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Labour Market Asymmetries in a Monetary Union
Andersen, Torben M.; Seneca, Martin - 2007
This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...
Persistent link: https://www.econbiz.de/10010260574
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Monetary and Fiscal Policy in a Large Asymmetric Monetary Union - A Dynamic Three-Country Analysis
Clausen, Volker; Wohltmann, Hans-Werner - 2005
This paper analyzes the dynamic effects of anticipated monetary and fiscal policies in a large monetary union, which is characterized by asymmetric interest rate transmission. We explicitly solve the asymmetric three-country model using the decomposition methods of Aoki (1981) and Fukuda (1993)....
Persistent link: https://www.econbiz.de/10010296252
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Dynamische Effekte der Geld-und Fiskalpolitik in einem asymmetrischen Drei-Länder-Modell mit einer Währungsunion
Wohltmann, Hans-Werner - 2005
ist. Im Unterschied zur bestehenden Literatur zur Theorie einer Währungsunion und zur Theorie der internationalen …
Persistent link: https://www.econbiz.de/10010296253
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Labour market asymmetries in a monetary union
Andersen, Torben M.; Seneca, Martin - 2008
This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...
Persistent link: https://www.econbiz.de/10010323747
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Managed Floats to Damp Shocks like 1982-5 and 2006-9: Field and Laboratory Evidence for Chinese Interest in a Single World Currency
Pope, Robin; Selten, Reinhard; Kube, Sebastian; von … - 2009
-2008/9 exchange rate liquidity shock would have been more drastic but for central bank currency swaps. This evidence is bolstered by a …-conflict model of exchange rate determination , and is within an umbrella theory of Pope, namely SKAT, the Stages of Knowledge Ahead … Theory. SKAT allows for risk effects from stages omitted in normal models, including those from (a) difficulties of agents in …
Persistent link: https://www.econbiz.de/10010274185
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Monetary policy under alternative exchange rate regimes in Central and Eastern Europe
Ziegler, Christina - 2012
Monetary policy in CEE is an important determinant in the wage bargaining process, because trade unions have to predict inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an inflation target are tempted to act...
Persistent link: https://www.econbiz.de/10010308235
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Keynesian and Austrian Perspectives on Crisis, Shock Adjustment, Exchange Rate Regime and (Long-Term) Growth
Maurel, Mathilde; Schnabl, Gunther - 2011
asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis …
Persistent link: https://www.econbiz.de/10010334490
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Welfare Effects of Fiscal Policy under Alternative Exchange Rate Regimes : The Role of the Scale Variable of Money Demand
Pitterle, Ingo; Steffen, Dirk - 2004
This paper investigates the implications of alternative scale variables of money demand for the comparison of a flexible exchange rate regime with a monetary union in a NOEM setup. The welfare evaluation of exchange rate regimes depends on the exchange rate response under the flexible regime....
Persistent link: https://www.econbiz.de/10010296330
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The damage from clean floats: From an anti-inflationary monetary policy
Pope, Robin; Selten, Reinhard; Kaiser, Johannes; Kube, … - 2007
embeds a new theory of exchange rate determination involving the uncontroversial power of fully cooperating central banks to … totally fix the exchange rate. The new model is within a broader theory that includes risk effects normally excluded, SKAT …, the Stages of Knowledge Ahead Theory. We use SKAT to analyse outliers in our experimental results, and indicate some new …
Persistent link: https://www.econbiz.de/10010274161
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Can the exchange rate regime influence corruption?
Popkova, Katherina - 2011
This paper analyses the influence of the exchange rate regime of a country on the level of tolerated corruption with a special focus on the interdependency of monetary and fiscal policies. Using a simple theoretical framework based on Barro-Gordon-Model I compare independent monetary policy with...
Persistent link: https://www.econbiz.de/10010281777