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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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EMU : Ready, or Not?
Obstfeld, Maurice - 1999
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10012471509
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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence - 2007
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
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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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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A Tale of Politically-Failing Single-Currency Area
Razin, Assaf - 2012
and recovery patterns for key EU members like Germany and France, within the Eurozone, were similar. However, after the … bubble burst and the crisis began unfolding it became clear that the Eurozone plight differed from America's in one … fundamental respect. There was no exact counterpart of Eurozone GIIPS (Greece, Italy, Ireland, Portugal, and Spain) in the United …
Persistent link: https://www.econbiz.de/10012460307
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International Transmissions of Monetary Shocks : Between a Trilemma and a Dilemma
Han, Xuehui - 2016
This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it separates co-movement in monetary policies due to common shocks from spillovers of monetary...
Persistent link: https://www.econbiz.de/10012455868
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Business Cycles in the Euro Area
Giannone, Domenico - 2008
This paper shows that the EMU has not affected historical characteristics of member countries' business cycles and their cross-correlations. Member countries which had similar levels of GDP per-capita in the seventies have also experienced similar business cycles since then and no significant...
Persistent link: https://www.econbiz.de/10012464118
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Patterns of Convergence and Divergence in the Euro Area
Estrada, Ángel - 2013
We study the extent of macroeconomic convergence/divergence among euro area countries. Our analysis focuses on four variables (unemployment, inflation, relative prices and the current account), and seeks to uncover the role played by monetary union as a convergence factor by using non-euro...
Persistent link: https://www.econbiz.de/10012459100
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Implications of Dynamic Factor Models for VAR Analysis
Stock, James H. - 2005
This paper considers VAR models incorporating many time series that interact through a few dynamic factors. Several econometric issues are addressed including estimation of the number of dynamic factors and tests for the factor restrictions imposed on the VAR. Structural VAR identification based...
Persistent link: https://www.econbiz.de/10012467213