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This paper uses reprojection to develop a benchmark to assess ECB monetary policy since January 1999, the start of EMU … German monetary policy is then reprojected onto the EMU period (1999:01-2001:08). We find that the German real interest rate … in place during the EMU period is significantly lower than it would have been in case the Bundesbank were still in charge …
Persistent link: https://www.econbiz.de/10005824097
Multinational companies and national governments pay considerable attention to labor costs and labor productivity differentials across countries. This paper analyzes total and unit labor differentials for a group of European and non-European countries in the 1960-1998 period. It deals with (i)...
Persistent link: https://www.econbiz.de/10005824099
Union. We investigate to which extent the EMU, that introduced a common monetary policy and restrictions on fiscal policy at … alternative policy regimes in a stylized dynamic model of the EMU: (i) non-cooperative monetary and fiscal policies, (ii) partial …
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In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic …
Persistent link: https://www.econbiz.de/10005824287
This papers tests the stability of the demand for money in the euro area in the context of an open economy. A sample consisting of quarterly data covering the 1982:2-1999:3 period is considered. The main finding is that the US long term rate of interest plays a significant role in the European...
Persistent link: https://www.econbiz.de/10005827127
The paper begins by presenting the optimum currency areas theory, analyses the case of the EMU pointing out that in the … EMU budgets are not centralized. The EU budget cannot redistribute wealth due to its small size and lack in taxation and …
Persistent link: https://www.econbiz.de/10005827551