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 …

Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks …

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 …

& Monetary Union (EMU). The model includes both nominal and real frictions that have proven to be important in matching business … the EMU and investigates in how far this has altered macroeconomic transmission. We find that Austria's economy appears to … estimations on pre-EMU and EMU subsamples we find that the contribution of (rest of the) Euro Area shocks to Austria's business …

Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks …