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Benefits and Spillovers of Greater Competition in Europe : A Macroeconomic Assesment

Bayoumi, Tamim - 2004

Using a general-equilibrium simulation model featuring nominal rigidities and monopolistic competition in product and labor markets, this paper estimates the macroeconomic benefits and international spillovers of an increase in competition. After calibrating the model to the euro area vs. the...

Persistent link: https://www.econbiz.de/10012468277

Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate

Sinn, Hans-Werner - 2001

This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...

Persistent link: https://www.econbiz.de/10012470368

The Minimum Inflation Rate for Euroland

Sinn, Hans-Werner - 2001

As a result of the Balassa effect relative prices change rapidly between and within the euro countries. Thus it is impossible to find a common monetary policy that will result in price stability in all countries. Based on empirical estimates of the Balassa model, the paper calculates a minimum...

Persistent link: https://www.econbiz.de/10012470644

Eurowinners and Eurolosers : The Distribution of Seigniorage Wealth in EMU

Sinn, Hans-Werner - 1997

The European Monetary Union (EMU) will involve socialization of the existing seigniorage wealth of the national central banks, because the Euro will have to be bought by these banks in exchange for assets which have been accumulated in the historical process of money creation. This socialization...

Persistent link: https://www.econbiz.de/10012472742

Is Regionalism Simply a Diversion? Evidence From the Evolution of the EC and EFTA

Bayoumi, Tamim - 1995

difference version of the gravity model, we find that the EC and EFTA altered the pattern of international trade. We also find … evidence of trade diversion in several cases, notably that of the EC in the 1960s …

Persistent link: https://www.econbiz.de/10012473587

Is There a Conflict Between EC Enlargement and European Monetary Unification?

Bayoumi, Tamim - 1992

. This leads us to distinguish an EC "core" (made up of Germany and its immediate neighbors) and an EC periphery (made up of … EC core than do Norway, Finland and Iceland. This suggests that the case for EMU participation is stronger for Austria …

Persistent link: https://www.econbiz.de/10012475031

Shocking Aspects of European Monetary Unification

Bayoumi, Tamim - 1992

Data on output and prices for 11 EC member nations are analyzed to extract information on underlying aggregate supply … are significantly more idiosyncratic across EC countries than across US regions, which may indicate that the EC will find … it more difficult to operate a monetary union. However a core of EC countries, made up of Germany and her immediate …

Persistent link: https://www.econbiz.de/10012475032

Tax Harmonization and Tax Competition in Europe

Sinn, Hans-Werner - 1990

Opening Europe's borders in 1993 makes the allocation of resources more vulnerable to differences in the national tax rates. The first part of the paper demonstrates that direct consumer purchases will imply distortions resulting from diverging VAT rates and it clarifies why the frequently cited...

Persistent link: https://www.econbiz.de/10012475789

The ECB's Fiscal Policy

Sinn, Hans-Werner - 2018

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also...

Persistent link: https://www.econbiz.de/10012453105