This article compares reactions of economies in Economic Monetary Union to a single monetary policy. For that, we estimate a reaction function supposed to represent the behaviour of European Central Bank over the period 1980-1998. Then residuals are introduced into the production equation of...

Depuis le 1er janvier 2001, douze pays participent à l'UEM. L'instauration de la monnaie unique constitue l'aboutissement d'un long processus de convergence. Le Système Monétaire Européen créé en 1979 visait déjà à établir une coopération monétaire plus étroite. Ensuite, les trois...

This article focuses on the comparison of sacrifice ratios as an indicator for structural dispersion within the euro area over the period 1972-2003. Estimates of the sacrifice ratio, defined as the cumulative output cost arising from permanent inflation reduction, are obtained using structural...