Am 1. Januar wird Slowenien als 13. Mitglied der Europäischen Währungsunion beitreten. Bulgarien und Rumänien werden zum gleichen Zeitpunkt neue Mitglieder der EU, so dass die Anzahl der potentiellen Eurokandidatenländer auf 14 anwachsen wird. Welche Auswirkungen sind von der Erweiterung der...

Am 1. Januar wird Slowenien als 13. Mitglied der Europäischen Währungsunion beitreten. Bulgarien und Rumänien werden zum gleichen Zeitpunkt neue Mitglieder der EU, so dass die Anzahl der potentiellen Eurokandidatenländer auf 14 anwachsen wird. Welche Auswirkungen sind von der Erweiterung der...

What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national rates of inflation and growth? We find that a central bank that...

The paper analyzes the relation between monetary uncertainty and government incentives to implement economic reforms that reduce structural distortions and make economies more flexible. It is shown that uncertainty about the central bank's reaction function leads to more reforms. I relate this...

What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare losses based on national rates of inflation and growth?...

It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...

What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare losses based on national rates of inflation and growth?...

It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...