Policy Uncertainty and Economic Reforms in a Monetary Union
نویسندگان
چکیده
منابع مشابه
Uncertainty and fiscal policy in a monetary union: Why does monetary policy transmission matter? ¬リニ
a r t i c l e i n f o In this paper, we develop a monetary-fiscal game in a monetary union with uncertainty due to imperfect transparency about the central bank's preferences. The objective is to investigate the macroeconomic effects of this uncertainty by explicitly taking into account the role of the monetary policy transmission mechanism. We first consider the case of symmetric monetary tran...
متن کاملMonetary Policy Uncertainty and Economic Fluctuations
We investigate the relationship between uncertainty about monetary policy and its transmission mechanism, and economic fluctuations. We propose a new term structure model where the second moments of macroeconomic variables and yields can have a first-order effect on their dynamics. The data favors a model with two unspanned volatility factors that capture uncertainty about monetary policy and t...
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 کاملImplementing Monetary Policy in a Fragmented Monetary Union
This paper shows how interbank market fragmentation disrupts monetary policy implementation. Fragmentation is defined as the situation where some banks are cut from the interbank loan market. The paper introduces fragmentation into an otherwise standard theoretical model of monetary policy implementation, where profit maximizing banks, subject to reserve requirements, borrow and deposit funds 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: German Economic Review
سال: 2011
ISSN: 1468-0475,1465-6485
DOI: 10.1111/j.1468-0475.2010.00522.x