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Macroeconomic Stabilisation in the Emu : Rules Versus Institutions

Cavallari, Lilia; Di Gioacchino, Debora - 2004

This paper investigates the macroeconomic implications of different regimes of international fiscal coordination and monetary-fiscal cooperation in a monetary union with independent fiscal authorities that act strategically vis a vis a common central bank. In the presence of other policy goals...

Persistent link: https://www.econbiz.de/10014068253

The Macroeconomic Policy Mix in a Monetary Union with Flexible Inflation Targeting

Andersen, Torben M. - 2003

Policy mix problems may arise in a monetary union with centralized monetary policy and decentralized fiscal policy. A consequence of this may be an inappropriate stabilization of shocks. This paper addresses how policy coordination problems are affected by the objectives of the monetary...

Persistent link: https://www.econbiz.de/10014094279

Effective European Monetary Union in the Light of the Optimum Currency Area; Model Countries : Germany and Poland Ergin Akalpler

Akalpler, Ergin - 2022

the Eurozone.Design/methodology/approach: In this study, Breusch–Pagan–Godfrey and Lagrange multiplier (LM) tests are used … research is used for estimating the effects of OCA in the Eurozone. Quantitative investigation is particularly focused on the … Eurozone and the application of a single currency throughout the EU was a considerably difficult task. In addition, the …

Persistent link: https://www.econbiz.de/10013307159

Completing the monetary union of Europe as mid-term solution of the Euro crisis

Fischer, Justina A. V.; Pastore, Francesco - 2015

This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....

Persistent link: https://www.econbiz.de/10011308548

"Haircuts" for the EMU periphery : virtue or vice? ; conference paper

Neck, Reinhard; Blüschke, Dmitri - 2013 - Preliminary version

We use a dynamic game model of a two-country monetary union to study the impacts of an exogenous fall in aggregate demand, the resulting increase in public debt, and the consequences of a sovereign debt haircut for a member country or bloc of the union. In this union, the governments of...

Persistent link: https://www.econbiz.de/10010340564

Budget-neutral fiscal rules targeting inflation differentials

Brede, Maren - 2016

In light of persistent in ation dispersion and rising debt levels in the EMU, this paper investigates the welfare implications of budget-neutral scal policies that counteract in ation di erentials. In a two-country DSGE model of a monetary union with traded and non-traded goods a national scal...

Persistent link: https://www.econbiz.de/10011437921

Smoothing asymmetric shocks vs. redistribution in the euro area : a simple proposal for dealing with mistrust in the euro area

Oksanen, Heikki - 2016 - This version 2016-03-22

The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private financial markets will develop only slowly. Mistrust among the governments has caused rigid, even pro-cyclical fiscal policies. Smoothing mechanisms are absent due to the fear that...

Persistent link: https://www.econbiz.de/10011444463

Which is the optimal fiscal rule in a monetary union? : targeting the structural, the global budgetary deficit, or the public debt?

Menguy, Séverine - In: Cogent economics & finance 2 (2014) 1, pp. 2-20

The aim of our paper is to contribute to the debate on optimal fiscal rules in a monetary union: in terms of global budgetary deficit, of structural budgetary deficit, or of public debt. Indeed, these rules seem to be mixed in the framework of the European Economic and Monetary Union, with the...

Persistent link: https://www.econbiz.de/10010482338

Public and private risk sharing : friends or foes : the interplay between different forms of risk sharing

Giovannini, Alessandro; Ioannou, Demosthenes; Stracca, Livio - 2022

Well-functioning risk-sharing arrangements are essential for the shock absorbing capacity and resilience of an economy, even more so for countries in a monetary union where the single monetary policy is unable to address asymmetric shocks. The common shocks that euro area member states have been...

Persistent link: https://www.econbiz.de/10013256112

Potential output and fiscal rules in a monetary union under asymmetric information

Marattin, Luigi; Meraglia, Simone - 2015

We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information about member states' potential output and, therefore, output gap and (ii) bail-out among member states. In our framework, bail-out lowers the scope for signalling (discrimination) by member states...

Persistent link: https://www.econbiz.de/10011714310