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Monetary Policy as an Optimum Currency Area Criterion

Groll, Dominik - Institut für Weltwirtschaft (IfW) - 2014

Whether countries benefit from forming a monetary union depends critically on the way monetary policy is conducted. This is mainly because monetary policy determines whether and to what extent a flexible nominal exchange rate fosters or hampers macroeconomic stabilization, even if monetary...

Persistent link: https://www.econbiz.de/10010960602

Monetary Union and Macroeconomic Stabilization

Groll, Dominik - Institut für Weltwirtschaft (IfW) - 2013

It is conventionally held that countries are worse off by forming a monetary union when it comes to macroeconomic stabilization. However, this conventional view relies on assuming that monetary policy is conducted optimally. Relaxing the assumption of optimal monetary policy not only uncovers...

Persistent link: https://www.econbiz.de/10010886905

Changes in the Response of Fiscal Policy to Monetary Policy in the EMU

Arora, Sanchit; Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014

We study the evolution of the response of scal policy to monetary policy shocks in the EMU in the light of two … important events: the signing of the Maastricht treaty in 1992 and the introduction of the EMU in 1999. Based on impulse … as complements after the introduction of the EMU. These results holds for a set of 11 non-EMU countries as well, which …

Persistent link: https://www.econbiz.de/10011093913

Die Bedeutung monetärer Größen für die deutsche Wachstumsschwäche 1995-2005

Dovern, Jonas; Jannsen, Nils; Scheide, Joachim - Institut für Weltwirtschaft (IfW) - 2009

Between 1995 and 2005, the German economy has experienced a phase of weak economic growth. We analyze whether this weak growth performance can be attributed to the stance of monetary conditions during that period. We show that the real effective exchange rate did have almost no dampening effects...

Persistent link: https://www.econbiz.de/10005566192

Sources of Euro Real Exchange Rate Fluctuations: What Is Behind the Euro Weakness in 1999-2000?

Döpke, Jörg; Gottschalk, Jan; Kamps, Christophe - Institut für Weltwirtschaft (IfW) - 2001

This paper analyzes the factors underlying the weakness of the euro. For this purpose, the framework advocated by Clarida and Gali (1994) is used. Within this model, three structural shocks drive the dynamics of the endogenous variables: aggregate supply shocks, aggregate spending shocks, and...

Persistent link: https://www.econbiz.de/10005700511

Trade Effects of Monetary Integration in Large, Mature Economies: A Primer on the European Monetary Union

Souza, Lúcio Vinhas de - Institut für Weltwirtschaft (IfW) - 2002

of the euro area. With a 1980-2001 sample, no consistent significant trade effects from the 1999 creation of EMU are … found, using dummies for the 1999-2001 period. Treating EMU not as a single event but as a part of a long-term integration …

Persistent link: https://www.econbiz.de/10005818856