Die CFA-Zone galt vierzig Jahre lang als Selbstbedienungsladen der afrikanischen und französischen Elite im frankophonen Afrika. Mit der Abwertung des Franc CFA am 11.1.1994 brach der Mythos der Stabilität dieser von Frankreich garantierten Währung zusammen, und mit ihm auch das Weltbild der...

Die CFA-Zone galt vierzig Jahre lang als Selbstbedienungsladen der afrikanischen und französischen Elite im frankophonen Afrika. Mit der Abwertung des Franc CFA am 11.1.1994 brach der Mythos der Stabilität dieser von Frankreich garantierten Währung zusammen, und mit ihm auch das Weltbild der...

We argue that the European currency union (ECU) reduced the de facto monetary policy autonomy of EU countries abstaining from introducing the euro. The large share of imports from euro zone countries renders a close alignment of monetary policy to the interest rate set by the European Central...

Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...

Beyond its original mission to 'furnish an elastic currency' as lender of last resort and manager of the payments system, the Federal Reserve has always been responsible (along with the Treasury) for regulating and supervising member banks. After World War II, Congress directed the Fed to pursue...

Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...

Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...

The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...