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The Future of Macroeconomic Policy in the European Union

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  • Christopher Allsopp
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    Abstract

    This paper is the text of the key-note speech on macroeconomics given by Christopher Allsopp at the 75th Anniversary Symposium of the Austrian Institute of Economic Research (WIFO) in Vienna on January 23rd 2002. It discusses the role of the European Central Bank, coordination issues between monetary and fiscal policy, and the effects of the interaction of the Stability and Growth Pact with labour market issues, especially on the processes of adjustment between countries in the euro area.

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    Bibliographic Info

    Paper provided by Monetary Policy Committee Unit, Bank of England in its series Discussion Papers with number 07.

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    Date of creation: 2002
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    Handle: RePEc:mpc:wpaper:07

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    References

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    1. Donatella Gatti, 2002. "Co-ordinating fiscal authorities in the euro-zone: a key role for the ECB," Oxford Economic Papers, Oxford University Press, vol. 54(1), pages 56-71, January.
    2. Allsopp, Christopher & Vines, David, 1998. "The Assessment: Macroeconomic Policy after EMU," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 1-23, Autumn.
    3. Mervyn King, 1999. "Challenges for monetary policy : new and old," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 11-57.
    4. Nicoletta Batini & Anthony Yates, 2001. "Hybrid inflation and price level targeting," Bank of England working papers 135, Bank of England.
    5. Svensson, Lars E O, 2000. "The First Year Of The Eurosystem: Inflation Targeting Or Not?," CEPR Discussion Papers 2380, C.E.P.R. Discussion Papers.
    6. Issing,Otmar & Gaspar,Vitor & Angeloni,Ignazio & Tristani,Oreste, 2001. "Monetary Policy in the Euro Area," Cambridge Books, Cambridge University Press, number 9780521788885, April.
    7. Xavier Sala-i-Martin & Jeffrey Sachs, 1991. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States," NBER Working Papers 3855, National Bureau of Economic Research, Inc.
    8. Buti, Marco & Franco, Daniele & Ongena, Hedwig, 1998. "Fiscal Discipline and Flexibility in EMU: The Implementation of the Stability and Growth Pact," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 81-97, Autumn.
    9. Nicoletta Batini & Andrew Haldane, 1999. "Forward-Looking Rules for Monetary Policy," NBER Chapters, in: Monetary Policy Rules, pages 157-202 National Bureau of Economic Research, Inc.
    10. Allsop, Christopher & Vines, David, 2000. "The Assessment: Macroeconomic Policy," Oxford Review of Economic Policy, Oxford University Press, vol. 16(4), pages 1-32, Winter.
    11. Bean, Charles, 1998. "The New UK Monetary Arrangements: A View from the Literature," Economic Journal, Royal Economic Society, vol. 108(451), pages 1795-1809, November.
    12. Calmfors, Lars, 1998. "Macroeconomic Policy, Wage Setting, and Employment--What Difference Does the EMU Make?," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 125-51, Autumn.
    13. Taylor, John B, 2000. "Alternative Views of the Monetary Transmission Mechanism: What Difference Do They Make for Monetary Policy?," Oxford Review of Economic Policy, Oxford University Press, vol. 16(4), pages 60-73, Winter.
    14. Allsopp, Christopher & Davies, Gareth & Vines, David, 1995. "Regional Macroeconomic Policy, Fiscal Federalism, and European Integration," Oxford Review of Economic Policy, Oxford University Press, vol. 11(2), pages 126-44, Summer.
    15. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
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    Cited by:
    1. Alessandro Girardi & Paolo Paesani, 2008. "Structural Reforms and Fiscal Discipline in Europe," Transition Studies Review, Springer, vol. 15(2), pages 389-402, September.
    2. Canale Rosaria Rita & Foresti Pasquale & Marani Ugo & Napolitano Oreste, 2008. "On keynesian effects of (apparent) non-keynesian fiscal policies," Politica economica, Società editrice il Mulino, issue 1, pages 5-46.
    3. Truger, Achim & Hein, Eckhard, 2004. "Macroeconomic co-ordination as an economic policy concept : opportunities and obstacles in the EMU," WSI Discussion Papers 125, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
    4. Niechoj, Torsten & Hein, Eckhard, 2004. "Leitlinien für ein dauerhaftes Wachstum in der EU? Konzept und Wirkung der Grundzüge der Wirtschaftspolitik," WSI Discussion Papers 126, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
    5. Eckhard Hein & Torsten Niechoj, 2005. "Guidelines for sustained growth in the EU? The concept and consequences of the Broad Economic Policy Guidelines," Macroeconomics 0508016, EconWPA.
    6. Eckhard Hein & Thorsten Schulten, 2004. "Unemployment, wages and collective bargaining in the European Union," Macroeconomics 0412006, EconWPA.
    7. Bruck, Tilman & Zwiener, Rudolf, 2006. "Fiscal policy rules for stabilisation and growth: A simulation analysis of deficit and expenditure targets in a monetary union," Journal of Policy Modeling, Elsevier, vol. 28(4), pages 357-369, May.
    8. Christopher Allsopp, 2002. "Macroeconomic Policy Rules in Theory and in Practice," Discussion Papers 10, Monetary Policy Committee Unit, Bank of England.

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