If Stage Three of EMU starts on January 1, 1999, transition issues remain on two time scales. Until July 1, 2002, national currencies and the euro co-exist as legal tender. We argue that intra-EMU currency risk exists in principle during that period, but that no EMU member can be forced out...

We model an accession country facing a Maastricht-type inflation criterion that specifies an inflation ceiling. In addition to deciding whether or not to satisfy this criterion, the country must decide how much costly economic reform to undertake. If the country puts enough weight on the future...

If Stage Three of EMU starts on January 1, 1999, transition issues remain on two time scales. Until July 1, 2002, national currencies and the euro co-exist as legal tender. We argue that intra-EMU currency risk exists in principle during that period, but that no EMU member can be forced out...

The notes in this compilation - prepared by selected monetary policy experts - analyse similarities and differences in the crisis reaction of the ECB, the FED and the BoE as well as the reasons for the different reactions (institutional set up, economic reasons etc.). In this context, the notes...

The notes in this compilation - prepared by selected monetary policy experts - analyse similarities and differences in the crisis reaction of the ECB, the FED and the BoE as well as the reasons for the different reactions (institutional set up, economic reasons etc.). In this context, the notes...

The notes in this compilation analyse the potential side effects of the ECB expanded asset purchase programme (Quantitative Easing or QE) by focusing on the channels through which monetary policy may affect the distribution of income and wealth, e.g by favouring financial rather than labour...