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The Euro and Structural Reforms
Alesina, Alberto - 2008
, defined as deregulation in the product markets and liberalization and deregulation in the labor markets. After reviewing the …
Persistent link: https://www.econbiz.de/10012464168
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Benefits and Spillovers of Greater Competition in Europe : A Macroeconomic Assesment
Bayoumi, Tamim - 2004
Using a general-equilibrium simulation model featuring nominal rigidities and monopolistic competition in product and … labor markets, this paper estimates the macroeconomic benefits and international spillovers of an increase in competition …, greater competition produces large effects on macroeconomic performance, as measured by standard indicators. In particular, we …
Persistent link: https://www.econbiz.de/10012468277
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The Euro and European Economic Conditions
Feldstein, Martin S. - 2011
The creation of the euro should now be recognized as an experiment that has led to the sovereign debt crisis in several countries, the fragile condition of major European banks, the high levels of unemployment, and the large trade deficits that now exist in most Eurozone countries. Although the...
Persistent link: https://www.econbiz.de/10012461040
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Does Competition Affect Bank Risk?
Jiang, Liangliang - 2017
Although policymakers often discuss tradeoffs between bank competition and stability, past research provides differing … theoretical perspectives and empirical results on the impact of competition on risk. In this paper, we employ a new approach for … competition materially boosts bank risk. With respect to the mechanisms, we find that competition reduces bank profits, charter …
Persistent link: https://www.econbiz.de/10012455601
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The First Year of the Eurosystem : Inflation Targeting or Not?
Svensson, Lars E.O. - 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/10012470926
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The European Central Bank and the Euro : The First Year
Feldstein, Martin - 2000
The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and political history: creating a supranational central bank and leaving eleven countries without national currencies of their own. The experience of the first year confirms that one size...
Persistent link: https://www.econbiz.de/10012471257
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Exchange Rate Pass-Through and the Welfare Effects of the Euro
Devereux, Michael B. - 1999
This paper explores the implications of the European single currency within a simple sticky price intertemporal model. The main issue we focus on is how the euro may alter the responsiveness of consumer prices to exchange rate changes. Our central conjectures is that the acceptance of the euro...
Persistent link: https://www.econbiz.de/10012471402
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The Future of EMU : What Does the History of Monetary Unions Tell Us?
Bordo, Michael D. - 1999
The creation of EMU and the ECB has triggered a discussion of the future of EMU. Independent observers have pointed to a number of shortcomings or hazard areas' in the construction of EMU, such as the absence of a central lender of last resort function for EMU, the lack of a central authority...
Persistent link: https://www.econbiz.de/10012471419
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Tradable Deficit Permits : Efficient Implementation of the Stability Pacin the European Monetary Union
Casella, Alessandra - 1999
Borrowing from the experience of environmental markets, this paper proposes a system of tradable deficit permits as an efficient mechanism for implementing fiscal constraints in the European Monetary Union: having chosen an aggregate target for the Union and an initial distribution of permits,...
Persistent link: https://www.econbiz.de/10012471505
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EMU : Ready, or Not?
Obstfeld, Maurice - 1999
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10012471509