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Efficiency of stability-oriented institutions: the European case Author info | Abstract | Publisher info | Download info | Related research | Statistics Fabrice Capoen () (Université de Caen)
Jerome Creel () (Observatoire Français des Conjonctures Économiques )
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Stability-oriented European institutions correspond to the general prescriptions of the ‘new macroeconomics consensus’. This contribution provides an assessment of the pros and cons of these institutions in terms of macro stabilisation and exchange-rate swings drawing on different scenarios. We argue that the institutions which have been associated with the Euro – limits on public deficits and a conservative central bank – have somewhat jeopardized the efficiency of this new exchange-rate regime. Adaptation of institutions is thus needed: either cooperation or coordination may enhance European welfare.
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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number
2007-06.
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Date of creation: 2007Date of revision:
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Keywords: monetary policy ; fiscal policy ; central bank ; stability pact ; time-consistency ; exchange rate ; cooperation ; coordination ; Find related papers by JEL classification: E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
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