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A Strategy for Launching the Euro
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 1997
conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty … prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One … approach, based on official Stage 2 offers of contingent euro forward contracts with value dates at the start of Stage 3 …
Persistent link: https://www.econbiz.de/10005789076
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Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003
This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational...
Persistent link: https://www.econbiz.de/10005662197
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To Purgatory and Beyond: When and How Should the Accession Countries from Central and Eastern Europe Become Full Members of EMU?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2004
The Paper discusses how the EU accession countries should pursue full membership in the EMU: adopt the euro. The key … membership. It should also be sufficient. 3) Convergence, prior to the adoption of the euro, of an EMU candidate’s inflation rate … to its euro area equilibrium inflation rate is helpful but not essential. 4) Real convergence is irrelevant for EMU …
Persistent link: https://www.econbiz.de/10005666853
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The EMU and the NAMU: What is the Case for North American Monetary Union?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 1999
The paper considers the pros and cons for Canada of monetary union between Canada and the U.S. The current Canadian monetary arrangements, a flexible exchange rate and an inflation target, are contrasted both with a unilateral adoption by Canada of the U.S. dollar and with a full, formally...
Persistent link: https://www.econbiz.de/10005666942
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Monetary Union and Fiscal Federalism
Kletzer, Kenneth; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2000
Does a monetary union need fiscal shock absorbers helping the participating countries to cope with asymmetric shocks? The consensus in the debate over EMU argues that the answer is yes. In this paper, we revisit the issue, building on a dynamic, general equilibrium framework of regions in a...
Persistent link: https://www.econbiz.de/10005666988
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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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Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System
Eichengreen, Barry - C.E.P.R. Discussion Papers - 1991
Important questions concerning the structure and operation of a European Central Bank remain unanswered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operations of the Federal Reserve...
Persistent link: https://www.econbiz.de/10005791345
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Options For The Exchange Rate Policies Of The EU Accession Countries (And Other Emerging Market Economies)
Bofinger, Peter; Wollmershaeuser, Timo - C.E.P.R. Discussion Papers - 2000
We develop an institutional framework for central banks that try to pursue a stability-oriented monetary policy with the strategy of exchange rate targeting. Recent experience shows that a crucial element of this approach is to avoid destabilizing capital inflows. Policy makers can exert...
Persistent link: https://www.econbiz.de/10005791576
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Economic, Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2008
The paper reviews the arguments for and against monetary union among the six members of the Gulf Cooperation Council - the United Arab Emirates, the State of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State of Kuwait. Both technical economic arguments...
Persistent link: https://www.econbiz.de/10005791819
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Regional Risksharing and Redistribution in the German Federation
Hepp, Ralf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2001
We provide empirical estimates of the risksharing and redistributive properties of fiscal equalization among the states of the German federation. Fiscal equalization serves as a mechanism to insure state budgets against asymmetric revenue shocks, but provides almost no insurance against regional...
Persistent link: https://www.econbiz.de/10005791883