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Final Report: Monetary and Fiscal Policy

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Author Info

  • Katarzyna Zukrowska

    ()
    (International Security Department Warsaw School of Economics)

  • Vladimir Lavrac

    ()
    (Institute for Economic Research Ljubljana)

  • Massimiliano Marzo

    ()
    (Dipartimento di Scienze Economiche Università di Bologna)

  • Dominik Sobczak

    ()
    (International Security Department Warsaw School of Economics)

Abstract

This report reflects on recent trends in fiscal and monetary policies at the onset of EU-enlargement. Particularly, the authors focus on necessary adjustment processes for future EU-members. How to smooth best the transition period between "normal" EU-accession and eventual participation in the Eurozone? Having conducted empirical regional reports, the Ezoneplus research consortium combines the results in two main parts: Katarzyna ¯ukrowska and Dominik Sobczak reveal trends and risks in fiscal policy issues, such as divergent consolidation policies in Western Europe, possible lessons for CEE countries and the importance of the Stability and Growth Pact. Then, Massimiliano Marzo elaborates a comprehensive picture of the impact of monetary policy, especially inflation targeting in three CEE countries.

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File URL: http://www.ezoneplus.org/archiv/ezp_wp_17.pdf
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Bibliographic Info

Paper provided by Free University Berlin, Jean Monnet Centre of Excellence in its series Eastward Enlargement of the Euro-zone Working Papers with number wp17.

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Length: 88 pages
Date of creation: 01 Sep 2003
Date of revision: 01 Sep 2003
Handle: RePEc:ezo:ezppap:wp17

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Postal: Jean Monnet Centre of Excellence, Freie Universität Berlin, Ihnestrasse 22, D-14195 Berlin
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Related research

Keywords: EU-budget costs; ECB; EMU; EU-enlargement; fiscal and monetary policy; heterogeneity; Stability and Growth Pact; Monetary Policy Modelling;

This paper has been announced in the following NEP Reports:

References

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  1. Lars E. O. Svensson, 2003. "What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," Journal of Economic Literature, American Economic Association, vol. 41(2), pages 426-477, June.
  2. Lars E. O. Svensson & Michael Woodford, 2003. "Implementing Optimal Policy through Inflation-Forecast Targeting," NBER Working Papers 9747, National Bureau of Economic Research, Inc.
  3. Leeper, Eric M., 1991. "Equilibria under 'active' and 'passive' monetary and fiscal policies," Journal of Monetary Economics, Elsevier, vol. 27(1), pages 129-147, February.
  4. Sims, Christopher A, 1994. "A Simple Model for Study of the Determination of the Price Level and the Interaction of Monetary and Fiscal Policy," Economic Theory, Springer, vol. 4(3), pages 381-99.
  5. Jiri Jonas & Frederic S. Mishkin, 2003. "Inflation Targeting in Transition Countries: Experience and Prospects," NBER Working Papers 9667, National Bureau of Economic Research, Inc.
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