Does detrending matter for the determination of the reference cycle and the selection of turning points?
AbstractRecent research in contract theory views ownership as a substitute for complete contracts. Here, this approach is applied to monetary integration. Countries face a coordination problem conducting monetary policy. Negative spillovers ensure uncoordinated policy generates too high inflation. Ex ante, policymakers can undertake politically costly economic reform. This has a positive spillover because it improves the outcome of the monetary policy game. Ex post contracting over policy may be possible, but it supposed that ex ante contracting over reform and monetary policy is not. This paper analyzes when monetary union is a good substitute for this inability to commit.
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Bibliographic InfoPaper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 113.
Date of creation: Feb 1994
Date of revision: Mar 1995
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Other versions of this item:
- Canova, Fabio, 1999. "Does Detrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points?," Economic Journal, Royal Economic Society, vol. 109(452), pages 126-50, January.
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- Guillem López & Adam R. Wagstaff, 1992. "Indicadores de eficiencia en el sector hospitalario," Economics Working Papers 11, Department of Economics and Business, Universitat Pompeu Fabra.
- Daniel Serra, 1993. "The coherent covering location problem," Economics Working Papers 20, Department of Economics and Business, Universitat Pompeu Fabra.
- Giorgia Giovannetti, 1993. "Import pricing, domestic pricing and market structure," Economics Working Papers 71, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 1994.
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