Similar Search Results

Price Stability as a Target for Monetary Policy : Defining and Maintaining Price Stability

Svensson, Lars E.O. - 1999

This paper discusses how price stability can be defined and how price stability can be maintained in practice. Some lessons for the Eurosystem are also considered. With regard to defining price stability, the choice between price-level stability and low (including zero) inflation and the...

Persistent link: https://www.econbiz.de/10012471507

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

The Transmission Mechanism of Monetary Policy in Europe : Evidence from Banks' Balance Sheets

Favero, Carlo A. - 1999

Available studies on asymmetries in the monetary transmission mechanism within Europe are invariably based on macro … study occurred during 1992, when monetary conditions were tightened throughout Europe. Evidence on such tightening is … importance of the Europe and thus on one possibly important source of asymmetries in the monetary transmission mechanism. We do …

Persistent link: https://www.econbiz.de/10012471558

Political Contagion in Currency Crises

Drazen, Allan - 1999

Existing models of contagious currency crises are summarized and surveyed, and it is argued that more weight should be put on political factors. Towards this end, the concept of political contagion introduced, whereby contagion in speculative attacks across currencies arises solely because of...

Persistent link: https://www.econbiz.de/10012471578

Eurosystem Monetary Targeting : Lessons from U.S. Data

Rudebusch, Glenn D. - 1999

Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...

Persistent link: https://www.econbiz.de/10012471609

Monetary Policy Issues for the Eurosystem

Svensson, Lars E.O. - 1999

The paper discusses the choice between inflation targeting and monetary targeting as a strategy for the Eurosystem, the actual strategy the Eurosystem announced in the fall of 1998, the framework for policy decisions appropriate for achieving the goals of the Eurosystem, the role of exchange...

Persistent link: https://www.econbiz.de/10012471610

Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism

Cecchetti, Stephen G. - 1999

Europe, the financial structures and monetary transmission mechanisms of the European union countries will remain diverse …

Persistent link: https://www.econbiz.de/10012471636

Regional Nonadjustment and Fiscal Policy : Lessons for EMU

Obstfeld, Maurice - 1999

, which is closer to European than the US is in its labor market and fiscal institutions. Europe's (and to some extent Canada …

Persistent link: https://www.econbiz.de/10012471641

Patterns of Skill Premia

Acemoglu, Daron - 1999

In this paper, I develop a model to analyze how skill premia differ over time and across countries, and use this model to study the impact of international trade on wage inequality. Skill premia are determined by technology and the relative supply of skills. An increase in the relative supply of...

Persistent link: https://www.econbiz.de/10012471782

A Strategy for Launching the Euro

Obstfeld, Maurice - 1999

This paper analyzes the constraints European Union law places on the 1 January 1999" choices of irrevocably fixed conversion rates between the Euro and the currencies of EMU" member states. Current EU legislation, notably the Maastricht treaty bilateral currency conversion factors implied by the...

Persistent link: https://www.econbiz.de/10012471816