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Macroeconomic Policy During a Transition to Monetary Union

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1995

The main conclusions of this paper are the following. In order to minimize switching costs, the name of the new EU currency should be the Deutschmark. Differential national requirements for seigniorage revenue provide a weak case for retaining national monetary independence. From the point of...

Persistent link: https://www.econbiz.de/10005123870

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

The First Year Of The Eurosystem: Inflation Targeting Or Not?

Svensson, Lars E O - C.E.P.R. Discussion Papers - 2000

This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy...

Persistent link: https://www.econbiz.de/10005124046

Ireland in EMU: More Shocks, Less Insulation?

Honohan, Patrick; Leddin, Anthony J - C.E.P.R. Discussion Papers - 2005

Despite anchoring the Irish monetary system to a common zone-wide exchange rate and interest rate, EMU has triggered sizable exchange rate and especially interest rate shocks to the Irish economy (albeit not appreciably greater than those experienced under previous exchange rate regimes)....

Persistent link: https://www.econbiz.de/10005124107

Optimal Degrees of Transparency in Monetary Policymaking

Jensen, Henrik - C.E.P.R. Discussion Papers - 2001

price setters to infer the central bank's future policy intentions, thereby making current inflation more responsive to … policy actions. This induces the central bank to pay more attention to inflation rather than output gap stabilization. Then …, transparency may be disadvantageous. It may actually be a policy-distorting straitjacket if the central bank enjoys low …

Persistent link: https://www.econbiz.de/10005124118

Will EMU Increase Eurosclerosis?

Bentolila, Samuel; Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2000

In this paper we study the relationship between labour market institutions and monetary policy. We use a simple macroeconomic framework to show how optimal monetary policy rules depend on labour institutions (labour adjustment costs, and nominal and real wage rigidity) and social preferences...

Persistent link: https://www.econbiz.de/10005124134

The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs and Fiscal Theories of the Price Level

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1998

The paper establishes the following: First, money is neutral even if there is a non-zero stock of non-monetary nominal public debt, because the government adjusts real taxes to satisfy its inter-temporal budget constraint. Second, Woodford’s fiscal theory of the price level, according to which...

Persistent link: https://www.econbiz.de/10005124222

Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model

Söderström, Ulf - C.E.P.R. Discussion Papers - 2008

I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European Union. I first show that the Swedish business cycle since the mid-1990s has been closely correlated with the Euro area economies, suggesting that common shocks have been an...

Persistent link: https://www.econbiz.de/10005124237

Convergence in Monetary Inflation Models with Heterogeneous Learning Rules

Evans, George W.; Honkapohja, Seppo; Marimon, Ramon - C.E.P.R. Discussion Papers - 1996

Inflation and financing of public expenditure by are analysed in an OLG model where the deficit is constrained to be less than a given fraction of intergenerational savings. Even if there may be multiplicity of steady-state equilibria, we show that, with such a constraint, the dynamics with...

Persistent link: https://www.econbiz.de/10005124264

Bankers' Versus Workers' Europe (I): Adverse Selection in EMU

Bottazzi, Laura; Manasse, Paolo - C.E.P.R. Discussion Papers - 1998

The delegation of monetary policy to a supranational Central Bank creates a conflict of interest between residents of …

Persistent link: https://www.econbiz.de/10005124355