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Game of Thrones: Accommodating Monetary Policies in a Monetary Union
Games, 2018 In this paper, we present an application of the dynamic tracking games framework to a monetary union. We use a small stylized nonlinear three-country macroeconomic model of a monetary union to analyze the interactions between fiscal (governments) and ...
Dmitri Blueschke, Reinhard Neck
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To Be or Not to Be in Monetary Union: A Synthesis [PDF]
SSRN Electronic Journal, 2010 Monetary union can benefit countries suffering from policy credibility problems if it eliminates the inflation bias and also allows for more efficient management of certain shocks. But it also carries costs as some stabilization may be feasible even in the absence of credibility, and this may be more than what an individual country can hope for in a ...
Clerc, L., Dellas, H., Loisel, O.
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Are Monetary Unions More Synchronous than Non-Monetary Unions? [PDF]
SSRN Electronic Journal, 2015 Within currency unions, the conventional wisdom is that there should be a high degree of macroeconomic synchronicity between the constituent parts of the union. But this conjecture has never been formally tested by comparing sample of monetary unions with a control sample of countries that do not belong to a monetary union.
Crowley, Patrick, Trombley, Christopher
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Fiscal Devaluation in a Monetary Union [PDF]
IMF Economic Review, 2013 Using a DSGE model calibrated to the euro area, we analyze the international effects of a fiscal devaluation (FD) implemented as a revenue-neutral shift from employer's social contributions to the Value Added Tax. We find that a FD in ‘Southern European countries’ has a strong positive effect on output, but mild effects on the trade balance and the ...
Engler, Philipp +3 more
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PARASAL BİRLİĞİN ÜYE ÜLKELER AÇISINDAN FAYDA VE MALİYETLERİ
Ankara Avrupa Çalışmaları Dergisi, 2003 In this study, potential benefits and costs of monetary union have been explained.The most important cost element of monetary union is that countries can't apply an independent monetary and exchange rate policy because of monetary union. At the same time
M. Kemal Değer
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Specificity of Fiscal Policy in the Monetary Union
Acta Economica, 2018 The condition of the optimal currency area as a theoretical basis of the monetary integration considers the harmonization of the fiscal and monetary policy crucial in achieving the efficient functioning of the monetary union.
Branka Topić-Pavković
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Strategic Delegations in Monetary Unions [PDF]
The Manchester School, 2004 In monetary unions, monetary policy is typically made by delegates of the member countries. This procedure raises the possibility of strategic delegation - that countries may choose the types of delegates to influence outcomes in their favor. We show that without commitment in monetary policy, strategic delegation arises if and only if three conditions
Ramon Marimon +2 more
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EMERGENCE AND EVOLUTION OF THE ECONOMIC AND MONETARY UNION: OVERLOOK AT THE DECISION-MAKING PROCESS AND THE LEGAL INSTRUMENTS USED (FROM ITS ORIGINS TO THE MAASTRICHT TREATY) [PDF]
Challenges of the Knowledge Society, 2021 As we write this, the Economic and Monetary Union seems to have overcome the crisis that has affected its credibility since 2009, continuing to present itself as the most successful monetary integration initiative in the world.
Dragoș–Adrian BANTAȘ +1 more
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Is monetary union necessarily counterproductive? [PDF]
Economics Letters, 2005 zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Diana, Giuseppe, Zimmer, Blandine
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THE IMPOSSIBLE TRINITY OF DEVELOPING COUNTRIES – THE GREEK EXAMPLE [PDF]
Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu, 2023 The mobility of factors of production from the very beginnings of the theory of the optimal currency area (OCA) stands out as one of the primary mechanisms for achieving a balance of payments, i.e.
Dragan Gligorić +2 more
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