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Fiscal Reform and Monetary Union in West Africa
Hefeker, Carsten - 2003
The paper explores the interaction between the proposed monetary union for ECOWAS and structural reforms of fiscal policy. The effects depend to a large extent on the degree of similarity of member countries. In a monetary union of similar countries, member states run a more distortive fiscal...
Persistent link: https://www.econbiz.de/10010295326
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Inflation in the West African countries: The impact of cocoa prices, budget deficits, and migrant remittances
Jumah, Adusei; Kunst, Robert M. - 2007
We verify whether cocoa prices could be a source of inflation in five countries of the West African region within a … remittances enables us to examine the effect of an international capital flow variable on inflation. The results reveal that the … influence of cocoa prices on consumer price inflation is strong and statistically significant. The influence of the budget …
Persistent link: https://www.econbiz.de/10010294008
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Inflationary performance in a monetary union with large wage setters
Cavallari, Lilia - 2001
Building on a micro-founded model of a two region-world economy in the tradition of the new open economy literature, this paper analyses the strategic interaction of large wage-setters and the central bank when switching from a regime of uncoordinated national monetary policies to a monetary...
Persistent link: https://www.econbiz.de/10010301226
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National prices and wage setting in a currency union
Sánchez, Marcelo - 2009
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typically predicts more aggressive wage setting under monetary union. This insight has not been confirmed by the EMU experience, which has been characterised by wage moderation, thereby eliciting criticism from Posen...
Persistent link: https://www.econbiz.de/10011605104
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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
In diesem Beitrag werden die intertemporalen Wirkungen von antizipierten geld- und fiskalpolitischen Maßnahmen im Rahmen eines asymmetrischen Drei-Länder-Modells vom Mundell-Fleming-Phillips-Typ mit rationalen Preis- und Wechselkursänderungserwartungen charakterisiert. Zwei der drei großen...
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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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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Die UEMOA und die CFA-Zone: Eine neue Kooperations-Kultur im frankophonen Afrika?
Kohnert, Dirk - In: Regionale Integration – Neue Dynamiken in Afrika, …, (pp. 115-136). 2005
countries) and price and wage flexibility, different levels of infrastructure and of inflation, low intra-regional trade and a … dans certains pays), des prix inflexibles et des salaires bas, différents niveaux de l'infrastructure et de l'inflation …
Persistent link: https://www.econbiz.de/10011331403
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The role of political institutions for the effectiveness of central bank independence
Hielscher, Kai; Markwardt, Gunther - 2011
independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country's inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …
Persistent link: https://www.econbiz.de/10010274749