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Obstfeld, Maurice - 1999

and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear … joint currency. A third problems, one that is central for EMU and to any currency union, lies behind the difficulty of the … consider the past and prospective fiscal adjustments of the EMU 11, and suggest these might pose future difficulties for …

Persistent link: https://www.econbiz.de/10012471509

Insulation Impossible : Fiscal Spillovers in a Monetary Union

Cooper, Russell - 2009

This paper studies fiscal spillovers in a monetary union. The focus of the analysis is on the interaction between the fiscal policy of member countries (regions) and the central monetary authority. When capital markets are integrated, the fiscal policy of one country will influence equilibrium...

Persistent link: https://www.econbiz.de/10012463473

Tradable Deficit Permits : Efficient Implementation of the Stability Pacin the European Monetary Union

Casella, Alessandra - 1999

the Union and an initial distribution of permits, EMU countries could be allowed to trade rights to deficit creation. The …

Persistent link: https://www.econbiz.de/10012471505

Long-Run Determinants of Inflation Differentials in a Monetary Union

Altissimo, Filippo - 2005

some stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main components of the consumer price index. We find that a relatively large proportion of it occurs in the Service category of the EU's harmonized consumer price index (HICP). We...

Persistent link: https://www.econbiz.de/10012467206

Establishing a Monetary Union

Cooper, Russell - 1998

This paper explores the gains to monetary union. We consider a two-country overlapping generations model. Agents work when young and have random tastes over the composition (domestic vs. foreign goods) of old age consumption. In equilibrium, governments require that local currency be used for...

Persistent link: https://www.econbiz.de/10012472022

Optimal Monetary and Fiscal Policy in a Currency Union

Gali, Jordi - 2005

We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...

Persistent link: https://www.econbiz.de/10012466856

Crunch Time : Fiscal Crises and the Role of Monetary Policy

Greenlaw, David - 2013

Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...

Persistent link: https://www.econbiz.de/10012459364

External and Public Debt Crises

Arellano, Cristina - 2015

The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state...

Persistent link: https://www.econbiz.de/10012457212

Monetary Policy in a Data-Rich Environment

Bernanke, Ben - 2001

Most empirical analyses of monetary policy have been confined to frameworks in which the Federal Reserve is implicitly assumed to exploit only a limited amount of information, despite the fact that the Fed actively monitors literally thousands of economic time series. This article explores the...

Persistent link: https://www.econbiz.de/10012470341

Games for Central Bankers : Markets v/s Politics in Public Policy Decisions

Casella, Alessandra - 2000

This paper questions the link between the establishment of a common currency among several countries and the necessity of political coordination. It begins by discussing why conducting a single monetary policy is thought to be easier within a single political unit. It then proceeds to enquire...

Persistent link: https://www.econbiz.de/10012470704

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