Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union PDF Download
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Author: Volker Clausen
Publisher:
ISBN:
Category :
Languages : en
Pages : 51
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Book Description
Author: Volker Clausen
Publisher:
ISBN:
Category :
Languages : en
Pages : 51
Get Book Here
Book Description
Author: Volker Clausen
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Volker Clausen
Publisher: Springer Science & Business Media
ISBN: 3642595650
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
The euro and the ESCB have started in January 1999 and there is naturally a wide-ranging interest in academia and among policymakers in OECD coun tries, how successful European Monetary Union will and can be. EMU has started with 11 countries and experienced a rapid depreciation of the cur rency. With so many EU countries joining for a historical monetary union in a period of economic globalization, international financial market changes and ongoing EU enlargement the problem of monetary policy efficiency becomes crucial; especially as so many countries in the EU still have high unemploy ment rates and the euro has just started at the beginning of a cyclical upswing in the euro zone. Monetary policy is also quite crucial, because the Maastricht convergence criteria severely restrict the scope of national fiscal policy. With a very limited stock of valuable European monetary experience which could be usefully exploited by the ECB and the ESCB respectively, one naturally will appreciate advanced economic modeling of the main issues. This book takes an analytical look at the problem of asymmetric monetary transmission in Euroland. Facing the ECB's monetary policy, individual mem ber countries are likely to experience different policy effects. Countries differ in their financial structure -a well-known argument in the literature -but also in the characteristics of goods and labor markets. The latter fields have been somewhat neglected in the literature but receive broad analytical attention here.
Author: Carsten Hefeker
Publisher:
ISBN:
Category :
Languages : en
Pages : 24
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The paper examines the monetary-fiscal interactions in a monetary union model with uncertainty due to imperfect central bank transparency. We first show that monetary uncertainty disciplines fiscal policymakers and thereby reduces taxes, average inflation and output distortions. However, as more members enter the monetary union, the fiscal disciplining effect of uncertainty is mitigated. As a consequence, monetary union enlargement may lead to a more aggressive fiscal stance in some member countries, depending on their relative economic and political weights, on their government's spending target, and on the change in the degree of uncertainty that they experience with the enlargement.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Carsten Hefeker
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Author: Joseph E.J.K Plasmans
Publisher: Springer Science & Business Media
ISBN: 0387279318
Category : Business & Economics
Languages : en
Pages : 324
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Book Description
Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations analyzes coordination of monetary and fiscal stabilization policies between countries and currency areas using a dynamic game approach. The first four chapters introduce the reader to the dynamics of fiscal and monetary policy cooperation. Issues covered include: fiscal coordination, fiscal stringency requirements, structural and bargaining power asymmetries and the design of monetary and fiscal policymaking in a monetary union. In the four last chapters multiple-player settings with aspects of fiscal and/or monetary coordination are analyzed using the endogenous coalition formation approach. The analysis is focused on shock and model asymmetries and issues of multi-country coordination in the presence of (possibly many) monetary unions.
Author: Farid Jimmy Boumediene
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 480
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Book Description
Author: Tatiana Kirsanova
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 0
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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451844239
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
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.
