Double Discretion, International Spillovers and the WelfareImplications of Monetary Unification

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Double Discretion, International Spillovers and the WelfareImplications of Monetary Unification

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P.A.D. Cavelaars

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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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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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)

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Beetsma, Roel & Bovenberg, A Lans, 1995. "Does Monetary Unification Lead to Excessive Debt Accumulation?," CEPR Discussion Papers 1299, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Beetsma, R. & Bovenberg, L., 1995. "Does monetary unification lead to excessive debt accumulation," Discussion Paper 112, Tilburg University, Center for Economic Research. [Downloadable!]
- 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).
- 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. [Downloadable!] (restricted)
Martin, Philippe, 1997. "The Exchange Rate Policy of the Euro: A Matter of Size?," CEPR Discussion Papers 1646, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Philippe Martin, 1997. "The Exchange Rate Policy of the Euro: A Matter of Size ?," Working Papers 1997-06, CEPII research center. [Downloadable!]
- 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. [Downloadable!] (restricted)
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. [Downloadable!] (restricted)
Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley. [Downloadable!]
Other versions:
- Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of European Monetary Unification," CEPR Discussion Papers 643, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Tamim Bayoumi & Barry Eichengreen, 1992. "Shocking Aspects of European Monetary Unification," NBER Working Papers 3949, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Agnes Benassy-Quere & Benoit Mojon & Jean Pisani-Ferry, 1997. "The Euro and Exchange Rate Stability," Working Papers 1997-12, CEPII research center. [Downloadable!]
Beetsma,Roel M.W.J., 1996. "The Interaction of Fiscal and Monetary Policy in a Monetary Union: Balancing Credibility and Flexibility," Research Memoranda 005, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
Other versions:
- Beetsma, R.M.W.J. & Bovenberg, A.L., 1995. "The Interaction of Fiscal and Monetary Policy in a Monetary Union: Balancing Credibility and Flexibility," DELTA Working Papers 95-24, DELTA (Ecole normale supérieure).
- Beetsma, R. & Bovenberg, L., 1995. "The interaction of fiscal and monetary policy in a monetary union : balancing credibility and flexibility," Discussion Paper 101, Tilburg University, Center for Economic Research. [Downloadable!]

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