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Such an exceptional event as the creation of the EMU and the euro has not had happened never before. The most common … challenges concerning EMU and the euro are: fiscal policy making, monetary policy making, euro area being a non-optimal currency … area and the political legitimacy of EMU. It is worthwhile stressing that economic policies except from monetary policy are …
Persistent link: https://www.econbiz.de/10010266834
The coexistence in EMU of one common monetary policy and several domestic fiscal policies raises a number of problems … policy spill-overs are enhanced in the EMU, the need to avoid free riding behaviour on the part of member states and the … economic area, or that do not equally affect all EMU members. Theory suggests that financial markets, when integrated, can …
Persistent link: https://www.econbiz.de/10005543405
for 10 EMU countries and for the ECB. The gains from cooperation are calculated by comparing two equilibria, a Nash and a … as a whole with the targets output gap and inflation. In the case of a "full" cooperation, where the 10 EMU countries … manoeuvre of fiscal policy of the EMU member states in stage III of EMU. Secondly, we find that not in all countries cooperation …
Persistent link: https://www.econbiz.de/10011491576
Persistent link: https://www.econbiz.de/10009720478
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10010291505
Persistent link: https://www.econbiz.de/10010400993
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic …
Persistent link: https://www.econbiz.de/10011597642
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic …
Persistent link: https://www.econbiz.de/10011410410
We study the evolution of the response of fiscal policy to monetary policy shocks in the EMU in the light of two … important events: the signing of the Maastricht treaty in 1992 and the introduction of the EMU in 1999. Based on impulse … policy acted as complements after the introduction of the EMU. These results holds for a set of 11 non-EMU countries as well …
Persistent link: https://www.econbiz.de/10010362160
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
Persistent link: https://www.econbiz.de/10011509484