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Has the Euro changed the Business Cycle?
Enders, Zeno; Jung, Philip; Müller, Gernot - C.E.P.R. Discussion Papers - 2012
before and after the introduction of the euro. Exceptions are a strong decline in real exchange rate volatility and a … EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the …
Persistent link: https://www.econbiz.de/10011084347
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A Strategy for Launching the Euro
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 1997
conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty … prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One … approach, based on official Stage 2 offers of contingent euro forward contracts with value dates at the start of Stage 3 …
Persistent link: https://www.econbiz.de/10005789076
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Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003
This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational...
Persistent link: https://www.econbiz.de/10005662197
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Monetary Union and Fiscal Federalism
Kletzer, Kenneth; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2000
Does a monetary union need fiscal shock absorbers helping the participating countries to cope with asymmetric shocks? The consensus in the debate over EMU argues that the answer is yes. In this paper, we revisit the issue, building on a dynamic, general equilibrium framework of regions in a...
Persistent link: https://www.econbiz.de/10005666988
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Economic, Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2008
The paper reviews the arguments for and against monetary union among the six members of the Gulf Cooperation Council - the United Arab Emirates, the State of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State of Kuwait. Both technical economic arguments...
Persistent link: https://www.econbiz.de/10005791819
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Regional Risksharing and Redistribution in the German Federation
Hepp, Ralf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2001
We provide empirical estimates of the risksharing and redistributive properties of fiscal equalization among the states of the German federation. Fiscal equalization serves as a mechanism to insure state budgets against asymmetric revenue shocks, but provides almost no insurance against regional...
Persistent link: https://www.econbiz.de/10005791883
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Patching up the Pact: some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union
Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002
The paper considers the implications for the EU accession candidates of Central and Eastern Europe of the fiscal-financial constraints imposed by the Stability and Growth Pact and the Maastricht Treaty. Our findings apply also to those current EU members whose initial conditions (e.g....
Persistent link: https://www.econbiz.de/10005792378
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Optimal Target Zones: How an Exchange Rate Mechanism Can Improve Upon Discretion
Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 1994
Using Krugman's (1991) target zone model, we find an explicit, sub-game perfect solution for a central bank wishing to stabilize the exchange rate given proportional costs of intervention. We demonstrate, however, that precommitment to narrower bands would yield a welfare gain - which provides a...
Persistent link: https://www.econbiz.de/10005123571
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Global Implications of Self-Orientated National Monetary Rules
Obstfeld, Maurice; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2001
It is well known that if international linkages are relatively small, the potential gains to international monetary policy coordination are typically quite limited. What if, however, goods and financial markets are tightly linked? Is it then problematic if countries unilaterally design their...
Persistent link: https://www.econbiz.de/10005123915
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Monetary Cohabitation in Europe
Persson, Torsten; Tabellini, Guido - C.E.P.R. Discussion Papers - 1996
How can monetary policy in stage III of European Monetary Union be coordinated between the ‘ins’ and the ‘outs’? This paper compares alternative institutional mechanisms, and concludes that a generalized system of inflation targets at the European level has several merits: it strengthens...
Persistent link: https://www.econbiz.de/10005124416