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EMU, EURO and EU-Membership: An Evaluation from the Turkish Macroeconomic Perspective

Kibritcioglu, Aykut - EconWPA - 2003

As a result of the macroeconomic convergence process in the light of the 1991 Maastricht Treaty, the monetary union between most of the EU countries started on January 1, 1999. Meanwhile, ten formerly eastern block countries and the Southern Section of Cyprus are preparing their economy for a...

Persistent link: https://www.econbiz.de/10005076843

De jure versus de facto Exchange Rate Stabilization in Central and Eastern Europe

Schnabl, Gunther - EconWPA - 2004

The IMF classifications of the Central and Eastern European (CEE) exchange rate arrange-ments are heterogeneous. While one group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate flexibility. Based on the recent dis- cussion about the...

Persistent link: https://www.econbiz.de/10005119495

Leading Indicators of Euroland Business Cycles

Fritsche, Ulrich; Marklein, Felix - EconWPA - 2001

The introduction of a common monetary policy in eleven European countries increased the need for leading indicators for that area. A reliable leading indicator should possess the following properties: (1) The movements in the indicator series should resemble those in the business cycle reference...

Persistent link: https://www.econbiz.de/10005076700

Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and … the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with …

Persistent link: https://www.econbiz.de/10005076715

From Hard Currency Policy to Monetary Union

Handler, Heinz - EconWPA - 2004

changeover in 1999 to EMU and its implications for Austria's economic policy strategy are evaluated. With regard to the critique … that the ECB had no other choice given the credibility gap at the start of EMU and the economic circumstances of the time …

Persistent link: https://www.econbiz.de/10005076802

The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank

Wellink, Nout; Chapple, Bryan; Maier, Philipp - EconWPA - 2002

This paper considers the position of national central banks within the ESCB. The funda-mental framework underlying the ESCB is that of a system of central banks in which component institutions are individually and collectively responsible for carrying out vari-ous tasks. Within this framework,...

Persistent link: https://www.econbiz.de/10005076804

Narrowing the US twin deficits: simulations with a world macroeconometric model

Bagnai, Alberto; Galli, Silvia; Pierucci, Eleonora; … - EconWPA - 2004

In this paper we extend the macroeconometric model developed in Bagnai (2004) by linking it to a submodel for the Japanese economy, and we utilize this extended model to investigate several hypotheses of reduction in the US twin deficits. The Japanese submodel is specified and estimated along...

Persistent link: https://www.econbiz.de/10005556489

KEYNESIAN AND NEOCLASSICAL FISCAL SUSTAINABILITY INDICATORS, WITH APPLICATIONS TO EMU MEMBER COUNTRIES

Bagnai, Alberto - EconWPA - 2004

, it looks at sustainability in EMU member countries, with particular attention given to the relations between … a sustainability requirement for an 'average' EMU member country. At the same time, the dispersion around this average … is quite substantial: this questions the viability of uniform deficit caps across EMU member countries. …

Persistent link: https://www.econbiz.de/10005556974

The monetary approach to exchange rates in the CEECs

Crespo-Cuaresma, Jesús; Fidrmuc, Jarko; McDonald, Ronald - EconWPA - 2004

A panel data set for six Central and Eastern European countries (the Czech Republic, Hungary, Poland, Romania, Slovakia and Slovenia) is used to estimate the monetary exchange rate model with panel cointegration methods, including the Pooled Mean Group estimator, the Fully Modified Least Square...

Persistent link: https://www.econbiz.de/10005561077

Exchange Rate Fluctuations in the New Member States of the European Union

Kontolemis, Zenon; Ross, Kevin - EconWPA - 2005

This paper assesses the role of exchange rates in moderating the impact of economic disturbances in the new member states of the European Union, and finds some evidence in favour of this proposition. Exchange rates are mostly driven by real (demand) shocks, whilst output by real supply shocks....

Persistent link: https://www.econbiz.de/10005561261