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Monetary union and economic growth

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Author Info
John Vickers () (Bank of England)

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Abstract

This paper discusses possible links between monetary arrangements in particular monetary union and economic growth. It is stressed that growth depends ultimately on how the real economy works: there is no monetary magic that can conjure up growth. But monetary policy can contribute to conditions for sustainable growth by securing and maintaining price stability; monetary union might extend this. It might also deepen the single market. The elimination of nominal exchange rate movement among members of the union removes some sources of shock but also some ways of adjusting to shocks. This underlines the importance of other adjustment mechanism especially supply-side flexibility, which is crucial for growth in any event.

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Paper provided by National Bank of Belgium in its series Research series with number 200005-6.

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Length: 27 pages
Date of creation: May 2000
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Handle: RePEc:nbb:reswpp:200005-6

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  1. Martin S. Feldstein, 1999. "Capital Income Taxes and the Benefit of Price Stability," NBER Chapters, in: The Costs and Benefits of Price Stability, pages 9-46 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  2. Andrew K. Rose, 2000. "One money, one market: the effect of common currencies on trade," Economic Policy, CEPR, CES, MSH, vol. 15(30), pages 7-46, 04. [Downloadable!] (restricted)
  3. Robert E. Lucas, Jr., 2000. "Inflation and Welfare," Econometrica, Econometric Society, vol. 68(2), pages 247-274, March.
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  5. Jeffrey A. Frankel & David Romer, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June. [Downloadable!] (restricted)
  6. Esteban Jadresic & Paul R. Masson & Paolo Mauro & Michael Mussa & Alexander K. Swoboda & Andrew Berg, 2000. "Exchange Rate Regimes in an Increasingly Integrated World Economy," IMF Occasional Papers 193, International Monetary Fund. [Downloadable!]
  7. Nickell, Stephen J, 1996. "Competition and Corporate Performance," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 724-46, August. [Downloadable!] (restricted)
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  8. Orphanides, Athanasios & Solow, Robert M., 1990. "Money, inflation and growth," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 6, pages 223-261 Elsevier. [Downloadable!] (restricted)
  9. Blanchard, Olivier & Wolfers, Justin, 2000. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," Economic Journal, Royal Economic Society, vol. 110(462), pages C1-33, March. [Downloadable!] (restricted)
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  10. Barrell, Ray & Pain, Nigel, 1998. "Real Exchange Rates, Agglomerations, and Irreversibilities: Macroeconomic Policy and FDI in EMU," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 152-67, Autumn.
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Cited by:
(explanations, 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.)

  1. Jean-Jacques Vanhaelen & Luc Dresse & Jan De Mulder, 2000. "The Belgian industrial confidence indicator: leading indicator of economic activity in the euro area ?," Documents series 200011, National Bank of Belgium. [Downloadable!]
  2. Johan Devriese & Janet Mitchell, 2005. "Liquidity risk in securities settlement," Research series 200507-2, National Bank of Belgium. [Downloadable!]
    Other versions:
  3. François Coppens & David Vivet, 2004. "Liberalisation of network industries : Is the electricity sector an exception to the rule?," Documents series 200409, National Bank of Belgium. [Downloadable!]
  4. Frédéric Lagneaux, 2004. "Economic importance of the Flemish maritime ports: Report 2002," Documents series 200406, National Bank of Belgium. [Downloadable!]
  5. Luc Aucremanne & Emmanuel Dhyne, 2004. "How frequently do prices change? Evidence based on the micro data underlying the Belgian CPI," Research series 200404-1, National Bank of Belgium. [Downloadable!]
  6. Frédéric Lagneaux, 2004. "Importance économique du Port Autonome de Liège: rapport 2002," Documents series 200411-3, National Bank of Belgium. [Downloadable!]
  7. Maureen O'Hara, 2004. "Liquidity and Financial Market Stability," Research series 200405-11, National Bank of Belgium. [Downloadable!]
  8. Helga De Doncker, 2006. "R&D in the Belgian Pharmaceutical Sector," Documents series 200612-1, National Bank of Belgium. [Downloadable!]
  9. Luc Aucremann & David Cornille, 2001. "Attractive prices and euro-rounding effects on inflation," Documents series 200111, National Bank of Belgium. [Downloadable!]
  10. Franklin Allen, 2004. "The Efficiency and Stability of Banks and Markets," Research series 200405-8, National Bank of Belgium. [Downloadable!]
  11. Patrick BISCIARI & Alain DURRE & Alain NYSSENS, 2003. "Stock Market Valuation In The United States," Finance 0312011, EconWPA. [Downloadable!]
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  12. Frédéric Lagneaux, 2005. "Importance économique du Port Autonome de Liège: rapport 2003," Documents series 200510-1, National Bank of Belgium. [Downloadable!]
  13. Stefaan Ide & Philippe Moës, 2003. "Scope of asymmetries in the Euro area," Documents series 200303-2, National Bank of Belgium. [Downloadable!]
  14. Helga De Doncker, 2006. "Crédits aux particuliers - Analyse des données de la Centrale des Crédits aux Particuliers," Documents series 200601-1, National Bank of Belgium. [Downloadable!]
  15. Benoît Eugène & Philippe Jeanfils & Benoît Robert, 2003. "La consommation privée en Belgique," Documents series 200306-2, National Bank of Belgium. [Downloadable!]
  16. Francois Coppens, 2005. "Indirect effects - a formal definition and degrees of dependency as an alternative to technical coefficients," Research series 200505-1, National Bank of Belgium. [Downloadable!]
  17. Catherine Fuss & Philip Vermeulen, 2004. "Firms' investment decisions in response to demand and price uncertainty," Research series 200404-2, National Bank of Belgium. [Downloadable!]
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  18. Patrick Van Cayseele, 2004. "Financial consolidation and liquidity: prudential regulation and/or competition policy?," Research series 200405-6, National Bank of Belgium. [Downloadable!]
  19. Janet Mitchell, 2005. "Financial intermediation theory and implications for the sources of value in structured finance markets," Documents series 200507-1, National Bank of Belgium. [Downloadable!]
  20. Frank Smets & Raf Wouters, 2002. "An estimated dynamic stochastic general equilibrium model of the euro area," Research series 200210, National Bank of Belgium. [Downloadable!]
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  21. Quentin Wibaut, 2000. "Politique monétaire et prix des actifs: le cas des Etats-Unis," Documents series 200008-3, National Bank of Belgium. [Downloadable!]
  22. Xavier Freixas & Gyongyi Loranth & Alan D. Morrison & Hyun Song Shin, 2004. "Regulating Financial Conglomerates," Research series 200405-10, National Bank of Belgium. [Downloadable!]
    Other versions:
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