Showing 1 - 10 of 20
Persistent link: https://www.econbiz.de/10011092833
The replacement of national currencies by a common currency in the EMU causes a monetary externality if the European Central Bank is inclined to monetize part of outstanding government debt in the community.High government debt in one part of the EU then increases the common inflation rate.We...
Persistent link: https://www.econbiz.de/10011092899
Persistent link: https://www.econbiz.de/10011090552
If discretionary monetary policy implies an inflation bias, monetary unification boosts the accumulation of public debt. The additional debt accumulation is welfare reducing only if governments are sufficiently myopic. In the presence of myopic governments, debt ceilings play a useful role in...
Persistent link: https://www.econbiz.de/10011090557
Persistent link: https://www.econbiz.de/10011090952
Persistent link: https://www.econbiz.de/10011091067
Persistent link: https://www.econbiz.de/10011091080
Persistent link: https://www.econbiz.de/10011091277
Persistent link: https://www.econbiz.de/10011091383
Persistent link: https://www.econbiz.de/10011091413