Implications of Monetary Union for Catching-up Member States

Implications of Monetary Union for Catching-up Member States

4 Non-technical summary 5 7 2 10 2.1 Sectors and aggregation 10 2.2 Relative prices 11 2.3 Real exchange rate and sectoral productivity shocks 12 2.4 Nominal rigidity and aggregate supply 14 3 Autonomous monetary policy 15 4 The currency union 17 4.1 Determination of union-wide output and prices 18 4.2 Currency union’s welfare 19 4.3 Reference member state’s welfare 20 5 Relative performance an...

2. Catching-up, Growth and Convergence of the New Member States

Are new EU member states catching up with older ones on global agri - food markets ?

The paper investigates price and quality competitiveness and comparative advantage in the new and old European Union Member States’ agri-food trade on the global market between 2000 and 2011. The empirical results show that the new and old Member States have become more similar in successful agri-food competitiveness and comparative advantages. The shares of successful price and successful qual...

Monetary Union Its Costs

The role of banks in monetary policy: A survey with implications for the European monetary union

2 Anil K Kashyap is a professor of economics at the University of Chicago Graduate School of Business, a consultant to the Federal Bank of Chicago, and a research associate at the National Bureau of Economic Research (NBER). Jeremy C. Stein is the J.C. Penney Professor of Management at the MIT Sloan School of Management and a research associate at the NBER. The authors thank Magda Bianco, Giova...