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Has the Euro changed the Business Cycle?

Enders, Zeno; Jung, Philip; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

before and after the introduction of the euro. Exceptions are a strong decline in real exchange rate volatility and a … EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the …

Persistent link: https://www.econbiz.de/10011084347

Has the Euro changed the business cycle?

Enders, Zeno; Jung, Philip; Müller, Gernot J. - In: European Economic Review 59 (2013) C, pp. 189-211

before and after the introduction of the Euro. Exceptions are a strong decline in real exchange rate volatility and a … EMU on standard business cycles statistics. However, further analysis reveals that the Euro has changed the nature of the …

Persistent link: https://www.econbiz.de/10011048580

Is the Caribbean Community an Optimum Currency Area?

Ghartey, E.E. - In: Estudios Economicos de Desarrollo Internacional 8 (2008) 1, pp. 5-36

This study analyzes the viability of the Caribbean Market Economies (CME) as an optimum currency area. A vector error correction model is used with cointegration as an identifying restriction to decompose real output, prices and exchange rate into supply, demand and monetary shocks. Respective...

Persistent link: https://www.econbiz.de/10005062973

Has the euro affected the choice of invoicing currency?

Ligthart, Jenny E.; Werner, Sebastian E.V. - In: Journal of International Money and Finance 31 (2012) 6, pp. 1551-1573

We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency … invoicing after the introduction of the euro, whereas the home currency share of non-eurozone countries fell slightly. In … addition, the euro as a vehicle currency has overtaken the role of the US dollar in Norwegian imports. The substantial rise in …

Persistent link: https://www.econbiz.de/10010869452

Renminbi in the future international monetary system

Yeh, Kuo-chun - In: International Review of Economics & Finance 21 (2012) 1, pp. 106-114

The dollar, euro and yen still dominate the international financial system after the global recession. However, the …

Persistent link: https://www.econbiz.de/10010688123

A Strategy for Launching the Euro

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 1997

conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty … prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One … approach, based on official Stage 2 offers of contingent euro forward contracts with value dates at the start of Stage 3 …

Persistent link: https://www.econbiz.de/10005789076

Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003

This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational...

Persistent link: https://www.econbiz.de/10005662197

Monetary Union and Fiscal Federalism

Kletzer, Kenneth; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2000

Does a monetary union need fiscal shock absorbers helping the participating countries to cope with asymmetric shocks? The consensus in the debate over EMU argues that the answer is yes. In this paper, we revisit the issue, building on a dynamic, general equilibrium framework of regions in a...

Persistent link: https://www.econbiz.de/10005666988

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009

In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...

Persistent link: https://www.econbiz.de/10005774513

Economic, Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2008

The paper reviews the arguments for and against monetary union among the six members of the Gulf Cooperation Council - the United Arab Emirates, the State of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State of Kuwait. Both technical economic arguments...

Persistent link: https://www.econbiz.de/10005791819