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EMU Enlargement, Policy Uncertainty and Economic Reforms

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Author Info
Carsten Hefeker ()

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Abstract

The paper analyzes the relation between monetary uncertainty and government incentives to implement economic reforms that reduce structural distortions and make economies more flexible. It is shown that uncertainty about the central bank’s reaction function leads to more reforms. I relate this result to the debate about central bank setup in a larger monetary union.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 1767.

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Date of creation: 2006
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Handle: RePEc:ces:ceswps:_1767

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Related research
Keywords: transparency of monetary policy; ECB voting structure; European Monetary Union; optimal representation; labor market regulation;

Find related papers by JEL classification:
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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References listed on IDEAS
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  1. Sibert, Anne & Sutherland, Alan, 1997. "Monetary Regimes and Labour Market Reform," CEPR Discussion Papers 1731, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. Jon Faust & Lars E.O. Svensson, 1998. "Transparency and credibility: monetary policy with unobservable goals," International Finance Discussion Papers 605, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  3. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August. [Downloadable!] (restricted)
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  4. Carin van der Cruijsen & Maria Demertzis, 2005. "The Impact of Central Bank Transparency on Inflation Expectations," DNB Working Papers 031, Netherlands Central Bank, Research Department. [Downloadable!]
    Other versions:
  5. Canzoneri, Matthew B, 1985. "Monetary Policy Games and the Role of Private Information," American Economic Review, American Economic Association, vol. 75(5), pages 1056-70, December. [Downloadable!] (restricted)
    Other versions:
  6. Carsten Hefeker, 2003. "Federal Monetary Policy," Scandinavian Journal of Economics, Blackwell Publishing, vol. 105(4), pages 643-659, December. [Downloadable!] (restricted)
    Other versions:
  7. Hughes Hallett, Andrew & Libich, Jan, 2006. "Central Bank Independence, Accountability and Transparency: Complements or Strategic Substitutes?," CEPR Discussion Papers 5470, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    Other versions:
  9. S[empty]rensen, Jan Rose, 1991. "Political uncertainty and macroeconomic performance," Economics Letters, Elsevier, vol. 37(4), pages 377-381, December. [Downloadable!] (restricted)
  10. Baldwin, Richard & Berglöf, Erik & Giavazzi, Francesco & Widgrén, Mika, 2000. "EU Reforms for Tomorrow’s Europe," CEPR Discussion Papers 2623, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    Other versions:
  12. Gerling, Kerstin & Gruner, Hans Peter & Kiel, Alexandra & Schulte, Elisabeth, 2005. "Information acquisition and decision making in committees: A survey," European Journal of Political Economy, Elsevier, vol. 21(3), pages 563-597, September. [Downloadable!] (restricted)
    Other versions:
  13. Hefeker, Carsten, 2000. "Structural Reforms and the Enlargement of Monetary Union," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  14. Seth B. Carpenter, 2004. "Transparency and monetary policy: what does the academic literature tell policymakers?," Finance and Economics Discussion Series 2004-35, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  15. Jensen, Henrik, 2002. " Optimal Degrees of Transparency in Monetary Policymaking," Scandinavian Journal of Economics, Blackwell Publishing, vol. 104(3), pages 399-422, September. [Downloadable!] (restricted)
    Other versions:
  16. Helge Berger, 2002. "The ECB and Euro-Area Enlargement," IMF Working Papers 02/175, International Monetary Fund.
  17. Benigno, Pierpaolo, 2004. "Optimal monetary policy in a currency area," Journal of International Economics, Elsevier, vol. 63(2), pages 293-320, July. [Downloadable!] (restricted)
    Other versions:
  18. Fatum, Rasmus, 2006. "One monetary policy and 18 central bankers: The European monetary policy as a game of strategic delegation," Journal of Monetary Economics, Elsevier, vol. 53(4), pages 659-669, May. [Downloadable!] (restricted)
  19. Helge Berger & Stephan Danninger, 2005. "Labor and Product Market Deregulation: Partial, Sequential, or Simultaneous Reform?," IMF Working Papers 05/227, International Monetary Fund. [Downloadable!]
  20. Soderstrom, Ulf, 2002. " Monetary Policy with Uncertain Parameters," Scandinavian Journal of Economics, Blackwell Publishing, vol. 104(1), pages 125-45. [Downloadable!] (restricted)
    Other versions:
  21. Petra M. Geraats, 2002. "Central Bank Transparency," Economic Journal, Royal Economic Society, vol. 112(483), pages 532-565, November. [Downloadable!] (restricted)
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This page was last updated on 2009-12-1.

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