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Fiscal and monetary rules for a currency union

Ferrero, Andrea - 2005

This paper addresses the question of the joint conduct of fiscal and monetary policy in a currency union. The problem is studied using a two-country DSGE framework with staggered price setting, monopolistic competition in the goods market, distortionary taxation and nominal debt. The two...

Persistent link: https://www.econbiz.de/10011604548

International policy transmissions before and after establishing a monetary union

Rumler, Fabio - 1999

This paper analyzes the effects of the implementation of a monetary union on the international transmission of monetary and fiscal policies. A dynamic three-country general equilibrium model, exhibiting monopolistic competition and sticky prices, is used to show how asymmetric monetary and...

Persistent link: https://www.econbiz.de/10010291919

The effect of monetary unification on public debt and its real return

Beetsma, Roel; Vermeylen, Koen - 2005

We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...

Persistent link: https://www.econbiz.de/10010261138

Monetary stabilisation in a currency union of small open economies

Sánchez, Marcelo - 2008

This paper studies stabilisation policies in a multi-country currency union of small open economies. It abstracts from key factors favouring currency union formation, such as reduced transaction costs and enhanced credibility, which are exogenous to the factors studied here. Demand-side shocks...

Persistent link: https://www.econbiz.de/10011604973

Hungary's eurozone entry date: What do the markets think and what if they change their minds?

Csajbók, Attila; Rezessy, András - 2005

This article investigates the potential impact of a shift in market expectations about a country's eurozone entry date …

Persistent link: https://www.econbiz.de/10010322399

Unholy compromise in the Eurozone and how to mend it

Micossi, Stefano - 2012

This paper reviews the causes of the ongoing crisis in the eurozone and the policies needed to restore stability in …

Persistent link: https://www.econbiz.de/10011410972

Economic shocks, progressiveness of taxation, and indexation of taxes and public expenditure in EMU

Kotilainen, Markku - 2006

stabilise output in the cases of demand and tax shocks. In the case of a supply shock, tax progressiveness tends to stabilise …. Progressive taxation stabilises prices definitely only in the case of a tax shock. In the cases of demand and supply shocks, the … progressive taxation tends to increase output stability in both countries in the face of a demand shock. Progressiveness …

Persistent link: https://www.econbiz.de/10010284959

The Euro-project at risk

Hankel, Wilhelm; Hauskrecht, Andreas; Stuart, Bryan - 2010

In contrast to Robert Mundell's Optimum Currency Area theory and his recommendation of forming a monetary union, the …

Persistent link: https://www.econbiz.de/10010304863

The "uncovered inflation rate parity" condition in a monetary union

Acocella, Nicola; Pasimeni, Paolo - 2018

The uncovered interest rate parity condition lies at the heart of the "impossible trinity", stating that the three objectives of fixed exchange rates, free capital flows, and independent monetary policy cannot be pursued simultaneously. We argue that although monetary unification does indeed...

Persistent link: https://www.econbiz.de/10011891356

Monetary and Fiscal Policy Interactions in the Euro Area

Carlberg, Michael - 2004

This paper studies the interactions between monetary and fiscal policies in the euro area. The focus is on the union central bank, the German government, and the French government. The policy targets are price stability in the union, full employment in Germany, and full employment in France. The...

Persistent link: https://www.econbiz.de/10010296372

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