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ISSN: 1029-4562
In: Journal of Monetary Economics, Band 20, Heft 1, S. 177-182
In: Journal of Monetary Economics, Band 7, Heft 2, S. 195-206
In: EUI working paper, 218
World Affairs Online
In: International studies review, Band 10, Heft 1, S. 100-102
ISSN: 1468-2486
In: Journal of political economy, Band 66, Heft 5, S. 375-388
ISSN: 1537-534X
In: Economic affairs: journal of the Institute of Economic Affairs, Band 9, Heft 6, S. 13-16
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.
We study the monetary-fiscal mix in the European Monetary Union. The medium and long-run effects of conventional and unconventional monetary policy are analysed by combining monetary policy shocks identified in a Structural VAR, and the general government budget constraint featuring a single central bank and multiple fiscal authorities. In response to a conventional easing of the policy rate, the cumulated response of the fiscal deficit is positive. Conversely, in response to an unconventional easing affecting the long end of the yield curve, the primary fiscal position barely moves. This is consistent with the long-run effect of unconventional monetary easing on the price index, which is about half that of conventional easing. The aggregate long-run cumulated surplus is mainly driven by Germany's fiscal policy during the period in which unconventional monetary policy was adopted.
BASE
We study the monetary-fiscal mix in the European Monetary Union. The medium and long-run effects of conventional and unconventional monetary policy are analysed by combining monetary policy shocks identified in a Structural VAR, and the general government budget constraint featuring a single central bank and multiple fiscal authorities. In response to a conventional easing of the policy rate, the cumulated response of the fiscal deficit is positive. Conversely, in response to an unconventional easing affecting the long end of the yield curve, the primary fiscal position barely moves. This is consistent with the long-run effect of unconventional monetary easing on the price index, which is about half that of conventional easing. The aggregate long-run cumulated surplus is mainly driven by Germany's fiscal policy during the period in which unconventional monetary policy was adopted.
BASE
In: Journal of Monetary Economics, Band 1, Heft 3, S. 397-401
"An up-to-date analysis of monetary policy, with a particular focus on the United Kingdom. The book considers questions about how it actually works in practice, and what it should do. It also considers many of the contributions made by economists, both theoretical and empirical, which shed light on monetary policy. One of the aims of the book is to impart this knowledge in an intelligible way to those with a reasonable grasp of basic economics"--