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Is the Euro Working? The Euro and European Labour Markets

Silvia, Stephen - EconWPA - 2005

Now that four years have passed since the introduction of the euro as a commercial currency, it has become possible to … precisely that. In brief, the euro zone still falls short as an optimal currency area in most respects. In particular, an … assertions that the euro will force a liberalization of labor markets, so that they can serve as the principal vector of …

Persistent link: https://www.econbiz.de/10005124952

Trade Balance and Exchange-Rate for a Small Open Economy during the EMS: The Hellenic Case 1983:1-1995:12

Theodoros, Stamatopoulos - EconWPA - 2005

We are interested on assessing the effectiveness of the Bank of Greece (BoG) exchange rate policy, to achieve the objective of adjusting balance of payments des-equilibrium, during the period 1983:1-1995:12. The traditional theory of the balance of payments adjustment process through exchange...

Persistent link: https://www.econbiz.de/10005408156

The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy

Schnabl, Gunther; Danne, Christian - EconWPA - 2005

This paper studies the role of the yen/dollar exchange rate in the Bank of Japan’s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....

Persistent link: https://www.econbiz.de/10005119427

A Preliminary Evaluation of Monetary Policy Rules for Russia

Souza, Lucio Vinhas de - EconWPA - 2004

The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our...

Persistent link: https://www.econbiz.de/10005076844

Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31

Obstfeld, Maurice; Taylor, Alan M. - EconWPA - 2003

What determines sovereign risk? We study the London bond market from the 1870s to the 1930s. Our findings support conventional wisdom concerning the low credibility of the interwar gold standard. Before 1914 gold standard adherence effectively signalled credibility and shaved up to 30 basis...

Persistent link: https://www.econbiz.de/10005062604

EMU: Ready, or Not?

Obstfeld, Maurice - EconWPA - 2000

provision of lender of last resort facilities in the euro zone and the framework for supervising financial institutions. The … Growth Pact have been justified by the threat high debts might pose to the stability of the euro zone’s financial markets. I …

Persistent link: https://www.econbiz.de/10005556424

The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility

Obstfeld, Maurice; Shambaugh, Jay; Taylor, Alan - EconWPA - 2004

The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark tradeoff among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue...

Persistent link: https://www.econbiz.de/10005556596

EMU: What if the Shocks are in the Labor Markets?

Mehrez, Gil; Valla, Natacha - EconWPA - 1998

This paper argues that labor markets across Europe vary dramatically in their fundamentals features and rigidities across Europe. Thus, any discussion of an optimum currency area should focus on the differences and the idiosyncratic changes in the labor markets. After demonstrating the vast...

Persistent link: https://www.econbiz.de/10005119460

Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period

Obstfeld, Maurice; Shambaugh, Jay C.; Taylor, Alan M. - EconWPA - 2004

The interwar period was marked by the end of the classical gold standard regime and new levels of macroeconomic disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open-economy trilemmathe inability of policymakers...

Persistent link: https://www.econbiz.de/10005125498

Productivity differentials and external balance in ERM II

Henriksson, Marketta - EconWPA - 2005

Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still ongoing in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster growth...

Persistent link: https://www.econbiz.de/10005125509