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What Determines Government Spending Multipliers?
Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2012
This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...
Persistent link: https://www.econbiz.de/10011083665
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Exchange Rate Systems and Macroeconomic Stability
Collard, Fabrice; Dellas, Harris - C.E.P.R. Discussion Papers - 2001
We examine macroeconomic stability and the properties of the international transmission of business cycles under three exchange rate systems: a flexible, a unilateral peg and a single currency. The subjects of study are Germany and France. EMU increases output and decreases inflation variability...
Persistent link: https://www.econbiz.de/10005666672
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Brussels on a Single Money
Melitz, Jacques - C.E.P.R. Discussion Papers - 1991
This review article discusses the recent document titled `One Market, One Money' in which the European Commission develops its case for European monetary union. After examining the monetary issues, the article focuses on the reasons for the Commission's very worried attitude toward fiscal policy...
Persistent link: https://www.econbiz.de/10005791216
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A Modern Reconsideration of the Theory of Optimal Currency Areas
Corsetti, Giancarlo - C.E.P.R. Discussion Papers - 2008
What can be learnt from revisiting the Optimal Currency Areas (OCA) theory 50 years from its birth, in light of recent … advances in open economy macro and monetary theory? This paper presents a stylized micro-founded model of the costs of adopting … exchange rates do not perform the stabilizing role envisioned by traditional OCA theory, a common monetary policy can be as …
Persistent link: https://www.econbiz.de/10005791521
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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
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Monetary Policy Rules in an Interdependent World
Kollmann, Robert - C.E.P.R. Discussion Papers - 2003
This Paper analyses the welfare effects of monetary policy rules in a quantitative business cycle model of a two-country world. The model features staggered price setting, and shocks to productivity and to the uncovered interest rate parity (UIP) condition. UIP shocks have a sizable negative...
Persistent link: https://www.econbiz.de/10005498126
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The International Lender of Last Resort: How Large is Large Enough?
Jeanne, Olivier; Wyplosz, Charles - C.E.P.R. Discussion Papers - 2001
This Paper considers how an international lender of last resort can prevent self-fulfilling banking and currency crises in emerging economies. We compare two different arrangements: one in which the international lender of last resort injects international liquidity into financial markets, and...
Persistent link: https://www.econbiz.de/10005136622
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The Credibility of the Hungarian Exchange Rate Regime 1997-98
Szeidl, Adam - C.E.P.R. Discussion Papers - 2003
This study intends to analyse the credibility of the Hungarian exchange rate regime preceding and during the Russian stock market crisis and devaluation (in 1998). Throughout the Paper the comparison with the similar regime in Poland is stressed. The basic tool applied is a measure of market...
Persistent link: https://www.econbiz.de/10005067588
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Managed Floating: Understanding the New International Monetary Order
Bofinger, Peter; Wollmershaeuser, Timo - C.E.P.R. Discussion Papers - 2001
Although there seems to be a broad consensus among economists that purely floating or completely fixed exchange rates (the so-called corner solutions) are the only viable alternatives of exchange rate management, many countries do not behave according to this paradigm and adopt a strategy within...
Persistent link: https://www.econbiz.de/10005114175
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Ten Years of Transformation: Macroeconomic Lessons
Wyplosz, Charles - C.E.P.R. Discussion Papers - 2000
Transition was never going to be easy, even if the long-run outlook is highly promising. Not only was the process itself a major theoretical and policy challenge but, inevitably, politics and economics were bound to interfere. With some spectacular exceptions, most countries are now on the right...
Persistent link: https://www.econbiz.de/10005114355