Labor mobility in a monetary union
In: Journal of international economics, Band 137, S. 103600
ISSN: 0022-1996
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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
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: 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: Monitoring European Integration, 1991
In: A CEPR Annual Report
World Affairs Online
In: Policy analyses in international economics 49
World Affairs Online
We use a two-country model with a central bank maximizing union-wide welfare and two fiscal authorities minimizing comparable, but slightly different country-wide losses. We analyze the rivalry between the three authorities in seven static games. Comparing a homogeneous with a heterogeneous monetary union, we find welfare losses to be significantly larger in the heterogeneous union. The best-performing scenarios are cooperation between all authorities and monetary leadership. Cooperation between the fiscal authorities is harmful to both the whole union's and the country-specific welfare.
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World Affairs Online
In: American economic review, Band 104, Heft 5, S. 101-106
ISSN: 1944-7981
We propose a continuous time model to investigate the impact of inflation credibility on sovereign debt dynamics. At every point in time, an impatient government decides fiscal surplus and inflation, without commitment. Inflation is costly, but reduces the real value of outstanding nominal debt. In equilibrium, debt dynamics is the result of two opposing forces: (i) impatience and (ii) the desire to conquer low inflation. A large increase in inflation credibility can trigger a process of debt accumulation. This rationalizes the sovereign debt booms that are often experienced by low inflation credibility countries upon joining a currency union.
In: IMF Staff Country Reports
KEY ISSUESContext. The region continued to experience a strong upswing in 2013 and the immediate outlook is for further vigorous growth and moderate inflation. Sustaining this performance over the medium term, however, will require ambitious growth-enhancing reforms, high quality public investment, and consolidation of the recent improvements in the regional political and security situation. The outlook is subject to moderate downside risks. In the short term, political stability could be tested with the upcoming elections in a number of member states, particularly in a context of high demand
We use a two-country model with a central bank maximizing union-wide welfare and two fiscal authorities minimizing comparable, but slightly different country-wide losses. We analyze the rivalry between the three authorities in seven static games. Comparing a homogeneous with a heterogeneous monetary union, we find welfare losses to be significantly larger in the heterogeneous union. The best-performing scenarios are cooperation between all authorities and monetary leadership. Cooperation between the fiscal authorities is harmful to both the whole union's and the country-specific welfare.
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