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The Assessment: Macroeconomic Policy after EMU

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Author Info
Allsopp, Christopher
Vines, David

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Abstract

In this paper we discuss the emergence of the new European macroeconomic structure within EMU. We focus on three important elements: the wage-fixing authorities in each country, the fiscal authorities in each country, and the single European Central Bank (ECB). We identify serious problems which might arise in coordinating both the wage-setters and the fiscal authorities, and argue that these problems could be exacerbated if the ECB conducts monetary policy inappropriately. In the light of this we provide recommendations for the conduct of monetary policy by the ECB. The paper also briefly discusses financial stability issues and the interaction between the countries in EMU and the rest of the world. Copyright 1998 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 14 (1998)
Issue (Month): 3 (Autumn)
Pages: 1-23
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Handle: RePEc:oup:oxford:v:14:y:1998:i:3:p:1-23

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  1. Arpaia, Alfonso & Pichelmann, Karl, 2007. "Nominal and real wage flexibility in EMU," MPRA Paper 4364, University Library of Munich, Germany. [Downloadable!]
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  2. Eckhard Hein & Achim Truger, 2005. "What ever happened to Germany? Is the decline of the former european key currency country caused by structural sclerosis or by macroeconomic mismanagement?," International Review of Applied Economics, Taylor and Francis Journals, vol. 19(1), pages 3-28, January. [Downloadable!] (restricted)
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  3. Isabel Vieira, 2003. "Evaluating capital mobility in the EU: a new approach using swaps data," European Journal of Finance, Taylor and Francis Journals, vol. 9(5), pages 514-532, October. [Downloadable!] (restricted)
  4. Eckhard Hein & Achim Truger, 2004. "Macroeconomic co-ordination as an economic policy concept - opportunities and obstacles in the EMU," Macroeconomics 0408011, EconWPA. [Downloadable!]
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  5. Roberto Tamborini, 2002. "One "monetary giant" with many "fiscal dwarfs": The efficiency of macroeconomic stabilization policies in the European Monetary Union," Department of Economics Working Papers 0204, Department of Economics, University of Trento, Italia. [Downloadable!]
  6. Joerg Bibow, 2006. "How the Maastricht Regime Fosters Divergence as Well as Fragility," Economics Working Paper Archive wp_460, Levy Economics Institute, The. [Downloadable!]
  7. Eckhard Hein & Achim Truger, 2006. "Monetary policy, macroeconomic policy mix and economic performance in the Euro area," IMK Working Paper 06-2006, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  8. Eckhard Hein & Achim Truger, 2006. "Germany's post-2000 stagnation in the European context - a lesson in macroeconomic mismanagement," IMK Working Paper 03-2006, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  9. Silvia Sgherri, 2002. "The fiscal dimension of a common monetary policy: results with a non-Ricardian global model," European Journal of Finance, Taylor and Francis Journals, vol. 8(4), pages 449-479, December. [Downloadable!] (restricted)
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  10. Lars Calmfors & Giancarlo Corsetti & Seppo Honkapohja & John Kay & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2006. "Chapter 1: The European Economy: Macroeconomic Outlook and Policy," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 12-49, 03. [Downloadable!]
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  11. Eckhard Hein & Achim Truger, 2006. "Fiscal Policy and Macroeconomic Performance in the Euro area - Lessons for the Future," IMK Working Paper 07-2006, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  12. Eckhard Hein & Achim Truger, 2005. "Macroeconomic policies, wage developments, and Germany's stagnation," IMK Working Paper 01-2005, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
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  13. Alexander Italianer, 1999. "The Euro and Internal Economic Policy Coordination," Empirica, Springer, vol. 26(3), pages 201-216, September. [Downloadable!] (restricted)
  14. Donatella Gatti & Christa von Wijnbergen, 2005. "The Case for a Symmetric Reaction. Function of the European Central Bank," Macroeconomics 0507009, EconWPA. [Downloadable!]
  15. Christopher Allsopp, 2002. "The Future of Macroeconomic Policy in the European Union," Discussion Papers 07, Monetary Policy Committee Unit, Bank of England. [Downloadable!]
  16. Eckhard Hein & Achim Truger, 2004. "What ever happened to Germany? Is the decline of the former European key currency country caused by structural sclerosis or macroeconomic mismanagement?," Darmstadt Discussion Papers in Economics 134, Institut für Volkswirtschaftslehre (Department of Economics), Technische Universität Darmstadt (Darmstadt University of Technology). [Downloadable!]
  17. Eckhard Hein & Achim Truger, 2005. "European Monetary Union: Nominal Convergence, Real Divergence and Slow Growth? An investigation into the effects of changing macroeconomic policy institutions associated with monetary union," Macroeconomics 0501011, EconWPA. [Downloadable!]
  18. Blandine ZIMMER, 2005. "Coordination des négociations salariales en UEM : un rôle majeur pour la BCE," Working Papers of BETA 2005-09, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
  19. S. Sgherri, 2000. "When is labour market flexibility welcome? More on asymmetric policy impacts in Europe," WO Research Memoranda (discontinued) 619, Netherlands Central Bank, Research Department. [Downloadable!]
  20. Eckhard Hein, 2005. "Monetary Policy and Wage Bargaining in the EMU: Restrictive ECB Policies, High Unemployment, Nominal Wage Restraint and Rising Inflation," Macroeconomics 0501010, EconWPA. [Downloadable!]
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