' inflation aversion and exit costs …

This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …

policy shock, and that there is no delay in the overshooting of the U.S. Dollar. Furthermore, there is no persistent …

parameter combinations our results confirm the findings of Beetsma et al. (2001) that for symmetric inflation and output gap … central bank and the coalition of national governments is most intense under a symmetric inflation shocks when there is strong … conflict concerning the orientation of stabilisation policies. This conflict is less pronounced under an asymmetric inflation …

, average inflation and output distortions. However, as more members enter the monetary union, the fiscal disciplining effect of …

taxation but suffers only part of the costs of union-wide inflation and higher interest rates, creating a tendency towards …

policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international … shock to foreign real GDP growth …