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Assessing the ECB's Performance since the Global Slowdown A Structural Policy Bias Coming Home to Roost?
Bibow, Jorg - EconWPA - 2004
This paper assesses the ECB’s performance, which the author finds to be seriously lacking but which is of paramount importance to understanding euroland’s ongoing stagnation and fragility. A main finding is that the series of policy blunders which characterized the bank’s conduct features...
Persistent link: https://www.econbiz.de/10005412750
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Staying Together or Breaking Apart: Policy-Makers’ Endogenous Coalitions Formation in the European Economic and Monetary Union
Bartolomeo, Giovanni Di; Engwerda, Jacob; Plasmans, Joseph - EconWPA - 2003
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic …
Persistent link: https://www.econbiz.de/10005126333
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Bad for Euroland, Worse for Germany-The ECB's Record
Bibow, Jorg - EconWPA - 2005
This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the...
Persistent link: https://www.econbiz.de/10005412611
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Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges
Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003
decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and … the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with …
Persistent link: https://www.econbiz.de/10005076715
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Does Stability and Growth Pact Provide an Adequate and Consistent Fiscal Rule?
Visaggio, Mauro - EconWPA - 2004
This paper examines the adequacy and the consistency of the fiscal rule set by the Treaty of Maastricht and the Stability and Growth Pact. First, it shows that the functional fiscal rule is adequate in ensuring the final goal of public debt sustainability. Second, it points out that the draw of...
Persistent link: https://www.econbiz.de/10005561239
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Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union
Clausen, Volker; Wohltmann, Hans-Werner - EconWPA - 2002
This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...
Persistent link: https://www.econbiz.de/10005126325
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Policy interaction, expectations and the liquidity trap
Evans, George W.; Honkapohja, Seppo - EconWPA - 2004
In this paper we consider inflation and government debt dynamics when monetary policy employs a global interest rate rule and private agents’ forecasts using adaptive learning. Because of the zero lower bound on interest rates, active interest rate rules are known to imply the existence of a...
Persistent link: https://www.econbiz.de/10005561331
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An Investigation of the Gains from Commitment in Monetary Policy
Schaumburg, Ernst; Tambalotti, Andrea - EconWPA - 2003
This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...
Persistent link: https://www.econbiz.de/10005076809
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Labour market flexibility and policy coordination in a monetary union
Rantala, Anssi - EconWPA - 2004
Sufficiently flexible labour markets are considered an important precondition for countries to benefit from membership in the monetary union. Economic policy coordination within the European Community is extensive and includes issues related to labour market structures. In this paper we study...
Persistent link: https://www.econbiz.de/10005412650
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Liquidity Trap Prevention and Escape: A Simple Proposition
Cai, Junning - EconWPA - 2004
Liquidity traps occur when the natural nominal interest rate becomes negative. In a model with capital price dynamics explicitly considered, we find that shocks in the future can cause current and lasting liquidity traps. We propose that the central bank can prevent or fix liquidity traps by...
Persistent link: https://www.econbiz.de/10005561118