Download or read book Monetary Policy Transmission in the Euro Area written by Ignazio Angeloni and published by Cambridge University Press. This book was released on 2003-12-04 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2003 book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. Analysing macro and micro-economic evidence, with chapters by central bank economists, including a discussion chapter by eminent macroeconomists, it is an essential contribution to research on the subject.
Download or read book Asymmetric Monetary Transmission in Europe written by Volker Clausen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro and the ESCB have started in January 1999 and there is naturally a wide-ranging interest in academia and among policymakers in OECD coun tries, how successful European Monetary Union will and can be. EMU has started with 11 countries and experienced a rapid depreciation of the cur rency. With so many EU countries joining for a historical monetary union in a period of economic globalization, international financial market changes and ongoing EU enlargement the problem of monetary policy efficiency becomes crucial; especially as so many countries in the EU still have high unemploy ment rates and the euro has just started at the beginning of a cyclical upswing in the euro zone. Monetary policy is also quite crucial, because the Maastricht convergence criteria severely restrict the scope of national fiscal policy. With a very limited stock of valuable European monetary experience which could be usefully exploited by the ECB and the ESCB respectively, one naturally will appreciate advanced economic modeling of the main issues. This book takes an analytical look at the problem of asymmetric monetary transmission in Euroland. Facing the ECB's monetary policy, individual mem ber countries are likely to experience different policy effects. Countries differ in their financial structure -a well-known argument in the literature -but also in the characteristics of goods and labor markets. The latter fields have been somewhat neglected in the literature but receive broad analytical attention here.
Download or read book Regional Monetary Policy written by Carlos J. Rodríguez Fuentes and published by Psychology Press. This book was released on 2006 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rising star of Spanish economics, Carlos Rodriguez Fuentes, has produced a work of impressive clarity which analyses the effects of regional monetary policy - with particular reference to European Monetary Union.
Download or read book Quantitative Economic Policy written by Reinhard Neck and published by Springer Science & Business Media. This book was released on 2008-03-04 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Econometric techniques and models are still being extensively used in the business of forecasting and policy advice. This book presents recent advances in the theory and applications of quantitative economic policy, with particular emphasis on fiscal and monetary policies in a European and global context. The volume honors Andrew Hughes Hallett, a pioneer and major scientist in quantitative economic policy analysis, whose contributors are among his friends and former students.
Download or read book Staff Studies for the World Economic Outlook 1997 written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-01-16 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: These studies provide supporting material for the analysis and scenarios in the World Economic Outlook.
Download or read book The Design of EMU written by Mr.David K. H. Begg and published by International Monetary Fund. This book was released on 1997-08-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implications for accountability, transparency, and reputation. Country-specific shocks will remain but output correlation may not reflect the old pattern of core and peripheral countries. The Stability Pact will force some countries to switch off their automatic stabilizers; others, with fewer fiscal problems, can retain them. Output correlations in EMU may reflect a fiscal core and fiscal periphery. Additional labor market flexibility remains the best solution.
Download or read book Regional Aspects of Monetary Policy in Europe written by Jürgen von Hagen and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary union has dawned in Europe. Now that the common currency is a reality, questions concerning the practical conduct of monetary policy in the European Monetary Union (EMU) are moving to the forefront of the policy debate. Among these, one of the most critical is how the new monetary union will cope with the large heterogeneity of its member economies. Given the large differences in economic and financial structures among the EMU member states, monetary policy is likely to affect different member economies in different ways. Regional Aspects of Monetary Policy in Europe collects the proceedings of an international conference held at the Center for European Integration Studies of the University of Bonn, dedicated to this issue. The contributions to this conference fall into two parts. The first part consists of empirical and theoretical studies of the regional effects of monetary policy in heterogeneous monetary unions. The second part consists of papers analyzing the political economy of monetary policy in a monetary union of heterogeneous regions or member states. The papers all support the conclusion that regional differences in the responses to a common monetary policy will make European monetary policy especially difficult in the years to come. Such differences arise from a variety of sources, and they cannot be expected to be mere teething troubles that will disappear after a while. Even if they were ignored in the run-up to the EMU, Europe's central bankers and economic policy makers will have to learn how to cope with such differences in the future.
Download or read book Differences in the Monetary Policy Transmission Mechanism within the European Monetary Union Germany and Italy written by Wilhelm Fohr and published by GRIN Verlag. This book was released on 2007-01-07 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2005 in the subject Economics - Monetary theory and policy, grade: 1,3, Berlin School of Economics, language: English, abstract: The European Central Bank1is in charge to conduct monetary policy for a growing number of nations, participating in the European Monetary Union. This joint enterprise is still young, but followed decades of increasing cooperation and integration after the Second World War. However, the question remains how suitable a shared monetary policy is for a number of different economies. Today, most central banks put emphasis on price stability as medium-term goal, for this is the best way to stabilise expectations and to promote sustainable growth. A precondition for the successful conduct of monetary policy is that monetary impulses are transmitted throughout the whole currency area in a symmetric way. Therefore, central banks need to assess the timing and magnitude how interest rate movements affect the economy and through which channels this mechanism works. This allows the central bank to use their policy instruments at the right time and with the right intensity. Information about the characteristics of the monetary transmission process in EMU-countries, especially about national differences, has important lessons for the effective conduct of monetary policy. Consequently, asymmetric monetary transmission would be able to weaken the position of the European Central Bank and has a negative impact on the economy. This paper deals with the question of asymmetric transmission in the Euro-area. It involves information about the characteristics of transmission channels in EMU countries, the different stages of transmission where asymmetry or convergence might occur and the perspectives for the future development of the European transmission mechanisms. The objective is to find out about asymmetries in monetary policy transmission and their consequences. This paper answers the question if there are major drawbacks for participating economies possible or if the Euro will catalyse European integration without negative side effects.
Download or read book Thirty Years of Economic Policy written by Charles Wyplosz and published by Oxford University Press. This book was released on 2015 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last 30 years, Economic Policy has strived to produce policy relevant and rigorous analyses of the economic challenges of the time. This volume brings together a number of key articles which have been highly influential, shaping thinking among academic economists and policymakers.
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 238 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 Euro at 25 Special Report on Enlargement written by and published by CEPS. This book was released on with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Structure and Monetary Transmission in Europe written by Gabe J. De Bondt and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'I can fully recommend this book to those interested in the transmission process of monetary policy.' - Harry Garretsen, De Economist Due to financial market imperfections it is imperative to analyse the relationship between financial structure and the monetary policy transmission process in Europe to effectively design and implement European monetary policy. Focusing on the years 1980-1995 and providing empirical evidence for six European countries, namely Germany, France, Italy, the UK, Belgium and the Netherlands, the author discusses whether cross-country variations in financial structure have a systematic relationship with inter-country differences in the monetary transmission process. The analysis of this is invaluable as differences in financial structures across EMU countries may hamper the implementation of a common European monetary policy in the future. The conclusion is that some elements of the financial structure are clearly relevant and applicable for European monetary policy and the monetary transmission process in particular.
Download or read book Regional Convergence in the European Union written by Juan R. Cuadrado-Roura and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of the single currency in the European economic space constitutes without doubt the most visible step towards monetary and economic integration in the EU. Those who boosted the birth of the Common Market in 1957 dreamt that this would one day come about as a logical consequence of the integration process. However, things have gone much more slowly than possibly imagined, although if taken in an adequate historic perspective, it is undeniable that the agreements that have led to European Monetary Union signify a really formidable jump in the process of political and economic integration in Europe. This is something many doubted would ever happen, but which is already a reality, although still in need of a period of consolidation. The most general economic consequences of the EMU have already been analysed in considerable depth. Proof of this is the literature already available. In general, there is coincidence in affirming that the balance of the results expected is clearly positive. Firstly, as a result of the anticipated gains in efficiency, a consequence of reduction of transaction costs associated to the previous existence of different currencies and of the elimination of exchange rate uncertainties.
Download or read book Exchange Rates And Global Financial Policies written by Paul De Grauwe and published by World Scientific. This book was released on 2014-02-04 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange Rates and Global Financial Policies brings together research and work done by world-class economist Paul De Grauwe over the past two decades. Drawing inspiration from behavioural finance literature, De Grauwe covers topics such as exchange rate economics, monetary integration (with particular attention on the Eurozone), and international macroeconomics.His work is categorised across three parts. The first part develops new theoretical and empirical approaches to exchange rate modelling. The second part features a collection of papers on the theory and empirical analysis of monetary unions. The final part contains criticism of mainstream macroeconomic models as well as proposed alternative modelling approaches.
Download or read book United Kingdom written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-01-01 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper addresses issues that arise in designing a framework for inflation targeting, with particular attention to features of the Bank of England's approach and experience. The comparison of welfare reform in the United Kingdom with similar efforts in other countries is discussed. The paper reviews the recent literature and empirical evidence on the main economic considerations influencing possible U.K. entry into the European Monetary Union (EMU). The U.K. labor market has undergone institutional and structural changes contributing to an increase in both aggregate and relative wage flexibility.
Download or read book Monetary Policy Frameworks in a Global Context written by Lavan Mahadeva and published by Routledge. This book was released on 2012-11-12 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: This broad-ranging collection assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Renowned experts contribute to this original and comprehensive text which will be of great value to professional economists and students of economics and banking alike. Monetary Policy Frameworks in a Global Context was named Book of the Year, 2000 by Central Banking journal
Download or read book EMU and Economic Policy in Europe written by Marco Buti and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores issues surrounding the European Monetary Union, including the financial impact of the euro, the behavior of monetary and fiscal authorities, and the consequences of EU enlargement.
