Suchergebnisse

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the ECB's monetary policies. In order to test this ?ECB-handicap? hypothesis, we perform a meta-analysis of the effects of monetary policies in the US and the Eurozone countries. This consists in collecting the estimated transmission coefficients obtained from published econometric studies. Meta-analysis then allows us to control for a number of factors that can affect these estimated coefficients. We conclude that there is no evidence for the hypothesis that the ECB is handicapped in using monetary policies for the purpose of stabilizing output compared to the US.

In this paper we perform a meta-analysis of the effects of monetary policies on output and prices. We use a sample of published papers on the effects of monetary policies in different countries. There is a large variation in the estimated effects of monetary policies on output and prices. We find that the use of different econometric methodologies is an important variable explaining these differences. In addition, we analyze the importance of macroeconomic variables. Thus we find that in countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the estimated effects of monetary policies remains unexplained. More research will have to be done to understand these large differences.

In this article we analyze how the enlargement of a monetary union may affect the design of the common monetary policy when the latter transmits asymmetrically between the member countries. We find that the use of national information about inflation & unemployment in the design of the common monetary policy allows for tackling the heterogeneity induced by this asymmetry. This implies that if enlargement contributes to augmenting the transmission asymmetry of monetary policy in EMU, it will raise the need to take into account information about national economies in the formulation of optimal monetary policies in the monetary union. Furthermore, the choice for a new EU Member State to enter EMU will also depend on the monetary strategy implemented by the European Central Bank &, in particular, whether the latter would take the asymmetries in the transmission of monetary policy actions into account. 4 Figures, 11 References. Adapted from the source document.

"The objective of this book is to put forward a comprehensive, detailed, yet critical assessment of the state of the art in this burgeoning literature. The book will cover most recent work related to economic impacts of structural reforms on growth (recovery), unemployment, investment, imbalances and inequality in the background of the 2007 financial crisis in Europe. This volume has a collection of chapters that show the progress made in this field: new theoretical framework, new data and new empirical methodologies. These are also discussed and illustrated by several case studies of countries that introduced significant reforms"--

Reforms in labour and product markets play a central role in government policies. This work identifies the conditions under which structural reforms are beneficial, and throws new light on the determinants and effects of structural reforms, and on how these shape the European integration experience.

As international trade has expanded dramatically in the postwar period--an expansion accelerated by the opening of China, Russia, India, and Eastern Europe--illicit international trade has grown in tandem with it. This volume uses the economist's toolkit to examine the economic, political, and social problems resulting from such illicit activities as illegal drug trade, smuggling, and organized crime. - The contributors consider several aspects of the illegal drug market, including the sometimes puzzling relationships among purity, price, and risk; the effect of globalization on the heroin and cocaine markets, examined both through mathematical models and with empirical data from the U.K; the spread of khat, a psychoactive drug imported legally to the U.K. as a vegetable; and the economic effect of the "war on drugs" on producer and consumer countries. Other chapters examine the hidden financial flows of organized crime, patterns of smuggling in international trade, Iran's illicit trading activity, and the impact of mafia-like crime on foreign direct investment in Italy.