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Long Term Debt and the Political Support of a Monetary Union
Uhlig, Harald - C.E.P.R. Discussion Papers - 1997
eroded political support for actions aimed at enhancing EMU membership chances. …
Persistent link: https://www.econbiz.de/10005123670
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EMU in the Early Years: Differences and Credibility
Buti, Marco; Sapir, André - C.E.P.R. Discussion Papers - 2001
The main issue in the early years of EMU is one of credibility. On one hand, high exposure to asymmetric shocks and low … adaptability (be it in terms of stabilization or adjustment) to both symmetric and asymmetric shocks make the early years of EMU … potentially problematic. On the other hand, significant economic differences between EMU countries raise questions regarding the …
Persistent link: https://www.econbiz.de/10005123746
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On the Role of Conflicting National Interests in the ECB Council
Grüner, Hans Peter - C.E.P.R. Discussion Papers - 1999
This paper studies the strategic interaction of Euroland's national macroeconomic players and the ECB council under two alternative assumptions on central bank behavior: (i) all members of the ECB council are concerned about Euroland's macroeconomic aggregates and (ii) the ECB council is...
Persistent link: https://www.econbiz.de/10005504342
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One Money, but Many Fiscal Policies in Europe: What Are the Consequences?
Uhlig, Harald - C.E.P.R. Discussion Papers - 2002
rather than weakening. Furthermore, a solution for EMU-wide banking regulation needs to be found. …
Persistent link: https://www.econbiz.de/10005656196
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Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem?
De Grauwe, Paul; Piskorski, Tomasz - C.E.P.R. Discussion Papers - 2001
calibrated model of EMU indicate that the policy based on the union-wide aggregates yields stabilization performances that are …
Persistent link: https://www.econbiz.de/10005114262
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Asymmetries in Housing and Financial Market Institutions and EMU
Maclennan, Duncan; Muellbauer, John; Stephens, Mark - C.E.P.R. Discussion Papers - 1999
within EMU and the potential for instability in these economies entailed by EMU membership. …
Persistent link: https://www.econbiz.de/10005504528
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al. (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10009643503
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Supply-Side Policies and the Zero Lower Bound
Fernández-Villaverde, Jesús; Guerron-Quintana, Pablo A.; … - C.E.P.R. Discussion Papers - 2011
This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in mark-ups triggered by supply-side policies generate a wealth effect...
Persistent link: https://www.econbiz.de/10009367422
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Europe’s Great Depression: Coordination Failure after the First World War
Wolf, Nikolaus - C.E.P.R. Discussion Papers - 2010
The purpose of this paper is to survey and re-interpret the extensive literature that tried to explain both the depth of the great depression in Europe and the delay of recovery as a failure to coordinate economic policies. Europe could not exploit her vast economic potential after 1918, because...
Persistent link: https://www.econbiz.de/10008466327
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Common Currencies versus Monetary Independence
Cooley, Thomas F; Quadrini, Vincenzo - C.E.P.R. Discussion Papers - 2002
We study the optimal monetary policy in a two-country open-economy model under two monetary arrangements: (a) multiple currencies controlled by independent policy-makers; (b) common currencies controlled by a centralized policy-maker. Our findings suggest that: (i) Monetary policy competition...
Persistent link: https://www.econbiz.de/10005662116