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Bad for Euroland, Worse for Germany-The ECB's Record
Bibow, Jorg - EconWPA - 2005
This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the...
Persistent link: https://www.econbiz.de/10005412611
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Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the U.S.
Wray, L. Randall; Sardoni, C. - EconWPA - 2005
caution, and obsession with low inflation. In looking at the foundations of the two banks’ strategies, however, we do not find …
Persistent link: https://www.econbiz.de/10005076846
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Australia's Cash Economy: Are the estimates credible?
Breusch, Trevor - EconWPA - 2005
The method of "excess sensitivity" of Bajada (1999, 2001, 2002) indicates a large underground economy in Australia, with estimates of unrecorded income around 15 per cent of official GDP. These estimates concern policymakers, especially those agencies responsible for national accounts, tax...
Persistent link: https://www.econbiz.de/10005561252
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Is the Euro Working? The Euro and European Labour Markets
Silvia, Stephen - EconWPA - 2005
Now that four years have passed since the introduction of the euro as a commercial currency, it has become possible to assess many arguments made in the abstract during the 1990s about the implications of monetary union. This contribution does precisely that. In brief, the euro zone still falls...
Persistent link: https://www.econbiz.de/10005124952
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A Cost-Benefit Analysis of a Monetary Union for MERCOSUR with Particular Emphasis on the Optimum Currency Area Theory?
Kronberger, Ralf - EconWPA - 2004
Potential costs and benefits of a monetary union for the four MERCOSUR countries Argentina, Brazil, Paraguay and Uruguay are compared. Particular emphasis was put on the traditional and new approaches to optimum currency area theory which were reviewed and analyzed with respect to their validity...
Persistent link: https://www.econbiz.de/10005561073
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Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks (Currencies, Competition, and Clans)
Engelmann, Dirk; Hanousek, Jan; Kocenda, Evzen - EconWPA - 2004
We use a spatial competition based model in a two-stage game setup to assess whether equilibrium in exchange rates among the leading currencies is attainable. We show that a stable equilibrium can be reached in the case of two leading currencies, but not in the case of three. In our model,...
Persistent link: https://www.econbiz.de/10005561175
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Effects of the supply-side channel on stabilisation properties of policy rules
Railavo, Jukka - EconWPA - 2004
results in more persistent inflation as well as output responses to shocks, than without the supply-side channel. We also … discuss the different monetary and fiscal policy regimes and their implication on the stability of inflation and output. …
Persistent link: https://www.econbiz.de/10005412694
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Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean
Jácome, Luis; Vázquez, Francisco - EconWPA - 2005
panel regressions, the paper finds a negative relationship between legal central bank independence (CBI) and inflation. This … result holds for three alternative measures of CBI, and after controlling for international inflation, banking crises, and … paper fails, however, to find a causal relationship running from CBI to inflation. …
Persistent link: https://www.econbiz.de/10005126338
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Latin American Central Bank Reform: Progress and Challenges
Carstens, Agustin; Luis I. Jacome H. - EconWPA - 2005
reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the …
Persistent link: https://www.econbiz.de/10005126474
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Partisanship and fiscal policy co-ordination in a monetary union
Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2001
The recent economic literature shows a new interest in the links between politics and economics. In this paper, we join Hibbs’ partisanship theory with the literature of fiscal policies international co- ordination. Furthermore, by considering a monetary union context, we also open a new angle...
Persistent link: https://www.econbiz.de/10005076746