EMU enlargement, policy uncertainty and economic reforms

The paper analyzes the relation between monetary uncertainty and government incentives to implement economic reforms that reduce structural distortions and make economies more flexible. It is shown that uncertainty about the central bank's reaction function leads to more reforms. I relate this result to the debate about central bank setup in a larger monetary union.

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Year of publication:	2006
Authors:	Hefeker, Carsten
Publisher:	Munich : Center for Economic Studies and ifo Institute (CESifo)

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Series:	CESifo Working Paper ; 1767
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	517023555 [GVK] hdl:10419/25812 [Handle]
Classification:	D72 - Economic Models of Political Processes: Rent-Seeking, Elections, Legistures, and Voting Behavior ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; F33 - International Monetary Arrangements and Institutions
Source:	EconStor

Persistent link: https://www.econbiz.de/10010263953