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Inflation Targeting and Output Growth : Empirical Evidence for the European Union

International Monetary Fund - 2005

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

Persistent link: https://www.econbiz.de/10014400852

Government Debt Issuance in the Euro Area : The Impact of the Financial Crisis

International Monetary Fund - 2011

This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding...

Persistent link: https://www.econbiz.de/10014403688

The Relevance of Fiscal Conditions for the Success of European Monetary Integration

International Monetary Fund - 1989

The paper argues that international differences in fiscal conditions influence the relative attractiveness of locating production facilities in different countries and could prove to be a troublesome source of instability for the European economies. Even though physical capital movements tend to...

Persistent link: https://www.econbiz.de/10014396443

Fiscal Policy Independence in a European Monetary Union

International Monetary Fund - 1990

The issue of whether constraints should be placed on fiscal policies when moving to European monetary union is examined in the context of the use of fiscal policy for macroeconomic stabilization purposes. Examples of shocks hitting French and German economies are considered: an appreciation of...

Persistent link: https://www.econbiz.de/10014396463

Inflation Differentials in the EU : A Common ( Factors ) Approach with Implications for EU8 Euro Adoption Prospects

International Monetary Fund - 2008

This paper explores inflation determinants within the EU and implications for new members'' euro adoption plans. Factor … analysis partitions observed inflation in EU25 countries into common-origin and country-specific (idiosyncratic) components …. Cross-country differences in common-origin inflation within the EU are found to depend on gaps in the initial price level …

Persistent link: https://www.econbiz.de/10014401399

The Transmission Mechanism in Armenia : New Evidence from a Regime Switching VAR Analysis

International Monetary Fund - 2010

The introduction of inflation targeting in 2006, together with important economic developments such as dedollarization, marked the beginning of a new macroeconomic framework in Armenia, which is likely to have changed the effectiveness of monetary policy. This paper is the first attempt to...

Persistent link: https://www.econbiz.de/10014403230

Economic and Monetary Union in Europe and Constraintson National Budgetary Policies

International Monetary Fund - 1990

This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity...

Persistent link: https://www.econbiz.de/10014396369