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Heterogeneous policy responses and the risk of monetary disintegration in Europe

Cornelius, Peter K.; Trimbur, Thomas - 2000

Leaving EMU would create great legal uncertainty and costly litigation and would hence involve extremely high costs for … scenarios, whereby particular emphasis is paid to the case where a country decides unilaterally to leave EMU either because of …, implying a non-trivial possibility of escalating tension among the EMU members. …

Persistent link: https://www.econbiz.de/10010301755

OCA theory and EMU Eastern enlargement: An empirical application

Weimann, Marco - 2003

years. Some studies aim at analysing the suitability of these Euro aspirants for currency union with EMU by evaluating the … present EMU and use a structural VAR approach to evaluate EMU suitability of the candidate countries. To correct for the …

Persistent link: https://www.econbiz.de/10010301776

Foreign price shocks and monetary policy in an asymmetric monetary union

Wohltmann, Hans-Werner; Clausen, Volker - 2002

This paper analyzes the dynamic effects of anticipated and unanticipated foreign price increases of imported raw materials for a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private...

Persistent link: https://www.econbiz.de/10010302259

Central banks, trade unions and reputation - is there room for an expansionist manoeuvre in the European Union?

Pusch, Toralf; Heise, Arne - 2008

It is now a few years since the introduction of the common currency, and Europe is still experiencing high unemployment. The conventional logic attributes this problem to strong trade unions and other flaws in the labour market. This article takes a different approach. Using a game theoretic...

Persistent link: https://www.econbiz.de/10010302517

EZB contra Gewerkschaften? Mit Reputationsaufbau zur Vollbeschäftigung in Europa

Pusch, Toralf - 2008

Wenige Jahre nach der Etablierung der EWU zeigt sich ein gespaltenes Bild. Trotz unbestreitbarer Erfolge bei der Sicherung von Preisstabilität scheint die Beschäftigungs-Performance des Euroraums getrübt. Im vorliegenden Beitrag wird die These vertreten, dass dies auch an einer mangelhaften...

Persistent link: https://www.econbiz.de/10010302523

Financial market integration under EMU

Jappelli, Tullio; Pagano, Marco - 2008

The single most important policy-induced innovation in the international financial system since the collapse of the Bretton-Woods regime is the institution of the European Monetary Union. This paper provides an account of how the process of financial integration has promoted financial...

Persistent link: https://www.econbiz.de/10010303699

De jure versus de facto: Exchange rate stabilization in Central and Eastern Europe

Schnabl, Gunther - 2003

The IMF classifications of the Central and Eastern European exchange rate arrangements are heterogeneous. While one group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate flexibility. Based on the recent discussion about the accuracy of...

Persistent link: https://www.econbiz.de/10010305084

OCA theory and EMU eastern enlargement: An empirical application

Weimann, Marco - 2002

worse suitable for EMU membership than the current participants. The theory of optimum currency areas provides several … the current EMU we use a structural VAR approach in order to identify economic shocks that hit the countries to be …

Persistent link: https://www.econbiz.de/10010305411

The end of stability and growth pact?

de Haan, Jakob; Berger, Helge; Jansen, David-Jan - 2003

This paper evaluates the Stability and Growth Pact. After examining the rules in place and the experience so far, the Pact is analysed from a political economy perspective, focusing on the choice for so-called soft law and drawing inferences from characteristics of successful fiscal rules at the...

Persistent link: https://www.econbiz.de/10010306526

Towards a fiscal union? On the acceptability of a fiscal transfer system in the eurozone

Hebous, Shafik; Weichenrieder, Alfons J. - 2015

There is a large, but yet growing debate about the need to complement the European monetary union with a stronger fiscal union. This paper reviews the potential trade-offs between effectiveness, moral hazard problems, and permanent redistribution. In particular, we contribute to the question of...

Persistent link: https://www.econbiz.de/10011315455