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On the Role of Conflicting National Interests in the ECB Council

Grüner, Hans Peter - C.E.P.R. Discussion Papers - 1999

This paper studies the strategic interaction of Euroland's national macroeconomic players and the ECB council under two alternative assumptions on central bank behavior: (i) all members of the ECB council are concerned about Euroland's macroeconomic aggregates and (ii) the ECB council is...

Persistent link: https://www.econbiz.de/10005504342

One Money, but Many Fiscal Policies in Europe: What Are the Consequences?

Uhlig, Harald - C.E.P.R. Discussion Papers - 2002

rather than weakening. Furthermore, a solution for EMU-wide banking regulation needs to be found. …

Persistent link: https://www.econbiz.de/10005656196

Long Term Debt and the Political Support of a Monetary Union

Uhlig, Harald - C.E.P.R. Discussion Papers - 1997

eroded political support for actions aimed at enhancing EMU membership chances. …

Persistent link: https://www.econbiz.de/10005123670

EMU in the Early Years: Differences and Credibility

Buti, Marco; Sapir, André - C.E.P.R. Discussion Papers - 2001

The main issue in the early years of EMU is one of credibility. On one hand, high exposure to asymmetric shocks and low … adaptability (be it in terms of stabilization or adjustment) to both symmetric and asymmetric shocks make the early years of EMU … potentially problematic. On the other hand, significant economic differences between EMU countries raise questions regarding the …

Persistent link: https://www.econbiz.de/10005123746

Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem?

De Grauwe, Paul; Piskorski, Tomasz - C.E.P.R. Discussion Papers - 2001

calibrated model of EMU indicate that the policy based on the union-wide aggregates yields stabilization performances that are …

Persistent link: https://www.econbiz.de/10005114262

Asymmetries in Housing and Financial Market Institutions and EMU

Maclennan, Duncan; Muellbauer, John; Stephens, Mark - C.E.P.R. Discussion Papers - 1999

within EMU and the potential for instability in these economies entailed by EMU membership. …

Persistent link: https://www.econbiz.de/10005504528

Wage Rigidity and Monetary Union

Dellas, Harris; Tavlas, George - C.E.P.R. Discussion Papers - 2003

account actual asymmetries in the EU we find that the status quo (France and Germany in EMU, the UK pursuing a flexible rate …) represents the best monetary arrangement for each of these countries. All three would likely be worse off if the UK joined EMU. …

Persistent link: https://www.econbiz.de/10005504261

Pricing Behaviour and the Introduction of the Euro: Evidence from a Panel of Restaurants

Gaiotti, Eugenio; Lippi, Francesco - C.E.P.R. Discussion Papers - 2005

This paper assembles an original panel of data from 2,500 restaurants in Italy over the 1998-2004 period. The main objective is to study whether the euro cash changeover had an impact on individual pricing behaviour, as it seems to be perceived by consumers. Although the sample is not...

Persistent link: https://www.econbiz.de/10005504555

Globalization and Disinflation: The Efficiency Channel

Loungani, Prakash; Razin, Assaf - C.E.P.R. Discussion Papers - 2005

The paper analyses how globalization forces induce monetary authorities, guided in their policies by the welfare criterion of a representative household, to put greater emphasis on reducing the inflation rate than on narrowing the output gaps. We demonstrate that the marginal rate of...

Persistent link: https://www.econbiz.de/10005504662

Labour Markets and Monetary Policy: A New Keynesian Model with Unemployment

Blanchard, Olivier J; Galí, Jordi - C.E.P.R. Discussion Papers - 2008

We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications for the unemployment-inflation trade-off and for the conduct of monetary policy. We proceed in two steps. We first leave nominal rigidities aside. We show that, under a...

Persistent link: https://www.econbiz.de/10005504699