Download or read book Reviewing Adjustment Dynamics in EMU written by Servaas Deroose and published by . This book was released on 2004 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reviewing Adjustment Dynamics in EMU written by Servaas Deroose and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses how adjustment dynamics, in an environment with some degree of price and wage rigidity, may create and strengthen asymmetric developments in a monetary union. It presents a simple illustrative model of adjustment dynamics that reproduces quite nicely actual developments in the first years of EMU. The model is used to analyse adjustments to two types of shocks - relative competitiveness shifts and demand disturbances. It is shown that the interaction between real exchange rate adjustment and real interest rate developments may contribute to periods of overheating and overcooling during which output might be for a number of years either above or below potential. Furthermore, the paper looks at the circumstances in which smooth adjustment to shocks can be expected and, on the other hand, when a cycle with greater amplitude is more likely. Finally, the paper examines policy options that could improve the functioning of EMU. The analysis provides another strong argument for pressing ahead with reforms that increase flexibility in labour and product markets and further integrate the economies of the euro area.
Download or read book Reviewing Adjustment Dynamics in EMU written by and published by . This book was released on 2003 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses how adjustment dynamics, in an environment with some degree of price and wage rigidity, may create and strengthen asymmetric developments in a monetary union. It presents a simple illustrative model of adjustment dynamics that reproduces quite nicely actual developments in the first years of EMU. The model is used to analyse adjustments to two types of shocks : relative competitiveness shifts and demand disturbances. It is shown that the interaction between real exchange rate adjustment and real interest rate developments may contribute to periods of overheating and overcooling during which output might be for a number of years either above or below potential. Furthermore, the paper looks at the circumstances in which smooth adjustment to shocks can be expected and, on the other hand, when a cycle with greater amplitude is more likely. Finally, the paper examines policy options that could improve the functioning of EMU. The analysis provides another strong argument for pressing ahead with reforms that increase flexibility in labour and product markets and further integrate the economies of the euro area.
Download or read book Adjustment Dynamics and Business Cycle Heterogeneity in the EMU written by Massimo Giovannini and published by . This book was released on 2018 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper reviews adjustment dynamics in the EMU on the basis of estimated DSGE models for four large EA Member States (DE, FR, IT, ES). We compare the response of the four countries to identical shocks and find a particularly strong response of employment and wages in ES, a high sensitivity of IT to investment-related shocks, and a comparatively strong impact of global shocks on the DE economy. We also perform counterfactual exercises that apply the estimated shocks and parameters for ES to DE, FR, and IT. The counterfactual simulations suggest that differences in shocks have been important for GDP growth differentials, and together with structural differences also contributed to differences in employment fluctuations across the four countries considered.
Download or read book Adjusting to EMU written by B. Ardy and published by Springer. This book was released on 2005-11-01 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an original and wide-ranging analysis of the impact of Economic and Monetary Union (EMU) on economic governance in the EU and in several key Member States within and outside the Euro area. Its emphasis is on adaptation: how EMU encourages change in national and EU institutions and in national economic regimes. It brings together economic, political science and legal perspectives to explain how national economies adapted, the dynamics of policy-making and the complex web of laws, processes and actors in the EMU.
Download or read book Adjustment in EMU written by Sven Langedijk and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. Introduction. - 2. Stylised developments. - 3. Analysing the characteristics of adjustment in EMU. - 4. Country dynamics. - 5.A possible adjustment scenario for Spain and Germany. - Concluding Remarks. - Appendix: A two-country-Three-Sector DSGE model.
Download or read book EMU and Political Science written by Henrik Enderlein and published by Routledge. This book was released on 2013-10-31 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s Economic and Monetary Union (EMU) celebrated its tenth anniversary in 2009. Before its birth many observers were concerned about its viability. This volume examines a number of noteworthy concerns that were heard a decade ago and it assesses what has become of them. The contributors to this volume examine various topics. Has EMU been a failure or success? Does EMU require more political integration? What type of deeper integration in the financial market has occurred because of EMU? Does the public like EMU? Does EMU cause a decline of the welfare state, reduce the role of labour unions and are adjustments now made mainly through the labour market? Do countries in EMU become more similar over time? Is EMU sustainable in the long-run? Will EMU survive the global financial crisis? The contributors to this book are leading Political Scientists in the field, and draw on a wealth of research and experience. This book was published as a special issue of the Journal of European Public Policy.
Download or read book Building the Financial Foundations of the Euro written by Max Watson and published by Routledge. This book was released on 2009-12-16 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2008. Routledge is an imprint of Taylor & Francis, an informa company.
Download or read book Building the Financial Foundations of the Euro Experiences and Challenges written by Lars Jonung and published by Taylor & Francis. This book was released on with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the effect of the introduction of the Euro and the establishment of economic and monetary union on the financial landscape of Europe.
Download or read book Public Policy for Regional Development written by Jorge Martinez-Vazquez and published by Routledge. This book was released on 2008-05-20 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the question of the best possible uses of public funds and the most effective strategies for regional development, focusing on the develop of human capital and the methodology of formulating regional policy.
Download or read book Walking the Highwire written by Olli Rehn and published by Springer Nature. This book was released on 2020-02-23 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: Walking the Highwire tells the story of the Eurozone Crisis from the perspective of the former Vice-President of the European Commission who was responsible for Economic and Monetary Affairs in 2010-2014. It is a comprehensive European account that covers both events and decisions in Brussels and Frankfurt and in the member states, both in distressed countries and creditor states. It also provides an economic-political analysis of the crisis and its management, recognising that the Euro was created politically, and saved politically. Thoroughly researched and based on economic analysis of the time, reports on various meetings and the author's own speaking notes and diary, this book begins with a narrative of crisis management 2009-2012, before moving on to address the beginning of the recovery from 2013-2014. It concludes with the lessons learnt from the crisis and a programme for reform of the Eurozone in the 2020s, with contemporary policy relevance. This is an entertaining and engaging account which will be of interest to a wide audience: scholars and students, practitioners and commentators of the Eurozone.
Download or read book The Leaderless Economy written by Peter Temin and published by Princeton University Press. This book was released on 2013-01-20 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new way to understand financial crises—and a blueprint for tomorrow's recovery The Leaderless Economy reveals why international financial cooperation is the only solution to today's global economic crisis. In this timely and important book, Peter Temin and David Vines argue that our current predicament is a catastrophe rivaled only by the Great Depression. Taking an in-depth look at the history of both, they explain what went wrong and why, and demonstrate why international leadership is needed to restore prosperity and prevent future crises. Temin and Vines argue that the financial collapse of the 1930s was an "end-of-regime crisis" in which the economic leader of the nineteenth century, Great Britain, found itself unable to stem international panic as countries abandoned the gold standard. They trace how John Maynard Keynes struggled for years to identify the causes of the Great Depression, and draw valuable lessons from his intellectual journey. Today we are in the midst of a similar crisis, one in which the regime that led the world economy in the twentieth century—that of the United States—is ending. Temin and Vines show how America emerged from World War II as an economic and military powerhouse, but how deregulation and a lax attitude toward international monetary flows left the nation incapable of reining in an overleveraged financial sector and powerless to contain the 2008 financial panic. Fixed exchange rates in Europe and Asia have exacerbated the problem. The Leaderless Economy provides a blueprint for how renewed international leadership can bring today's industrial nations back into financial balance--domestically and between each other.
Download or read book Economic Policy Coordination in the Euro Area written by Armin Steinbach and published by Routledge. This book was released on 2014-05-09 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e.g. induced by fiscal policy) and cross-policy spillovers (e.g. between fiscal and monetary policies), illuminating how they have empirically changed over time and how they have been addressed by policymakers. Steinbach introduces a useful classification scheme that distinguishes between vertical and horizontal coordination as well as between cross-border and cross-policy coordination. The author discusses farther-reaching forms of fiscal coordination (e.g. debt limits, insolvency proceedings, Eurobonds) with special attention to how principals of state organization affect their viability. Federal states and Bundesstaaten differ in the incentives they offer for debt accumulation – and thus in their suitability for fiscal coordination. Steinbach finds that the originally strict separation between policy areas has undergone significant change during the debt crisis. Indeed, recent efforts to coordinate policy are no longer limited to one policy area, but now extend to several areas. Steinbach argues that further fiscal policy coordination can be effectively deployed to address policy externalities, but that the coordination mechanisms used must match the form of state organization in the first place. Regarding wage policies, there are significant barriers to coordination. Notwithstanding some empirical successes in the implementation of a productivity-oriented wage policy, the high heterogeneity of national wage-setting institutions is likely to prevent any wage coordination.
Download or read book The Dynamics of Regional Inequalities written by Salvador Barrios and published by . This book was released on 2005 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Download or read book Proceedings of the 2004 First Annual DG ECFIN Research Conference on Business Cycles and Growth in Europe written by Lars Jonung and published by . This book was released on 2005 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: In October 2004, the Directorate General for Economic and Financial Affairs (ECFIN) held its first annual research conference. Its theme was "Business Cycles and Growth in Europe". The thirteen papers presented are collected here in revised form in two volumes as Economic Paper number 227, 1/2 and 2/2. Some of the contributions are followed by comments made by the discussants.
Download or read book Do Labour Taxes and Their Composition Affect Wages in the Short and the Long Run written by Alfonso Arpaia and published by . This book was released on 2004 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
