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An independent Scotland’s currency options redux : assessing the costs and benefits of currency choice
MacDonald, Ronald - 2014
This paper demonstrates that all of the currency options available to an independent Scotland come with the price tag of an austerity programme to the tune of £40bn. This is due to the need to accumulate foreign exchange reserves. So called Plan A - being part of a formal monetary union - comes...
Persistent link: https://www.econbiz.de/10010404563
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Wage setting under different monetary regimes
Holden, Steinar - 2002
In an economy with large wage setters (like industry unions), the monetary regime affects the trade-off between … consumer real wages and employment and profits faced by the wage setters. This paper shows that an exchange rate target …, including participation in a monetary union, is likely to involve lower wages in the traded sector, and higher wages in the non …
Persistent link: https://www.econbiz.de/10011408717
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Exchange rate volatility and employment growth : empirical evidence from the CEE economies
Belke, Ansgar; Setzer, Ralph - 2003
According to the traditional 'optimum currency area' approach, not much will be lost from a very hard peg to a currency union if there has been little reason for variations in the exchange rate. This paper takes a different approach and highlights the fact that high exchange rate volatility may...
Persistent link: https://www.econbiz.de/10011509536
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Pegging the Renminbi to a basket : facts, prospects and consequences
Oksanen, Heikki - 2010
On 19 June 2010 the Chinese authorities announced that the renminbi (RMB) was henceforth to be pegged to a currency basket. Yet, it has quite closely followed the USD, though having appreciated by 2.7 % by the time of writing. At the G20 Seoul Summit on 11-12 November 2010, China committed to...
Persistent link: https://www.econbiz.de/10008732240
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Labor mobility and fiscal policy in a currency union
Baglioni, Angelo; Boitani, Andrea; Bordignon, Massimo - 2015
Labor mobility is commonly taken as a property of an optimal currency area. But how does that property affect the outcome of fiscal policies? In our model, we show that perfect (costless) labour mobility is not necessarily welfare improving, since it prevents the national fiscal authorities from...
Persistent link: https://www.econbiz.de/10010471847
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Monetary regimes and the co-ordination of wage setting
Holden, Steinar - 2001
International comparisons show that countries with co-ordinated wage setting generally have lower unemployment than countries with less co-ordinated wage setting. This paper argues that the monetary regime may affect whether co-ordination among many wage setters is feasible. A strict monetary...
Persistent link: https://www.econbiz.de/10011398035
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Structural distortions and decentralized fiscal policies in EMU
Beetsma, Roel; Bovenberg, Ary Lans - 2001
if fiscal policy is set at a higher frequency than nominal wages are. To avoid the associated excessive accumulation of …
Persistent link: https://www.econbiz.de/10011398780
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Fiscal delegation in a monetary union with decentralized public spending
Basso, Henrique S.; Costain, James - 2016
In a monetary union, the interaction between several governments and a single central bank is plagued by several sources of deficit bias, including common pool problems. Each government has strong preferences over local spending and taxation but suffers only part of the costs of union-wide...
Persistent link: https://www.econbiz.de/10011434438
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Animal spirits and the international transmission of business cycles : presented at CESifo Area Conference on Macro, Money & International Finance, February 2016
De Grauwe, Paul; Ji, Yuemei - 2016
of trade integration. We also study the transmission of demand and supply shocks from one country to the other and find …
Persistent link: https://www.econbiz.de/10011444133
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Structural reforms and the enlargement of monetary union
Hefeker, Carsten - 2003
The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural reforms in the (low distortion) member countries and the (high distortion) candidate countries. While monetary union lowers reforms in the candidate countries, members of the...
Persistent link: https://www.econbiz.de/10011509539