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Can Parameter Instability Explain the Meese-Rogoff Puzzle?
Bacchetta, Philippe; Beutler, Toni; van Wincoop, Eric - C.E.P.R. Discussion Papers - 2009
The empirical literature on nominal exchange rates shows that the current exchange rate is often a better predictor of future exchange rates than a linear combination of macroeconomic fundamentals. This result is behind the famous Meese-Rogoff puzzle. In this paper we evaluate whether parameter...
Persistent link: https://www.econbiz.de/10004973971
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Common Currency Areas and Currency Unions: An Analysis of the Issues
Masson, Paul R; Taylor, Mark P - C.E.P.R. Discussion Papers - 1992
This paper discusses the conditions under which currency unions would be desirable and viable. We discuss and present new empirical evidence concerning the operation of existing currency unions in federal states and among regional country groupings. In particular, we examine the traditional...
Persistent link: https://www.econbiz.de/10005662119
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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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Financial Market Integration Under EMU
Jappelli, Tullio; Pagano, Marco - C.E.P.R. Discussion Papers - 2008
The single most important policy-induced innovation in the international financial system since the collapse of the Bretton-Woods regime is the institution of the European Monetary Union. This paper provides an account of how the process of financial integration has promoted financial...
Persistent link: https://www.econbiz.de/10005662182
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Stochastic Process Switching and Stage III of EMU
De Grauwe, Paul; Dewachter, Hans; Veestraeten, Dirk - C.E.P.R. Discussion Papers - 1998
currently discussed on exchange rate dynamics in the transition phase towards Stage III of EMU. The conclusions from our … analysis may provide guidelines not only for the initial EMU members, but also for the countries that join at a later stage. …
Persistent link: https://www.econbiz.de/10005662330
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Fiscal Policy Coordination and EMU: A Dynamic Game Approach
Brociner, Andrew; Levine, Paul L - C.E.P.R. Discussion Papers - 1992
This paper considers fiscal policy coordination in a European Economic and Monetary Union (EMU). We use an overlapping … departures to be rather small. Two models are considered: EMU with one good; and a two-good EMU. We find that in the two-good EMU … with increased real interest rates - shared by all EMU countries - leads to an inefficient outcome in the non …
Persistent link: https://www.econbiz.de/10005662412
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Monetary Policy in Stage Two of EMU: What Can We Learn From the 1980s?
Artis, Michael J - C.E.P.R. Discussion Papers - 1992
A smooth progression from Stage Two to Stage Three of EMU requires that the type of policy planned for Stage Three …
Persistent link: https://www.econbiz.de/10005666415
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Global Financial Markets and Financial Stability: Europe's Role
Portes, Richard - C.E.P.R. Discussion Papers - 1999
Europe (EMU), of which the single currency is the manifestation, has emerged in the context of a complex process of …
Persistent link: https://www.econbiz.de/10005666555
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Fiscal Stabilization Policy in a Monetary Union with Inflation Targeting
Andersen, Torben M - C.E.P.R. Discussion Papers - 2002
The interaction between a common monetary policy targeting inflation and decentralized fiscal policies aiming at output stability is considered in a setting taking into account interdependencies between countries running via trade links and the common monetary policy. The setting is sufficiently...
Persistent link: https://www.econbiz.de/10005666611