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Monetary and budgetary-fiscal policy interactions in a Keynesian heterogeneous monetary union
Asensio, Angel - HAL - 2006
The paper studies the effects of heterogeneity upon the monetary and fiscal-budgetary policy interactions in a Keynesian monetary union. As a result of interactions, some of our results contrast sharply with the ones in studies that consider separately monetary, fiscal and budgetary policies....
Persistent link: https://www.econbiz.de/10008792215
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The macroeconomic governance of the European Monetary Union: A Keynesian perspective
Asensio, Angel - HAL - 2005
inflation restson a consensual distribution of income. Second, authorities should abandon any "optimal rule"designed in order to …
Persistent link: https://www.econbiz.de/10008792744
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Monetary Policy and Inflation Divergences in a Heterogeneous Monetary Union
Villieu, Patrick; Gregoriadis, Nelly; Semenescu, Florina - HAL - 2006
union-wide output and (principally) inflation, neglecting, at least on the level of principles, inflation and output … in particular that it is not necessarily a good thing that a common central bank worries about inflation divergences …
Persistent link: https://www.econbiz.de/10008793725
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Which predictor is the best to predict inflation in Europe: the real money-gap or a nominal money based indicator?
Dufrénot, Gilles; Joyeux, Roseline; Peguin-Feissolle, Anne - HAL - 2008
central banks' monetary policy must be credible if the authorities want to curb inflation. A second view is that central banks … set their monetary policy by using all the information relevant for inflation and output projections. In Europe, a … controversy has emerged about the role of monetary aggregates as useful indicators of future inflation and output. On one hand …
Persistent link: https://www.econbiz.de/10008793951
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Business Cycles Synchronization in East Asia: A Markov-Switching Approach
Dufrénot, Gilles; Keddad, Benjamin - HAL - 2013
This paper attempts to analyze the relationships between the ASEAN-5 countries' business cycles. We examine the nature of business cycles correlation trying to disentangle between regional spillover effects (expansion and recession phases among the ASEAN-5 are correlated) and global spillovers...
Persistent link: https://www.econbiz.de/10010933854
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South East Asian Monetary Integration: New Evidences from Fractional Cointegration of Real Exchange Rates
Truchis, Gilles De; Keddad, Benjamin - HAL - 2012
We study the long-run relationship of real exchanges rates (RERs) among the ASEAN-5 countries by testing the theory of Generalized Purchasing Power Parity (G-PPP) from the new perspective of fractional cointegration. The long-run co-movements of the RERs are examined by applying a recent...
Persistent link: https://www.econbiz.de/10010933925
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Symmetry of External Shock responses within the Andean Community of Nations : A SVAR Approach
Bonilla, Andrea - HAL - 2012
This article studies the symmetry in reactions of the Andean Community of Nations (CAN) economies to external shocks in order to analyze the group's evolution towards economic integration. The undertaking of a Monetary Union project in South America enhances the usefulness of evaluating shocks...
Persistent link: https://www.econbiz.de/10009399194
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Welfare Reversals in a Monetary Union
Auray, Stéphane; Eyquem, Aurélien - HAL - 2014
financial markets affects risk-sharing but also shapes the dynamics of inflation rates and the welfare costs from nominal …
Persistent link: https://www.econbiz.de/10010899937
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Regional Debt in Monetary Unions: Is it Inflationary ?
Cooper, Russell; Kempf, Hubert; Peled, Dan - HAL - 2008
This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with non inflationary consequences ? Or will the circulation of region debt induce monetization by a central bank ? We argue here that both...
Persistent link: https://www.econbiz.de/10010738623
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Insulation Impossible : Fiscal Spillovers in a Monetary Union
Cooper, Russell; Kempf, Hubert; Peled, Dan - HAL - 2010
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10010603663