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Sheet Anchors, Fixed Price Anchors and Price Stability in a Monetary Union

In: Open-Economy Macroeconomics

Author

Listed:
  • Andrew J. Hughes Hallett

    (University of Strathclyde
    Princeton University
    CEPR)

  • David Vines

    (CEPR
    University of Glasgow)

  • Myrvin Anthony

    (University of Strathclyde)

Abstract

Economic and Monetary Union (EMU) represents a substantial change in the way that economic policy will be conducted in Europe. This chapter asks, what can standard economic models say about the costs and benefits of the EMU proposal? There is surprisingly little literature which analyses those costs and benefits formally, although there have been many accounts which give a general description of what is intended to happen. Such descriptions lack the analytic foundations which can demonstrate that those outcomes can in fact be expected and explain what the side-effects may be. Nor do they allow more than impressionistic estimates of the net benefits over costs.

Suggested Citation

  • Andrew J. Hughes Hallett & David Vines & Myrvin Anthony, 1993. "Sheet Anchors, Fixed Price Anchors and Price Stability in a Monetary Union," International Economic Association Series, in: Helmut Frisch & Andreas Wörgötter (ed.), Open-Economy Macroeconomics, chapter 3, pages 46-69, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-12884-6_3
    DOI: 10.1007/978-1-349-12884-6_3
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    Cited by:

    1. Fidrmuc, Jan & Horvath, Julius & Fidrmuc, Jarko, 1999. "The Stability of Monetary Unions: Lessons from the Breakup of Czechoslovakia," Journal of Comparative Economics, Elsevier, vol. 27(4), pages 753-781, December.

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