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A Nash threat game of passing through Exchange Rate Mechanism II

Fahrholz, Christian - 2007

European Monetary Union (EMU). These countries may incur considerable costs over the course of their passing through the … costs on to current EMU-members. In turn, a CEEC's leverage depends on their ability to wield successful brinkmanship via an …

Persistent link: https://www.econbiz.de/10010263809

The trade and FDI effects of EMU enlargement

Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - 2007

European Monetary Union (EMU) to the ten countries that obtained EU membership in 2004. One-way and two-way error component …. Using a simulation-based technique, we find that estimates of FDI effects of EMU range between 18.5 percent for Poland and …

Persistent link: https://www.econbiz.de/10010264230

Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union

Michalak, Tomasz; Engwerda, Jacob; Plasmans, Joseph - 2009

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/10010264547

Global imbalances, Bretton Woods II, and Euroland's role in all this

Bibow, Jörg - 2006

Approaching the issue of mounting global imbalances from the perspective of the "Bretton Woods II hypothesis," this paper argues that the popular preoccupation with China's supposed export-led development strategy is misplaced. It also suggests, similar to Japan's depression, subdued growth in...

Persistent link: https://www.econbiz.de/10010266439

Bad for Euroland, worse for Germany: the ECB's record

Bibow, Jörg - 2005

This paper assesses the contribution of the European Central Bank (ECB) to Germany's ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the bank...

Persistent link: https://www.econbiz.de/10010266550

Monetary and fiscal policy related issues: regional input Poland

Zukrowska, Katarzyna; Sobczak, Dominik - 2003

Such an exceptional event as the creation of the EMU and the euro has not had happened never before. The most common … challenges concerning EMU and the euro are: fiscal policy making, monetary policy making, euro area being a non-optimal currency … area and the political legitimacy of EMU. It is worthwhile stressing that economic policies except from monetary policy are …

Persistent link: https://www.econbiz.de/10010266834

Monetary and fiscal policies in EMU: some relevant issues

Vieira, Carlos; Vieira, Isabel; Costa, Sofia - 2003

The coexistence in EMU of one common monetary policy and several domestic fiscal policies raises a number of problems … policy spill-overs are enhanced in the EMU, the need to avoid free riding behaviour on the part of member states and the … economic area, or that do not equally affect all EMU members. Theory suggests that financial markets, when integrated, can …

Persistent link: https://www.econbiz.de/10010266835

Final report: monetary and fiscal policy

Zukrowska, Katarzyna; Sobczak, Dominik; Marzo, Massimiliano - 2003

This report reflects on recent trends in fiscal and monetary policies at the onset of EU-enlargement. Particularly, the authors focus on necessary adjustment processes for future EU-members. How to smooth best the transition period between normal EU-accession and eventual participation in the...

Persistent link: https://www.econbiz.de/10010266838

The eastward enlargement of the eurozone: social and policy aspects in Portugal, Spain and Italy

Galego, Aurora; Caétano, José; Costa, Sofia; Liiv, Reilika - 2003

This report explores some features of the social dimension of enlargement regarding the Southern EU-Member countries, namely Portugal, Spain and Italy. Economic theory suggests that integration may affect wages, employment and income distribution through changes on trade, FDI and migration...

Persistent link: https://www.econbiz.de/10010266841

The macroeconomic consequences of EMU: international evidence from a DSGE model

Jerger, Jürgen; Röhe, Oke - 2009

with the aim to explore the macroeconomic consequences of EMU. In order to validate the results from the DSGE model, we …

Persistent link: https://www.econbiz.de/10010267027