Stabilization Policy In An Exchange Rate Union

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Stabilization Policy in an Exchange Rate Union

Author : Valeria De Bonis
Publisher : Springer Science & Business Media
ISBN 13 : 3642515266
Total Pages : 181 pages
Book Rating : 4.6/5 (425 download)

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Book Synopsis Stabilization Policy in an Exchange Rate Union by : Valeria De Bonis

Download or read book Stabilization Policy in an Exchange Rate Union written by Valeria De Bonis and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: The treaty of Maastricht envisages the full economic and monetary union in Europe. With increasing real and monetary integration policy decisions in individual member countries tend to have a growing impact on the other member countries of the European Community. Against this background the following study analyses within a unified theoretical framework the impact of monetary and fiscal policy pursued by one country on its own macroeconomic performance as well as on those of the other member countries and of the rest of the world. The analysis contrasts the cases of a small and a large European union relative to the rest of the world and distinguishes very clearly between the short-run, the medium-run and the long-run effects. Based on this the consequences for union cohesion and the scope for policy coordination are discussed. Since the analytical framework is defined by a three country model many results from the traditional policy coordination literature which relies on two country models are qualified. In contrasts to most previous research in this area particular attention is paid to the implications of asymmetries between the EC member countries. Furthermore, the structural parameters are in some instances not taken as given but as responsive to the integration process. In this context numerous links to the traditional literature on optimal currency areas are established and interesting implications for union cohesion during the transition are derived.

Stabilization Policy in an Exchange Rate Union

Author : Valeria Debonis
Publisher :
ISBN 13 : 9783642515279
Total Pages : 184 pages
Book Rating : 4.5/5 (152 download)

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Book Synopsis Stabilization Policy in an Exchange Rate Union by : Valeria Debonis

Download or read book Stabilization Policy in an Exchange Rate Union written by Valeria Debonis and published by . This book was released on 1994-08-30 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study analyses the impact of monetary and fiscal policy pursued by one member country of an exchange rate union on its own macroeconomic performance as well as on those of the other member countries and of the rest of the world. Since the analytical framework is defined by a three-country model many results from the traditional policy coordination literature, which relies on two country models, are qualified. Particular attention is paid to the implications of asymmetries between the EC member countries. Furthermore, the structural parameters are in some instances not taken as given but as responsive to the unification process. The study is a reference concerning the theoretical analysis of currency unions. It is also of interest for those concerned with European integration.

Monetary Policy and Macroeconomic Stabilization

Author : Ole Roste
Publisher : Routledge
ISBN 13 : 1351504878
Total Pages : 214 pages
Book Rating : 4.3/5 (515 download)

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Book Synopsis Monetary Policy and Macroeconomic Stabilization by : Ole Roste

Download or read book Monetary Policy and Macroeconomic Stabilization written by Ole Roste and published by Routledge. This book was released on 2017-09-08 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important. Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>

Monetary Politics

Author : Thomas H. Oatley
Publisher : University of Michigan Press
ISBN 13 : 9780472108244
Total Pages : 246 pages
Book Rating : 4.1/5 (82 download)

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Book Synopsis Monetary Politics by : Thomas H. Oatley

Download or read book Monetary Politics written by Thomas H. Oatley and published by University of Michigan Press. This book was released on 1997 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the domestic politics of European monetary integration

Currency Unions

Author : Alberto Alesina
Publisher : Judaic Studies (Paperback)
ISBN 13 :
Total Pages : 116 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Currency Unions by : Alberto Alesina

Download or read book Currency Unions written by Alberto Alesina and published by Judaic Studies (Paperback). This book was released on 2001 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the optimal number of currencies in the world? Common currencies affect trading costs and, thereby, the amounts of trade, output, and consumption. From the perspective of monetary policy, the adoption of another country's currency trades off the benefits of commitment to price stability against the loss of an independent stabilization policy. The nature of the tradeoff depends on co-movements of disturbances, on distance, trading costs, and on institutional arrangements such as the willingness of anchor countries to accommodate to the interests of clients.

Exchange Rate Policies in Developing and Post-socialist Countries

Author : Emil Maria Claassen
Publisher :
ISBN 13 :
Total Pages : 476 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Exchange Rate Policies in Developing and Post-socialist Countries by : Emil Maria Claassen

Download or read book Exchange Rate Policies in Developing and Post-socialist Countries written by Emil Maria Claassen and published by . This book was released on 1991 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Macroeconomic Stabilization Through Monetary and Fiscal Policy Coordination

Author : Jay H. Bryson
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Macroeconomic Stabilization Through Monetary and Fiscal Policy Coordination by : Jay H. Bryson

Download or read book Macroeconomic Stabilization Through Monetary and Fiscal Policy Coordination written by Jay H. Bryson and published by . This book was released on 1993 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Flexible Exchange Rates for a Stable World Economy

Author : Joseph E. Gagnon
Publisher : Peterson Institute
ISBN 13 : 0881326356
Total Pages : 301 pages
Book Rating : 4.8/5 (813 download)

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Book Synopsis Flexible Exchange Rates for a Stable World Economy by : Joseph E. Gagnon

Download or read book Flexible Exchange Rates for a Stable World Economy written by Joseph E. Gagnon and published by Peterson Institute. This book was released on 2011 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.

Currency Politics

Author : Jeffry A. Frieden
Publisher : Princeton University Press
ISBN 13 : 1400865344
Total Pages : 318 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Currency Politics by : Jeffry A. Frieden

Download or read book Currency Politics written by Jeffry A. Frieden and published by Princeton University Press. This book was released on 2014-12-28 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.

Long-Run Effects of Short-Run Stabilization Policy

Author : Lars Calmfors
Publisher : Springer
ISBN 13 : 1349063495
Total Pages : 268 pages
Book Rating : 4.3/5 (49 download)

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Book Synopsis Long-Run Effects of Short-Run Stabilization Policy by : Lars Calmfors

Download or read book Long-Run Effects of Short-Run Stabilization Policy written by Lars Calmfors and published by Springer. This book was released on 1983-06-18 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Crisis, Stabilization and Growth

Author : Patrick J. Conway
Publisher : Springer Science & Business Media
ISBN 13 : 9780792372288
Total Pages : 392 pages
Book Rating : 4.3/5 (722 download)

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Book Synopsis Crisis, Stabilization and Growth by : Patrick J. Conway

Download or read book Crisis, Stabilization and Growth written by Patrick J. Conway and published by Springer Science & Business Media. This book was released on 2000-11-30 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: These various perspectives are combined to illuminate the fundamental policy difficulties in achieving desirable macroeconomic outcomes in economies saddled with the economic and political legacies of the Soviet Union."--BOOK JACKET.

The Euro and the Battle of Ideas

Author : Markus K. Brunnermeier
Publisher : Princeton University Press
ISBN 13 : 1400883334
Total Pages : 457 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Euro and the Battle of Ideas by : Markus K. Brunnermeier

Download or read book The Euro and the Battle of Ideas written by Markus K. Brunnermeier and published by Princeton University Press. This book was released on 2016-08-04 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: How philosophical differences between Eurozone nations led to the Euro crisis—and where to go from here Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival. As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe’s future.

Monetary Integration

Author : Warner Max Corden
Publisher : Princeton, N.J. : International Finance Section, Princeton University
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Monetary Integration by : Warner Max Corden

Download or read book Monetary Integration written by Warner Max Corden and published by Princeton, N.J. : International Finance Section, Princeton University. This book was released on 1972 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Dedollarization

Author : Mr.Romain Veyrune
Publisher : International Monetary Fund
ISBN 13 : 1455202223
Total Pages : 52 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Dedollarization by : Mr.Romain Veyrune

Download or read book Dedollarization written by Mr.Romain Veyrune and published by International Monetary Fund. This book was released on 2010-08-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on the experiences of countries that have successfully dedollarized. Unlike previous work on the subject, this paper examines both macroeconomic stabilization policies and microeconomic measures, such as prudential regulation of the financial system. This study is also the first attempt to make extensive use of the foreign exchange regulation data reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. The main conclusion is that durable dedollarization depends on a credible disinflation plan and specific microeconomic measures.

Macroeconomic Analysis of Monetary Unions

Author : Oscar Bajo-Rubio
Publisher : Springer Science & Business Media
ISBN 13 : 3642194451
Total Pages : 53 pages
Book Rating : 4.6/5 (421 download)

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Book Synopsis Macroeconomic Analysis of Monetary Unions by : Oscar Bajo-Rubio

Download or read book Macroeconomic Analysis of Monetary Unions written by Oscar Bajo-Rubio and published by Springer Science & Business Media. This book was released on 2011-05-06 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book develops a general framework for the macroeconomic modeling of monetary unions. The starting point of the analysis is the standard two-country Mundell-Fleming model with perfect capital mobility, extended to incorporate the supply side in a context of rigid real wages, and modified so that the money market is common for two countries forming a monetary union. The model is presented in two versions: for a small and a large monetary union, respectively. After solving each model, the authors derive multipliers for monetary, expenditure, supply, and external shocks, both in the short and the long run; a graphical analysis is also provided. Special attention is paid to the crucial distinction between symmetric and asymmetric shocks.

The New Palgrave Dictionary of Economics

Author : NA NA
Publisher : Palgrave Macmillan
ISBN 13 : 9780333786765
Total Pages : 7300 pages
Book Rating : 4.7/5 (867 download)

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Book Synopsis The New Palgrave Dictionary of Economics by : NA NA

Download or read book The New Palgrave Dictionary of Economics written by NA NA and published by Palgrave Macmillan. This book was released on 2008-05-11 with total page 7300 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.

Dynamic Policy Interactions in a Monetary Union

Author : Michael Carlberg
Publisher : Springer Science & Business Media
ISBN 13 : 3642182283
Total Pages : 346 pages
Book Rating : 4.6/5 (421 download)

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Book Synopsis Dynamic Policy Interactions in a Monetary Union by : Michael Carlberg

Download or read book Dynamic Policy Interactions in a Monetary Union written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2011-02-16 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the dynamics of monetary and fiscal interactions in the Euro Area. The policy makers are the European Central Bank and national governments. The primary target of the ECB is low inflation. And the primary target of a national government is low unemployment. However, there is a short-run trade-off between low inflation and low unemployment. Here the main focus is on sequential policy decisions. Another focus is on simultaneous and independent policy decisions. And a third focus is on policy cooperation. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. The key question is: Given a shock, what are the dynamic characteristics of the resulting process?