Economic Policy In A Monetary Union

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Economic Policy in a Monetary Union

Michael Carlberg
Economic Policy in a Monetary Union Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 292 pages
File Size : 48,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642572906

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Economic Policy in a Monetary Union by Michael Carlberg Pdf

This book explores the scope and limits of macroeconomic policy in a monetary union. The focus is on pure policies, policy mixes, and policy coordination. The leading protagonists are the union central bank, national governments, and national trade unions. Special emphasis is put on wage shocks and wage restraint. This book develops a series of basic, intermediate, and advanced models. The monetary union is an open economy with high capital mobility. The exchange rate between the monetary union and the rest of the world is floating. The world interest rate can be exogenous or endogenous. The union countries may differ in money demand, consumption, imports, openness, or size. A striking feature is the numerical estimation of policy multipliers. A lot of diagrams serve to illustrate the subject in hand.

EU Law of Economic & Monetary Union

Fabian Amtenbrink,Christoph Herrmann
EU Law of Economic Monetary Union Book PDF

Author : Fabian Amtenbrink,Christoph Herrmann
Publisher : Oxford University Press
Page : 1808 pages
File Size : 51,5 Mb
Release : 2020-05-21
Category : Law
ISBN : 9780192512499

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EU Law of Economic & Monetary Union by Fabian Amtenbrink,Christoph Herrmann Pdf

Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.

The Political Economy of Monetary Union

Francesco Giordano,Sharda Persaud
The Political Economy of Monetary Union Book PDF

Author : Francesco Giordano,Sharda Persaud
Publisher : Routledge
Page : 218 pages
File Size : 41,8 Mb
Release : 2013-10-18
Category : Business & Economics
ISBN : 9781136224164

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The Political Economy of Monetary Union by Francesco Giordano,Sharda Persaud Pdf

This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.

Regional Aspects of Monetary Policy in Europe

Jürgen von Hagen,Christopher J. Waller
Regional Aspects of Monetary Policy in Europe Book PDF

Author : Jürgen von Hagen,Christopher J. Waller
Publisher : Springer Science & Business Media
Page : 331 pages
File Size : 45,5 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9781475763904

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Regional Aspects of Monetary Policy in Europe by Jürgen von Hagen,Christopher J. Waller Pdf

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.

Economic and Monetary Union

Klaus Gretschmann
Economic and Monetary Union Book PDF

Author : Klaus Gretschmann
Publisher : Martinus Nijhoff Publishers
Page : 298 pages
File Size : 51,5 Mb
Release : 2023-08-21
Category : Law
ISBN : 9789004637924

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Economic and Monetary Union by Klaus Gretschmann Pdf

The Heads of State and Government at the European Council meeting in Maastricht definitely decided to embark upon the creation of Economic and Monetary Union by, at the latest, the beginning of 1999, and in doing so opted for a relatively short but difficult journey that should bring the European Community all the benefits one could expect from such an undertaking. However, the question still remains of how Economic and Monetary Union will really affect the day-to-day policymaking of the national civil servants involved, particularly in the areas of monetary and fiscal policies. Can national policymakers adopt a `sit-and-wait' policy or does Economic and Monetary Union really entail a dangerous voyage between Scylla and Charybdis? Will Economic and Monetary Union undermine the sovereignty of national governments because the Maastricht Treaty will give the EC the competence to dictate its own will? Are the benefits of Economic and Monetary Union for the Member States really as great as expected? These and other issues are assessed in this book which, after an assessment of the achievements of the Maastricht European Council, will cover the main implications of a European monetary policy and closer economic cooperation for the relevant policies of the Member States, the division of the competences between Community and member countries and the forthcoming prospects for new EC policies (e.g. regional policy, the EC budget, fiscal union, etc.)

Challenges for Economic Policy Coordination within European Monetary Union

Andrew J. Hughes Hallett,Peter Mooslechner,Martin Schürz
Challenges for Economic Policy Coordination within European Monetary Union Book PDF

Author : Andrew J. Hughes Hallett,Peter Mooslechner,Martin Schürz
Publisher : Springer Science & Business Media
Page : 222 pages
File Size : 46,9 Mb
Release : 2013-06-29
Category : Political Science
ISBN : 9781475747386

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Challenges for Economic Policy Coordination within European Monetary Union by Andrew J. Hughes Hallett,Peter Mooslechner,Martin Schürz Pdf

The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.

Economics of Monetary Union

Paul de Grauwe
Economics of Monetary Union Book PDF

Author : Paul de Grauwe
Publisher : Oxford University Press
Page : 289 pages
File Size : 54,5 Mb
Release : 2016
Category : Monetary policy
ISBN : 9780198739876

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Economics of Monetary Union by Paul de Grauwe Pdf

Economics of Monetary Union provides concise analysis of theories and policies relating to monetary union. It addresses current issues surrounding the Eurozone, including; costs and benefits of possible exits by member countries, an analysis of the role of the ECB as new single supervisor and detail on the sovereign debt crisis.

Economic and Monetary Union at Twenty

David Howarth,Amy Verdun
Economic and Monetary Union at Twenty Book PDF

Author : David Howarth,Amy Verdun
Publisher : Routledge
Page : 0 pages
File Size : 48,6 Mb
Release : 2023-09-25
Category : Electronic
ISBN : 0367546027

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Economic and Monetary Union at Twenty by David Howarth,Amy Verdun Pdf

The contributions to this book examine the two main asymmetries of the Euro Area as they have intensified during the second decade of Economic and Monetary Union (EMU): the first between monetary union (more supranational governance) versus 'economic' union (less centralised governance); the second between those Euro Area member states of the so-called 'core' and those of the 'periphery'. EMU stands as one of the European Union's (EU) flagship integration achievements. Set up in 1999, with the large majority of EU member states at the time, EMU was described as 'asymmetrical' even prior to its start. From the outset, it involved asymmetrical integration in monetary and 'economic' union. Although a major element of the blueprint that paved the way for the final stage of EMU, the concept of 'economic' union was insufficiently developed. The second decade of the single currency gave rise to a second asymmetry, namely one between those Euro Area member states of the 'core' and those of the 'periphery'. The ten contributions to this volume speak to one or both of these asymmetries, covering the major political, political economy and policy dimensions of EMU and the ongoing debates about necessary policy and institutional reforms to overcome these asymmetries and bolster Euro Area stability. The outbreak of the Coronavirus (Covid-19) Crisis in 2020 created unprecedented socio-economic challenges for Euro Area member states, heightening the perceived urgency of reform. The chapters in this book were originally published as a special issue of the Journal of European Integration.

The Politics of Economic and Monetary Union

Erik Jones
The Politics of Economic and Monetary Union Book PDF

Author : Erik Jones
Publisher : Rowman & Littlefield Publishers
Page : 236 pages
File Size : 47,6 Mb
Release : 2002
Category : Business & Economics
ISBN : STANFORD:36105112292656

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The Politics of Economic and Monetary Union by Erik Jones Pdf

This clearly written textbook provides a comprehensive exploration of the formation of an economic and monetary union among twelve of Europe's leading countries, the most exciting experiment in modern political economics. Erik Jones charts the embattled history of this extraordinary project, explains the reasons it developed, and assesses how the controversies surrounding it may evolve in the future. Can a single monetary policy satisfy the needs of twelve very different countries? Does the establishment of a European central bank herald the emergence of a new, more federal European Union? Will Europe's new single currency, the euro, come to rival the dollar for world leadership? Or will the euro collapse as conflicts between participating countries work to tear the European economic and monetary union apart? The Politics of Economic and Monetary Union offers surprising answers to these questions. By focusing attention on who wins and who loses from the creation of the euro, Erik Jones argues that the diversity of participating countries is a strength rather than a weakness, that Europe's single currency helps to maintain such diversity rather that to eliminate it, and that while the euro may never rival the dollar it is nevertheless unlikely to fall apart.

European Monetary Union and Exchange Rate Dynamics

Paul J.J. Welfens
European Monetary Union and Exchange Rate Dynamics Book PDF

Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
Page : 161 pages
File Size : 53,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642569135

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European Monetary Union and Exchange Rate Dynamics by Paul J.J. Welfens Pdf

The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues of monetary and factor market policies. The analysis presents new theoretical and empirical research on the current decline of the Euro. Issues regarding exchange rate policies and international economic relations are also addressed.

Currency Crises, Monetary Union and the Conduct of Monetary Policy

Paul J. Zak
Currency Crises Monetary Union and the Conduct of Monetary Policy Book PDF

Author : Paul J. Zak
Publisher : Edward Elgar Publishing
Page : 168 pages
File Size : 40,5 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 1782543651

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Currency Crises, Monetary Union and the Conduct of Monetary Policy by Paul J. Zak Pdf

Currency Crises, Monetary Union and the Conduct of Monetary Policy is a book of debate and analysis by some of the world's most eminent economists on 'unsolved' problems relating to the international monetary system, economic growth and monetary policy. This volume will be of interest to specialists in international monetary economics, and to undergraduate and graduate students, and members of the general public who seek a clearer understanding of current economic issues and solutions to economic problems.

Policy Coordination in a Monetary Union

Michael Carlberg
Policy Coordination in a Monetary Union Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 284 pages
File Size : 49,6 Mb
Release : 2013-06-05
Category : Business & Economics
ISBN : 9783540247975

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Policy Coordination in a Monetary Union by Michael Carlberg Pdf

A comprehensive study of the international coordination of economic policy in a monetary union. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the union central bank, the German government, and the French government. Similarly, as to policy cooperation, the focus is on cooperation between the union central bank, the German government, and the French government. The key questions are: Does the process of policy competition lead to full employment and price stability? Can these targets be achieved through policy cooperation? And is policy cooperation superior to policy competition? Another important issue is monetary competition / monetary cooperation between Europe and America.

Policy Competition and Policy Cooperation in a Monetary Union

Michael Carlberg
Policy Competition and Policy Cooperation in a Monetary Union Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 298 pages
File Size : 47,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783540247968

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Policy Competition and Policy Cooperation in a Monetary Union by Michael Carlberg Pdf

European monetary unification seems to be one of the most important events in international monetary affairs since the breakdown of Bretton Woods. It pos es a major challenge to central banks, governments, and labour unions. It opens up new fields of economic research that are both intriguing and fascinating. European Monetary Union amounts to a switch of regime. Surely the Mundell Fleming model of the open economy does no longer apply to Germany or France. The effects of shocks and policies on output and prices should have changed dramatically in size. Some of them should even work in the opposite direction now. The present book is part of a larger research project on monetary union, see Carlberg (1999, 2000, 2001, 2002, 2003). Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association in Klagenfurt, at the Pass au Workshop on International Economics, at the Halle Workshop on Monetary Economics, and at the Research Seminar on Macroeconomics in Freiburg. Moreover, book reviews were published in the Economic Journal, Kyklos, the Journal of Economics, and the Journal of Economics and Statistics.

The Political Economy Of European Monetary Unification

Barry Eichengreen
The Political Economy Of European Monetary Unification Book PDF

Author : Barry Eichengreen
Publisher : Routledge
Page : 208 pages
File Size : 53,5 Mb
Release : 2018-03-08
Category : Political Science
ISBN : 9780429974007

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The Political Economy Of European Monetary Unification by Barry Eichengreen Pdf

The first edition of this book was published in 1994, as the future of monetary unification in Europe was very much in doubt. With Economic and Monetary Union now in place, it is appropriate to bring the scholarship on the topic up to date for the students of international political economics. To this effect, essayists Jeffry Frieden, Geoffrey Garrett, Lisa L. Martin, Benjamin J. Cohen revised four of the original chapters to reflect new conditions. Editors, Barry Eichengreen and Frieden completely rewrote the introductory essay. Three new chapters by Matthew Gabel, Charles Engel, and Paul De Grauwe et al cover public support for EMU, local currency pricing, and whether Europe is now better off? The updated volume's purpose remains that of bringing the latest in scholarship in Economics and Political Science to bear on the European monetary integration

European Monetary Union

Michael Carlberg
European Monetary Union Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 254 pages
File Size : 55,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642866524

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European Monetary Union by Michael Carlberg Pdf

This book explores the new macroeconomics of the European Monetary Union. It carefully discusses the effects of shocks and policy measures on em ployment, prices, and the current account. Take for instance a shock or a policy measure in a specific union country. Then what will be the results in the specific country, in the other union countries, and in the rest of the world? The targets of economic policy are full employment and price stability in each of the union of economic policy are monetary policy by the Euro countries. The instruments pean Central Bank and fiscal policies by national governments. What is the appropriate policy mix? A salient feature of this book is the numerical estimation of shock and policy multipliers. Money wages are fixed, flexible or downward rigid. The monetary union can be small or large. I had many helpful talks with Gerd Focke, Daphni-Marina Papadopoulou, Franco Reither, Wolf Schafer, Christine Schafer-Lochte, and Michael Schmid. In addition, Michael Brauninger and Michael Cyrus carefully discussed with me all parts of the manuscript. Last but not least, Doris Ehrich did the secretarial work as excellently as ever. I wish to thank all of them. Executive Summary 1) Small monetary union of two identical countries, say Gennany and France. The monetary union is a small open economy with perfect capital mobili ty. Let us begin with fiscal policy.