European monetary integration and macroeconomic policies
نویسندگان
چکیده
منابع مشابه
The E¤ect of European Monetary Integration on Macroeconomic Theory
The fundamental economic paradigms of our time are not being rewritten as a result of the emergence of European monetary union. Rather, it was a revolution in economic theory that helped make possible the creation of a European common currency. In the 1960s it was believed that there is a long-run tradeo¤ between ination and unemployment and output; society can choose to have a higher level of...
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Most of the current literature on macroeconomic policies focus on cyclical phenomena such as politically induced business cycles, and how short-sighted policies can be overcome through proper institutional design. This paper instead focuses on the lasting effects of macroeconomic policies on such “real” economic variables as unemployment and distribution, and we argue that traditional distribut...
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We develop a dynamic game model of a two-country monetary union to study strategic interactions between macroeconomic policy-makers facing adaptive inflationary expectations. In this union, governments of participating countries pursue national goals when deciding about fiscal policies, whereas the common central bank’s monetary policy aims at union-wide objectives. For a symmetric demand shock...
متن کاملAnnex I Progress with European Monetary Integration
A milestone in European integration was achieved when the third and final stage of EMU began on January 1, 1999, with the introduction of the euro. This annex provides a progress report on several aspects of EMU: European financial market integration; implementation and performance of the EMU payments and securities settlement systems; the outlook for pan-European capital markets; banking syste...
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‘Is there some action a government of Australia could take that would lead the Australian economy to grow like Korea’s or Taiwan’s? If so, what, exactly? If not, what is it about the ‘nature of Australia’ that makes it so? The consequences for human welfare involved in questions like these are simply staggering: Once one starts to think about them, it is hard to think about anything else’ (With...
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ژورنال
عنوان ژورنال: EC studies in Japan
سال: 1993
ISSN: 0913-0055,1884-2720
DOI: 10.5135/eusj1981.1993.13_134