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Assessing determinants of macroeconomic policy on real convergence and growth : a comparative study of the Eurozone and ASEAN

Mutaqin, Zaenal; Ichihashi, Masaru - 2012

unemployment between a developed, economically integrated area (Eurozone) and a developing one (ASEAN), a decade before and after … the euro was introduced. The most interesting issue is whether macroeconomic policy coordination in the Eurozone has had … and productivity in the Eurozone. Imposing macroeconomic policy variables associated with MC on convergence and growth in …

Persistent link: https://www.econbiz.de/10009693477

Monetary Policy Before Euro Adoption : Challenges for EU New Members

Filacek, Jan - 2007

This article analyzes the main issues for monetary policy in new EU member states before their euro adoption. These are typically rooted in the challenge of fulfilling concurrently of the Maastricht inflation and exchange rate criterion, as these countries are experiencing equilibrium real...

Persistent link: https://www.econbiz.de/10012731352

The Admission of Accession Countries to an Enlarged Monetary Union : A Tentative Assessment

Ca’ Zorzi, Michele; De Santis, Roberto A. - 2022

The enlargement of the European monetary union to include the accession countries (ACs) will not lead to higher average inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy framework is preserved. In the short term,...

Persistent link: https://www.econbiz.de/10014087996

Wandel in der Geldpolitik und Ausweitung der Europäiscjen Schuldekrise (Change in Monetary Policy and Enlarging Effects on the European Debt Crisis)

Rohde, Armin - 2012

In the present paper fundamental changes in monetary policy strategy, especially in leading industrialized countries, from concentrating on development of the quantity of money to focusing strictly on developments of interest rates and interest rate levels is analysed in the case of the European...

Persistent link: https://www.econbiz.de/10013096026

Hungary's Entry into the Euro Area : Lessons for Prospective Members from a Monetary Policy Perspective

Siklos, Pierre L. - 2006

This paper evaluates the conduct of monetary policy in Hungary using standard Taylor rules as well as extended rules that incorporate real exchange rate effects. Moreover, we explicitly consider the impact of future euro area entry by estimating instrument rules that permit an influence from...

Persistent link: https://www.econbiz.de/10014053881

On the (in)effectiveness of fiscal devaluations in a monetary union : conference paper

Lipinska, Anna; Thadden, Leopold von - 2013 - This version: August 31, 2012

This paper explores the fiscal devaluation hypothesis in a model of a monetary union characterised by national fiscal and supranational monetary policy. We show that a unilateral tax shift towards indirect taxes in one of the countries produces small but non-negligible long-run effects on output...

Persistent link: https://www.econbiz.de/10010337286

Strategic Interactions between Fiscal and Monetary Authorities in a Multi-Country New-Keynesian Model of a Monetary Union

Michalak, Tomasz - 2013

In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....

Persistent link: https://www.econbiz.de/10012753234

Structural convergence under reversible and irreversible monetary unification

Beetsma, Roel; Jensen, Henrik - 1999 - This version: February, 1999

We explore endogenous monetary unification in the context of a model in which a country with serious structural distortions (and, hence, high inflation) is admitted into a monetary union once its economic structure has converged sufficiently towards that of the existing participants. If...

Persistent link: https://www.econbiz.de/10011537161

Fiscal Transfers in a Monetary Union with Exit Option

Hefeker, Carsten - 2015

It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...

Persistent link: https://www.econbiz.de/10013025966

Designing QE in a fiscally sound monetary union

Bletzinger, Tilman; Thadden, Leopold von - 2018

This paper develops a tractable model of a monetary union with a sound fiscal governance structure and shows how in such environment the design of monetary policy above and at the lower bound constraint on short-term interest rates can be linked to well-known findings from the literature dealing...

Persistent link: https://www.econbiz.de/10011856536