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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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Exchange Rates and Inflation Under EMU: An Update
Honohan, Patrick; Lane, Philip R. - C.E.P.R. Discussion Papers - 2004
-2001 had an important impact on inflation divergence within the EMU and in particular the surge in Ireland’s inflation to over … contribute to inflation convergence and in particular to a fall in Irish inflation? Fortunately for us, the theory has passed the … test with flying colours. Irish inflation stopped dead in its tracks: consumer prices were unchanged between May and …
Persistent link: https://www.econbiz.de/10005789034
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Betting the House
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011145419
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Monetary Policy Issues in a Low Inflation Environment
Viñals, José - C.E.P.R. Discussion Papers - 2001
stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main … policy issues arising in a low inflation environment and their practical relevance so as to identify the main challenges … nominal wage or price rigidities? What does the low inflation environment imply about the relative importance and effects of …
Persistent link: https://www.econbiz.de/10005666924
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Monetary Policy and Inflation: From Theory to Practice
Viñals, José - C.E.P.R. Discussion Papers - 1998
stability. These questions are: (1) what are the economic costs of inflation? (2) what part does monetary policy play in the … short- and medium-term evolution of inflation? (3) what are the most appropriate monetary policy strategies for fighting … inflation? …
Persistent link: https://www.econbiz.de/10005661822
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
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Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model
Söderström, Ulf - C.E.P.R. Discussion Papers - 2008
inflation and GDP growth might have been slightly higher if Sweden had been a member of EMU since the launch in 1999, but also …
Persistent link: https://www.econbiz.de/10005124237
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The EMU and the NAMU: What is the Case for North American Monetary Union?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 1999
monetary arrangements, a flexible exchange rate and an inflation target, are contrasted both with a unilateral adoption by …
Persistent link: https://www.econbiz.de/10005666942
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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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Tax Smoothing Discretion Versus Balanced Budget Rules in the Presence of Politically Motivated Fiscal Deficits: The Design of Optimal Fiscal Rules for Europe after 1992
Corsetti, Giancarlo; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1992
We analyse the arguments in favour and against binding fiscal rules such as those recently agreed by European countries as preconditions for participation in the third phase of the European Monetary Union. The evidence in the paper suggests that a number of EC countries are following...
Persistent link: https://www.econbiz.de/10005661838