Double Discretion, International Spillovers and the WelfareImplications of Monetary Unification
AbstractThis 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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Bibliographic InfoPaper provided by Netherlands Central Bank in its series DNB Staff Reports (discontinued) with number 85.
Length: 30 pages
Date of creation: 2003
Date of revision:
monetary union; commitment; spillovers; welfare analysis.;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-10-12 (All new papers)
- NEP-IFN-2003-10-12 (International Finance)
- NEP-MON-2003-10-12 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tamim Bayoumi & Barry Eichengreen, 1992.
"Shocking Aspects of European Monetary Unification,"
NBER Working Papers
3949, National Bureau of Economic Research, Inc.
- Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley.
- Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of European Monetary Unification," CEPR Discussion Papers 643, C.E.P.R. Discussion Papers.
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- 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.
- Martin, Philippe, 1997. "The Exchange Rate Policy of the Euro: A Matter of Size?," CEPR Discussion Papers 1646, C.E.P.R. Discussion Papers.
- Philippe Martin, 1997. "The Exchange Rate Policy of the Euro: a Matter of Size?," Working Papers 1997-06, CEPII research center.
- Beetsma, Roel & Bovenberg, A Lans, 1995.
"Does Monetary Unification Lead to Excessive Debt Accumulation?,"
CEPR Discussion Papers
1299, C.E.P.R. Discussion Papers.
- Beetsma, Roel M. W. J. & Bovenberg, A. Lans, 1999. "Does monetary unification lead to excessive debt accumulation?," Journal of Public Economics, Elsevier, vol. 74(3), pages 299-325, December.
- Beetsma, R.M.W.J. & Bovenberg, A.L., 1995. "Does monetary unification lead to excessive debt accumulation," Discussion Paper 1995-112, Tilburg University, Center for Economic Research.
- Beetsma, R.M.W.J. & Bovenberg, A.L., 1995. "Does Monetary Unification Lead to Excessive Debt Accumulation?," DELTA Working Papers 95-23, DELTA (Ecole normale supérieure).
- 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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