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Double Discretion, International Spillovers and the WelfareImplications of Monetary Unification

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  • P.A.D. Cavelaars
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    Abstract

    This paper studies the welfare consequences of the monetary union in Europe. Its workhorse is a monetary-fiscal game which stresses the importance of international spillovers and introduces a double (monetary and fiscal) credibility problem. It is shown that the welfare impact of EMU is ambiguous for Europe, but that EMU is unambiguously welfare-improving for the US.

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    File URL: http://www.dnb.nl/binaries/sr085_tcm46-146862.pdf
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    Bibliographic Info

    Paper provided by Netherlands Central Bank in its series DNB Staff Reports (discontinued) with number 85.

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    Length: 30 pages
    Date of creation: 2003
    Date of revision:
    Handle: RePEc:dnb:staffs:85

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    Postal: Postbus 98, 1000 AB Amsterdam
    Web page: http://www.dnb.nl/en/
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    Related research

    Keywords: monetary union; commitment; spillovers; welfare analysis.;

    This paper has been announced in the following NEP Reports:

    References

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    1. Tamim Bayoumi & Barry Eichengreen, 1992. "Shocking Aspects of European Monetary Unification," NBER Working Papers 3949, National Bureau of Economic Research, Inc.
    2. Agnès Bénassy-Quéré & Benoît Mojon & Jean Pisani-Ferry, 1997. "The Euro and Exchange Rate Stability," Working Papers 1997-12, CEPII research center.
    3. Martin, Philippe, 1998. "The Exchange Rate Policy of the Euro: A Matter of Size?," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 455-482, December.
    4. Beetsma, Roel & Bovenberg, A Lans, 1995. "Does Monetary Unification Lead to Excessive Debt Accumulation?," CEPR Discussion Papers 1299, C.E.P.R. Discussion Papers.
    5. Eichengreen, Barry & Ghironi, Fabio, 1997. "How Will Transatlantic Policy Interactions Change with the Advent of EMU?," CEPR Discussion Papers 1643, C.E.P.R. Discussion Papers.
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