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Price convergence in Europe from a macro perspective: Trends and determinants (1960-2003)
Faber, Riemer P.; Stokman, Ad C.J. - de Nederlandsche Bank - 2004
This paper studies the effects of more than 40 years of European integration on prices. Up to now, most empirical research in this area has been micro-based. We follow a macro approach. On the basis of scaled HICP strong evidence is found for price convergence in Europe, especially in the 1960s...
Persistent link: https://www.econbiz.de/10005101821
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Price Convergence in Europe from a Macro Perspective: Product Categories and Reliability
Faber, Riemer P.; Stokman, Ad C.J. - de Nederlandsche Bank - 2005
-tradable products. Compared to the US, the dispersion level of consumer prices has always been higher in the euro area, but EMU is …
Persistent link: https://www.econbiz.de/10005106638
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On the (A)symmetry of Shocks in EMU: Is it that Shocking?
Verhoef, B.A. - de Nederlandsche Bank - 2002
A disadvantage of EMU is the lack of national monetary policy to absorb country-specific shocks. The seriousness of … shocks within EMU. The aim of this paper is to analyse empirically whether shocks in EMU became more or less symmetric. The … results suggest that within EMU the symmetry of demand shocks increased during the last two decades, whilst the symmetry of …
Persistent link: https://www.econbiz.de/10005106691
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The (A)Symmetry of shocks in the EMU
Verhoef, Bastiaan A. - de Nederlandsche Bank - 2003
A disadvantage of EMU is the lack of national monetary policy to absorb country-specific shocks. The seriousness of … shocks within EMU. Previous empirical research on the asymmetry of shocks mainly focused on correlation coefficients between … shocks in the EMU. The aim of this paper is to analyse empirically whether shocks in EMU became more or less symmetric. By …
Persistent link: https://www.econbiz.de/10005106766
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Time Inconsistency: An Updated Survey of the Literature
Catenaro, Marco - Dipartimento di Economia, Metodi Quantitativi e … - 2000
We provide an updated survey of the literature on time inconsistency, focusing on the key contributions that followed the seminal papers of Kydland and Prescott (1977) and Barro and Gordon (1983a). Starting from the traditional models addressing the time inconsistency problem of monetary policy,...
Persistent link: https://www.econbiz.de/10005685693
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A Case for Fiscal Policy Co-ordination in Europe
Catenaro, Marco - Dipartimento di Economia, Metodi Quantitativi e … - 1999
In this paper we analyse the impact of fiscal policy co-ordination in a monetary union on the size of the spending bias, inflation and the optimal degree of conservatism of the central bank. Our main result is that, when the fiscal authorities internalise the spillover effects originating from...
Persistent link: https://www.econbiz.de/10005685713
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A Lender of Last Resort for Europe
Aglietta, Michel - Centre d'études prospectives et d'informations … - 1999
Persistent link: https://www.econbiz.de/10005406579
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Macroeconomic Policy Interactions in the EMU: A Case for Fiscal Policy Co-ordination
Catenaro, Marco - School of Economics, University of Surrey - 2000
We analyse the effects of fiscal policy co-ordination in a monetary union on inflation, public expenditure and the optimal degree of conservatism of the central bank. Our main result is that, when the fiscal authorities internalise the spillover effects originating from their loose fiscal...
Persistent link: https://www.econbiz.de/10005748066
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Why so much wage restraint in EMU? The role of country size - Integrating trade theory with monetary policy regime accounts
Benedicta, Marzinotto - Department of Communication, University of Teramo - 2008
researchers had been predicting an acceleration in wage growth under EMU (Iversen and Soskice 1998; Iversen et al 2000; Cukierman … enhanced monetary credibility in EMU. Whilst building on a similar argument, this paper adds to it in important respects. First …
Persistent link: https://www.econbiz.de/10005590567
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Price dispersion in Europe: Does the business cycle matter?
Hoeberichts, Marco; Stokman, Ad - de Nederlandsche Bank - 2011
at the business cycle frequency, price dispersion across EMU member countries over the 1960 - 2009 period is …
Persistent link: https://www.econbiz.de/10008861748