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Monetary policy with a state-dependent inflation target in a behavioral two-country monetary union model

Proaño Acosta, Christian; Lojak, Benjamin - 2020

Persistent link: https://www.econbiz.de/10012533934

Monetary policy with a state-dependent inflation target in a behavioral two-country monetary union model

Proaño Acosta, Christian; Lojak, Benjamin - In: Journal of economic dynamics & control 133 (2021), pp. 1-18

Persistent link: https://www.econbiz.de/10014535139

Monetary and fiscal policy dynamics in an asymmetric monetary union

Clausen, Volker; Wohltmann, Hans-Werner - 2002 - Second Revision

This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...

Persistent link: https://www.econbiz.de/10010494186

Monetary policy and local industry structure

Popov, Alexander; Steininger, Lea - 2023

We study how monetary policy affects local market competition in a union of countries experiencing different economic conditions: the euro area. We find that when monetary conditions tighten (loosen), from the point of view of an individual economy, market concentration increases (declines)....

Persistent link: https://www.econbiz.de/10013552619

Macroeconomic Adjustment to Monetary Union

Fagan, Gabriel - 2008

The move to monetary union in Europe led to convergence of interest rates among the participating countries. This was associated with notable cross-country differences in the behaviour of key macroeconomic aggregates. Compared to the low interest rate countries, former high interest rate...

Persistent link: https://www.econbiz.de/10012770251

Fiscal Policy in a Stock-Flow Consistent (SFC) Model

Godley, Wynne; Lavoie, Marc - 2007

a well-defined level and growth rate - then full employment and low inflation will not be achieved in a sustainable way …. We also show that fiscal policy on its own could achieve both full employment and a target rate of inflation. Finally, we …

Persistent link: https://www.econbiz.de/10014051055

The inherent benefit of monetary unions

Groll, Dominik; Monacelli, Tommaso - 2016

The desirability of flexible exchange rates is a central tenet in international macroeconomics. We show that, with forward-looking staggered pricing, this result crucially depends on the monetary authority's ability to commit. Under full commitment, flexible exchange rates generally dominate a...

Persistent link: https://www.econbiz.de/10011525534

EMU and the cyclical behavior of fiscal policy : a suggested interpretation

Landmann, Oliver - 2014 - Rev.

Fiscal policy is widely criticized for its failure to act as a stabilizing countercyclical force in the European Monetary Union. Two periods should be distinguished: Prior to the Financial Crisis of 2008, when monetary policy had traction to pursue stability for the aggregate eurozone, fiscal...

Persistent link: https://www.econbiz.de/10010401689

Optimal monetary policy in a monetary union with housing and credit market heterogeneity

Elstner, Steffen; Hristov, Nikolay; Hülsewig, Oliver; … - 2010

central bank puts a higher weight on stabilizing inflation in the country with a higher degree of nominal rigidity continues …-country disparities in the degree of price rigidities on the volatility of inflation are amplified. While the volatility of inflation in … the economy with a higher degree of price rigidity is almost as low as in the model without borrowers, inflation in the …

Persistent link: https://www.econbiz.de/10011389355

Disinflation and monetary independence in Romania

Goczek, Lukasz - In: Baltic journal of economics 15 (2015) 1, pp. 65-79

In this article, the issue of the monetary independence problem in view of the Romania's European Monetary Union accession is investigated empirically. It is frequently argued that for such a country, the main cost of participation in a currency area is the loss of monetary policy independence....

Persistent link: https://www.econbiz.de/10011890553