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Fiscal Federalism and Optimum Currency Areas : Evidence for Europe From the United States
Sala-i-Martin, Xavier - 1991
shock is absorbed by the federal government. The much larger reaction of taxes than transfers to these regional imbalances … European tax system on regional income suggests that a one dollar shock to regional GDP will reduce tax payments to the EEC …
Persistent link: https://www.econbiz.de/10012475134
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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence - 2007
. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general …
Persistent link: https://www.econbiz.de/10012465125
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Currency Unions
Alesina, Alberto - 2000
What is the optimal number of currencies in the world? Common currencies affect trading costs and, thereby, the amounts of trade, output, and consumption. From the perspective of monetary policy, the adoption of another country's currency trades off the benefits of commitment to price stability...
Persistent link: https://www.econbiz.de/10012470810
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Conditional PPP and Real Exchange Rate Convergence in the Euro Area
Bergin, Paul R. - 2016
While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing shocks. We find that when countries joining the euro currency union abandoned their national exchange...
Persistent link: https://www.econbiz.de/10012456694
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Seigniorage in Europe
Grilli, Vittorio U. - 1988
In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the recent past, and we speculate about their importance in the near future. We find that the members of the European community differ widely in the way they manage monetary...
Persistent link: https://www.econbiz.de/10012476282
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A Long Term Perspective on the Euro
Bordo, Michael D. - 2008
This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...
Persistent link: https://www.econbiz.de/10012464832
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Regional Nonadjustment and Fiscal Policy : Lessons for EMU
Obstfeld, Maurice - 1999
, which is closer to European than the US is in its labor market and fiscal institutions. Europe's (and to some extent Canada …
Persistent link: https://www.econbiz.de/10012471641
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The Endogeneity of the Optimum Currency Area Criteria
Frankel, Jeffrey A. - 1996
A country's suitability for entry into a currency union depends on a number of economic conditions. These include, inter alia, the intensity of trade with other potential members of the currency union, and the extent to which domestic business cycles are correlated with those of the other...
Persistent link: https://www.econbiz.de/10012473138
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Aftershocks of Monetary Unification : Hysteresis with a Financial Twist
Bayoumi, Tamim - 2017
Once upon a time, in the 1990s, it was widely agreed that neither Europe nor the United States was an optimum currency …
Persistent link: https://www.econbiz.de/10012455476
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Is Europe an Optimum Currency Area?
Eichengreen, Barry - 1991
shocks in Europe by comparing them with comparable measures for Canada and the United States. Real exchange rates, a standard … measure of the extent of assymetrical disturbances, remain considerably more variable in Europe than within the united states … mobility and the speed of labor market adjustment remain lower in Europe than in the United states. Thus, Europe remains …
Persistent link: https://www.econbiz.de/10012475441