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The Design of EMU

The Design of EMU »

Source: The Design of EMU

Volume/Issue: 1997/99

Series: IMF Working Papers

Author(s): David Begg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1997

ISBN: 9781451852233

Keywords: European Monetary Union, credibility, asymmetric shocks, inflation, monetary policy, central bank, price stability, monetary union

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 implicati...

Evaluating the EMS and EMU Using Stochastic Simulations

Evaluating the EMS and EMU Using Stochastic Simulations »

Source: Evaluating the EMS and EMU Using Stochastic Simulations : Some Issues

Volume/Issue: 1993/28

Series: IMF Working Papers

Author(s): Paul Masson , and Steven Symansky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1993

ISBN: 9781451844580

Keywords: inflation, monetary policy, money supply, monetary union, monetary fund

Evaluations of European monetary integration using model simulations have given conflicting results, and the paper attempts to elucidate the reasons for the differences. Several features stand out: how to model rea...

Assessing the Assessment

Assessing the Assessment »

Source: Assessing the Assessment : A Critical Look At the June 2003 Assessment of the United Kingdom'S Five Tests for Euro Entry

Volume/Issue: 2004/116

Series: IMF Working Papers

Author(s): Carlo Cottarelli , and Julio Escolano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

ISBN: 9781451853964

Keywords: Assessing the Assessment, Five Tests, Euro Entry, output volatility, monetary union, inflation, idiosyncratic shocks, Macroeconomics and Monetary Economics: General,

This paper provides a framework for evaluating the decision to enter a currency area, including the best timing for entry, and uses it to evaluate the assessment of the five tests for euro entry published by the U....

Deciding to Enter a Monetary Union

Deciding to Enter a Monetary Union »

Source: Deciding to Enter a Monetary Union : TheRole of Trade and Financial Linkages

Volume/Issue: 2012/240

Series: IMF Working Papers

Author(s): Ruy Lama , and Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2012

ISBN: 9781475511437

Keywords: Trade Costs, DSGE Model, Monetary Union, intermediate goods, elasticity of substitution, nominal interest rate, Monetary Union., Monetary Policy (Targets, Instruments, and Effects)

This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the...

Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase

Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase »

Source: Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase

Volume/Issue: 1999/83

Series: IMF Working Papers

Author(s): Eric Thode , Norbert Berthold , and Rainer Fehn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1999

ISBN: 9781451850529

Keywords: European Monetary Union, real wage rigidity, unemployment, labor market reforms, asymmetric shocks, wage, unemployment rate, rising unemployment

EMU started with eleven member countries as scheduled on January 1, 1999. The paper shows that the primacy of politics over economics in this decision could have serious consequences concerning the stability of EMU...

Wage Centralization, Union Bargaining, and Macroeconomic Performance

Wage Centralization, Union Bargaining, and Macroeconomic Performance »

Source: Wage Centralization, Union Bargaining, and Macroeconomic Performance

Volume/Issue: 2002/143

Series: IMF Working Papers

Author(s): James McHugh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2002

ISBN: 9781451856354

Keywords: wage centralization, wage, aggregate demand, monetary policy, Trade Unions: Objectives, Structure, and Effects, Central Banking, and the Supply of Money and Credit: General,

This paper addresses two questions. First, under what circumstances will a centralized wage-bargaining system offer higher output and employment than a decentralized system? Second, what is the relationship between...

The ECB and Euro-Area Enlargement1

The ECB and Euro-Area Enlargement1 »

Source: The ECB and Euro-Area Enlargement

Volume/Issue: 2002/175

Series: IMF Working Papers

Author(s): Helge Berger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2002

ISBN: 9781451858761

Keywords: Economic and Monetary Union (EMU), transition countries, accession countries, inflation, central bank, monetary fund, monetary policy decisions, Models of Political Processes: Rent-seeking, Elections, Legislatures

The likely enlargement of euro-area membership will radically change the environment under which monetary policy will be made in the euro area. Within less than a decade, the number of member countries in the euro...

The Design of EMU

The Design of EMU »

Volume/Issue: 1997/99

Series: IMF Working Papers

Author(s): David Begg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1997

DOI: http://dx.doi.org/10.5089/9781451852233.001

ISBN: 9781451852233

Keywords: European Monetary Union, credibility, asymmetric shocks, inflation, monetary policy, central bank, price stability, monetary union

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 implicati...

Evaluating the EMS and EMU Using Stochastic Simulations
			: Some Issues

Evaluating the EMS and EMU Using Stochastic Simulations : Some Issues »

Volume/Issue: 1993/28

Series: IMF Working Papers

Author(s): Paul Masson , and Steven Symansky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1993

DOI: http://dx.doi.org/10.5089/9781451844580.001

ISBN: 9781451844580

Keywords: inflation, monetary policy, money supply, monetary union, monetary fund

Evaluations of European monetary integration using model simulations have given conflicting results, and the paper attempts to elucidate the reasons for the differences. Several features stand out: how to model rea...

Assessing the Assessment
			: A Critical Look At the June 2003 Assessment of the United Kingdom'S Five Tests for Euro Entry

Assessing the Assessment : A Critical Look At the June 2003 Assessment of the United Kingdom'S Five Tests for Euro Entry »

Volume/Issue: 2004/116

Series: IMF Working Papers

Author(s): Carlo Cottarelli , and Julio Escolano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

DOI: http://dx.doi.org/10.5089/9781451853964.001

ISBN: 9781451853964

Keywords: Assessing the Assessment, Five Tests, Euro Entry, output volatility, monetary union, inflation, idiosyncratic shocks, Macroeconomics and Monetary Economics: General,

This paper provides a framework for evaluating the decision to enter a currency area, including the best timing for entry, and uses it to evaluate the assessment of the five tests for euro entry published by the U....