Membership in a currency union is not irreversible. Exit expectations may emerge during sovereign debt crises, because exit allows countries to reduce their liabilities through a currency redenomination. As market participants anticipate this possibility, sovereign debt crises intensify. We...

The book focuses on the recent experience of Latin America economies with designing, announcing, and implementing monetary policies with different internal and external anchors. Given the often dismal track record of monetary stabilization in Latin America, it deals primarily with the conditions...

Chapter 1. Opening our Minds to Concordian Economics -- Part I. Intellectual Interdependence -- Chapter 2. Politics and Economics -- Chapter 3. The Interdependence of Economic Rights and Responsibilities -- Chapter 4. Peaceful March Toward Concordianism - With a Graceful Walk Away from 1%...

The book offers a comprehensive empirical analysis of the determinants of changes in the distribution of expenditure and revenue-raising powers among fiscal tiers in OECD countries. Using a new indicator of fiscal decentralisation which accounts for subnational decision-making autonomy, common...

Studies the interactions between monetary and wage policies in the euro area. This book discusses the process of policy competition and the structure of policy cooperation. It also features numerical simulations of policy competition and numerical solutions to policy cooperation

Decarbonizing road transport through electrification, public transport, and walking and biking can increase productivity and reduce expenses thanks to reduced traffic and energy efficiency gains. However, governments face losing fuel and vehicle tax revenue. We develop a method to assess options...