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An Enlarged Economic and Monetary Union: Effects and Policy Implications

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  • Carlo Altomonte

    (Università Commerciale L. Bocconi - Milano, Italia)

  • Pierangelo De Pace

    (The Johns Hopkins University - Baltimore, Maryland, USA)

Abstract

We calculate an "enlarged" Phillips curve for a theoretical EMU with 12+8 Member States. Both the empirical evidence and the econometric analysis show the worsening of the trade-off between inflation and unemployment, and hence the need to revise, at least temporarily, the stance of the ECB monetary policy. Also, the estimates point to a modified responsiveness of the money-demand function to the changes of the interest rates, given, however, a greater stability of such a function in the long-run.

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File URL: http://128.118.178.162/eps/mac/papers/0409/0409019.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0409019.

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Length: 35 pages
Date of creation: 22 Sep 2004
Date of revision: 25 Sep 2004
Handle: RePEc:wpa:wuwpma:0409019

Note: Type of Document - pdf; pages: 35
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Web page: http://128.118.178.162

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Keywords: time-series models; European Monetary Union; monetary policy;

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  1. Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley.
  2. Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of Monetary Unification," Department of Economics, Working Paper Series qt791143kp, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  3. Carlo C. A. Winder & Martin M. G. Fase, 1998. "Wealth and the demand for money in the European union," Empirical Economics, Springer, vol. 23(3), pages 507-524.
  4. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-71, September.
  5. George A. Akerlof & William T. Dickens & George L. Perry, 2000. "Near-Rational Wage and Price Setting and the Long-Run Phillips Curve," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 1-60.
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