordinated and uncoordinated monetary and fiscal policies. We show that the standard presumption that the absence of coordination results in an excessive exchange rate appreciation of the zone with respect to...

Persistent link: https://www.econbiz.de/10005504748

Macroeconomic Policy Coordination and the European Monetary System

Portes, Richard - C.E.P.R. Discussion Papers - 1989

This paper discusses the EMS and proposals to move towards EMU in the context of recent theoretical and empirical work …

Persistent link: https://www.econbiz.de/10005504770

International Interdependence and Policy Coordination in Economies with Real and Nominal Wage Rigidity

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1987

The development of the seven main OECD economies during the 1970s and 1980s is discussed. Subsequently, wage equations of the error-correction type for the seven largest OECD economies are estimated. The hypothesis of real wage rigidity cannot be rejected for the French, German, Italian and...

Persistent link: https://www.econbiz.de/10005281284

International Costs and Benefits from EMU

Alogoskoufis, George; Portes, Richard - C.E.P.R. Discussion Papers - 1990

In this paper we examine the international implications of monetary union in the European Community (EMU) and the … the ecu as an international currency, and the implications of EMU for the international coordination of monetary and …

Persistent link: https://www.econbiz.de/10005281300

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