Are Monetary Unions More Synchronous than Non-Monetary Unions?
In: Bank of Finland Research Discussion Paper No. 11/2015
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In: Bank of Finland Research Discussion Paper No. 11/2015
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Working paper
In: Review of international affairs, Band 49, Heft 1067, S. 15-17
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 24, Heft 1, S. 87-95
ISSN: 1467-9485
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ISSN: 1944-785X
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ISSN: 0021-9886
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ISSN: 1606-8963
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ISSN: 1528-3577
World Affairs Online
In: The Manchester School, Band 72, Heft s1, S. 19-33
ISSN: 1467-9957
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 are met: shocks affecting individual countries are not perfectly correlated, risk‐sharing across countries is imperfect, and the Phillips curve is nonlinear. Moreover, inflation rates are inefficiently high. We argue that ways of solving the commitment problem, including the emphasis on price stability in the agreements constituting the European Union, are especially valuable when strategic delegation is a problem.
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ISSN: 1468-0270
Is European Monetary Union desirable? Pascal Salin, of the Univeristy of Paris, argues that any system of fixed exchange rates such as the EMS Exchange Rate Mechanism, is likely to prove unsatisfactory.
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ISSN: 0039-6214
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ISSN: 0039-6214
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ISSN: 1662-6370
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ISSN: 0039-6214