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Long-Run Determinants of Inflation Differentials in a Monetary Union

Altissimo, Filippo - 2005

This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at …some stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the …-traded sector as the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being …

Persistent link: https://www.econbiz.de/10012467206

Coordination and Crisis in Monetary Unions

Aguiar, Mark - 2014

common monetary authority chooses inflation for the union, also without commitment. We first describe the existence of a … wisdom that all countries should prefer a union with low-debt members, as such a union can credibly deliver low inflation …

Persistent link: https://www.econbiz.de/10012458389

Sign Restrictions in Bayesian FaVARs with an Application to Monetary Policy Shocks

Ahmadi, Pooyan Amir - 2015

We propose a novel identification strategy of imposing sign restrictions directly on the impulse responses of a large set of variables in a Bayesian factor-augmented vector autoregression. We conceptualize and formalize conditions under which every additional sign restriction imposed can be...

Persistent link: https://www.econbiz.de/10012456932

Collective Pegging to a Single Currency : The West African Monetary Union

de Macedo, Jorge Braga - 1985

The paper presents a model of a monetary union designed to illuminate monetary and exchange rate policy in the West African Monetary Union (UMOA). Emphasis is placed on the interaction of the members of UMOA with each other, through the common central bank, and on their interaction with France...

Persistent link: https://www.econbiz.de/10012477510

Establishing a Monetary Union

Cooper, Russell - 1998

inflation. As suggested by the European Commission's 1990 report, monetary union reduces the inefficiencies created by multiple …

Persistent link: https://www.econbiz.de/10012472022

Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates

Svensson, Lars E.O. - 1992

The paper argues that the reason real world fixed exchange rate regimes usually have finite bands instead of completely fixed exchange rates between realignments is that exchange rate bands, counter to the textbook result, give central banks some monetary independence, even with free...

Persistent link: https://www.econbiz.de/10012474758

Small Countries in Monetary Unions : A Two-Tier Model

de Macedo, Jorge Braga - 1985

In a previous analysis of the West African Monetary Union, Macedo(1985a), size is taken to be a major structural characteristic of a country in the sense that large countries are not affected by disturbances originating in small countries but small countries are affected by large countries'...

Persistent link: https://www.econbiz.de/10012477446

Insulation Impossible : Fiscal Spillovers in a Monetary Union

Cooper, Russell - 2009

This paper studies fiscal spillovers in a monetary union. The focus of the analysis is on the interaction between the fiscal policy of member countries (regions) and the central monetary authority. When capital markets are integrated, the fiscal policy of one country will influence equilibrium...

Persistent link: https://www.econbiz.de/10012463473

Optimal Monetary and Fiscal Policy in a Currency Union

Gali, Jordi - 2005

policy requires that inflation be stabilized at the union level. On the other hand, the relinquishment of an independent …

Persistent link: https://www.econbiz.de/10012466856

Time Consistency and Free-Riding in a Monetary Union

Chari, V. V. - 2002

lax nonmonetary policies that induce the monetary authority to generate high inflation. The free-rider problem can be …

Persistent link: https://www.econbiz.de/10012469333

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