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In: The international spectator: journal of the Istituto Affari Internazionali, Band 34, Heft 3, S. 29-44
ISSN: 1751-9721
In: Contemporary economic policy: a journal of Western Economic Association International, Band 9, Heft 1, S. 72-80
ISSN: 1465-7287
In: Common Market Law Review, Band 26, Heft 2, S. 301-326
ISSN: 0165-0750
This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for both the overall performance of the monetary union and the country-specific situation are analysed. It is shown that asymmetries can have important effects, and that there are substantial spill-over effects. Among other things, it is found that aggregate output volatility is not strictly increasing in nominal rigidity but hump-shaped. A disproportionate share of the consequences of wage inflexibility may fall on small countries. In the case of country-specific shocks a country unambiguously benefits in terms of macroeconomic stability by becoming more flexible, but in general an inflexible country does not necessarily achieve more output stability by becoming more flexible. As this may be desirable for the monetary union as a whole, there is a risk of a ?reform deficit? in an asymmetric monetary union.
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This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction and the number of these reversals depend on whether policies are unanticipated or anticipated. We also study the coordination between monetary and fiscal policy in a monetary union. Monetary policy may completely stabilize European output after unanticipated fiscal policy shocks. With anticipated fiscal policy shocks, complete stabilization throughout the overall adjustment process requires monetary policy to be time-inconsistent.
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In: Journal of international economics, Band 137, S. 103600
ISSN: 0022-1996
In: European Journal of Political Economy, Band 63, S. 101884
In: Comparative economic studies, Band 61, Heft 2, S. 195-212
ISSN: 1478-3320
In: National Institute economic review: journal of the National Institute of Economic and Social Research, Band 228, S. F4-F11
ISSN: 1741-3036
In: The economic journal: the journal of the Royal Economic Society, Band 115, Heft 506, S. 907-927
ISSN: 1468-0297
In: IMF Working Paper WP/14/201
In: IMF Working Papers v.Working Paper No. 14/201
Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD) implemented as a revenue-neutral shift from employer's socialcontributions 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 realexchange rate. Since the benefits of a FD are small relative to the divergence incompetitiveness, it is best addressed through structural reforms
In: Policy analyses in international economics 49
World Affairs Online
In: Monitoring European Integration, 1991
In: A CEPR Annual Report
World Affairs Online