Monetary and Fiscal Policy Design Under EMU
Author | : Bas van Aarle |
Publisher | : |
Total Pages | : 21 |
Release | : 2000 |
Genre | : |
ISBN | : |
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Author | : Bas van Aarle |
Publisher | : |
Total Pages | : 21 |
Release | : 2000 |
Genre | : |
ISBN | : |
Author | : Mr.David K. H. Begg |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 1997-08-01 |
Genre | : Business & Economics |
ISBN | : 1451852231 |
Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implications for accountability, transparency, and reputation. Country-specific shocks will remain but output correlation may not reflect the old pattern of core and peripheral countries. The Stability Pact will force some countries to switch off their automatic stabilizers; others, with fewer fiscal problems, can retain them. Output correlations in EMU may reflect a fiscal core and fiscal periphery. Additional labor market flexibility remains the best solution.
Author | : Marco Buti |
Publisher | : Cambridge University Press |
Total Pages | : 376 |
Release | : 2003-11-13 |
Genre | : Business & Economics |
ISBN | : 9780521832151 |
Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
Author | : Florence Huart |
Publisher | : |
Total Pages | : 0 |
Release | : 2020 |
Genre | : |
ISBN | : |
The Economic and Monetary Union (EMU) implies a considerable change in monetary and fiscal policy design in the European Union. With the aid of a two-country version of the Alesina and Tabellini (1987) model, this paper provides a stylized analysis of monetary and fiscal policy interaction in the EMU. It is shown how macroeconomic outcomes are affected by common monetary and fiscal policies and how outcomes depend on the commitment ability of the ECB when implementing its monetary policy. Moreover, it is analyzed how asymmetries between countries affect outcomes when entering EMU.
Author | : Bas van Aarle |
Publisher | : |
Total Pages | : 25 |
Release | : 2001 |
Genre | : |
ISBN | : |
Author | : Malcolm Crawford |
Publisher | : Springer |
Total Pages | : 390 |
Release | : 2016-07-27 |
Genre | : Business & Economics |
ISBN | : 134925035X |
Europe is on the road to monetary union (EMU) even if there may be delays and diversions on the way. The focal point of EMU will be its single currency, valid throughout all participating countries, and replacing the national currencies. There will be considerable transitional pain and stress, most of all for member states with very high public debts. For the rest, the road ahead will not be smooth, but should be assisted by easier monetary policy in Germany since 1993. For some countries at least, the pain will be aggravated unnecessarily by design defects in the transitional rules for entry - which there is still time to remedy. The author - no admirer of a federal Europe - describes how EMU could actually work better in a confederal Europe with no federal chief executive and with a relatively weak Parliament. The independent Eurofed would be responsible for managing economic policy on an EC-wide basis, while national governments could use fiscal policies to mitigate local deviations. Weak regions and poor peripheral countries would require more flexible assistance from EC resources, however.
Author | : Mr.Francesco P. Mongelli |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 1997-07-01 |
Genre | : Business & Economics |
ISBN | : 1451951272 |
This paper examines the interest spending and taxation channels through which EMU could affect the public finances. It provides a framework for examining different views on a further narrowing of interest rate differentials. A model of Blanchard and Fischer is amended to analyze the two channels, and empirical evidence on the tax harmonization process is presented. The paper argues that “high-debt” and “high-tax” countries pursuing prudent fiscal policies could benefit the most from EMU: if monetary and widespread fiscal discipline are jointly established, interest rates could decline rapidly, while tax harmonization is likely to be gradual.
Author | : Paul R. Masson |
Publisher | : |
Total Pages | : 24 |
Release | : 1996 |
Genre | : Fiscal policy |
ISBN | : |
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 1998-03-01 |
Genre | : Business & Economics |
ISBN | : 1451844239 |
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author | : R. Beetsma |
Publisher | : Cambridge University Press |
Total Pages | : 396 |
Release | : 2007-09-24 |
Genre | : Business & Economics |
ISBN | : 9780521041836 |
A survey of fiscal policy, monetary policy and labour markets in the European Monetary Union.