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Long-Run Determinants of Inflation Differentials in a Monetary Union
Altissimo, Filippo - 2005
This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at …some stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the …-traded sector as the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being …
Persistent link: https://www.econbiz.de/10012467206
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The European Central Bank and the Euro : The First Year
Feldstein, Martin - 2000
cyclical and inflation conditions vary substantially among countries. Labor market policies during this first year will … unemployment, structural unemployment, and inflation may all be higher in the future as a result of the single currency. Although …
Persistent link: https://www.econbiz.de/10012471257
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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
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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-economic evidence: such evidence is abundant but often contradictory. This paper takes a different route by using micro-economic data. We use the information contained in the...
Persistent link: https://www.econbiz.de/10012471558
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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 … the Eurosystem. The choice between inflation targeting and monetary targeting is, in effect, a choice between high and low … transparency. Inflation targeting and monetary targeting, in practice, imply similar policy decisions, but monetary targeting …
Persistent link: https://www.econbiz.de/10012471610
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Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism
Cecchetti, Stephen G. - 1999
Among the many challenges facing the new Eurosystem is the possibility that the regions of the euro area will respond differently to interest rate changes. In this essay, I provide evidence that differences in financial structure are the proximate cause for these national asymmetries in the...
Persistent link: https://www.econbiz.de/10012471636
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Small Countries in Monetary Unions : A Two-Tier Model
de Macedo, Jorge Braga - 1985
In a previous analysis of the West African Monetary Union, Macedo(1985a), size is taken to be a major structural characteristic of a country in the sense that large countries are not affected by disturbances originating in small countries but small countries are affected by large countries'...
Persistent link: https://www.econbiz.de/10012477446
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The Fiscal Framework of Monetary Policy
Feldstein, Martin - 1982
This paper illustrates the importance of the fiscal framework for monetary analysis by discussing three separate issues. I begin by examining how the fiscal framework changes the macroeconomic equilibrium associated with different steady state rates of money growth. This includes a summary of...
Persistent link: https://www.econbiz.de/10012478139
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Exchange-Rate Policy After a Decade of "Floating"
Branson, William H. - 1982
This paper integrates exchange-rate policy into a model of exchange- rate behavior, and examines the data econometrically to infer hypotheses about policy behavior in the 1970s. The model shows how unanticipated movements in money, the current account, and relative price levels will cause first...
Persistent link: https://www.econbiz.de/10012478199