Policy Rules in the Economic and Monetary Union
نویسندگان
چکیده
منابع مشابه
How Does Monetary Policy Affect the Poor? Evidence from the West African Economic and Monetary Union
The West African Economic and Monetary Union (UEMOA) has a history of monetary stability and low inflation. Nevertheless, there is substantial variation in relative prices within some UEMOA countries, in particular in the price of food relative to other elements of the retail price index (IHPC). Using monthly time-series data for cities within the region, we analyze the impact of changes in mon...
متن کاملMonetary and Fiscal Policy in the European Monetary Union
The introductory phase of the European Monetary Union (EMU) ended with the introduction of the euro currency in 2002. We present a review of the experiences with the new monetary union. Using a Taylor rule, we analyze the conduct of monetary policy by the European Central Bank (ECB). The empirical results suggest that the ECB applies similar weights to inflation and the output gap as the Bundes...
متن کاملChallenges for Monetary Policy in the European Monetary Union
The financial crisis has brought the “monetary policy consensus” formed in the years prior to the crisis under scrutiny (Bean et al., 2010). The framework of monetary policy differed significantly from one central bank to another. Never theless, across the board their primary objective was price stability—defined as a stabilization of the inflation rate at around 2 percent across a horizon of a...
متن کاملMarket Deregulation and Optimal Monetary Policy in a Monetary Union
The global crisis that began in 2008 reheated the debate on market deregulation as a tool to improve economic performance. This paper addresses the consequences of increased flexibility in goods and labor markets for the conduct of monetary policy in a monetary union. We model a two-country monetary union with endogenous product creation, labor market frictions, and price and wage rigidities. W...
متن کاملMonetary and Fiscal Policy in a Monetary Union
The idea that a common monetary policy in a monetary union imposes costs when compared with independent policies at the country level is largely widespread in the literature. This result leads directly to a greater emphasis on national Þscal policies. We show in this paper that a common monetary policy has more power to asymmetrically affect countries than is usually stated in the literature. A...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Intereconomics
سال: 2017
ISSN: 0020-5346,1613-964X
DOI: 10.1007/s10272-017-0643-1