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Monetary Integration in Europe: Implications for Real Interest Rates and Stock Markets

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  • Canzoneri, Matthew B
  • Dellas, Harris

Abstract

The authors calibrate a simple general equilibrium model to assess the implications of financial market integration on real interest rates and equity prices in Germany, France, Italy, and the United Kingdom. They consider a flexible exchange rate regime, a hard EMS, and a common currency. The authors find that the effect of these regime changes on real interest rates (via the risk premium) should be small but the effect on equity prices is potentially large. Moreover, the choice of central bank operating procedures may also be important for real interest rates. Copyright 1996 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Canzoneri, Matthew B & Dellas, Harris, 1996. " Monetary Integration in Europe: Implications for Real Interest Rates and Stock Markets," Scandinavian Journal of Economics, Wiley Blackwell, vol. 98(4), pages 541-547, December.
  • Handle: RePEc:bla:scandj:v:98:y:1996:i:4:p:541-47
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    Cited by:

    1. H. Dellas, 2011. "Poole Revisited," Review of Business and Economic Literature, Intersentia, vol. 56(4), pages 405-426, December.
    2. Canzoneri, Matthew B. & Dellas, Harris, 1998. "Real interest rates and central bank operating procedures," Journal of Monetary Economics, Elsevier, vol. 42(3), pages 471-494, October.
    3. Welsch Heinz, 2000. "Domestic Fiscal Policy in a Monetary Union: What are the Spillovers? / Fiskalpolitik in einer Währungsunion: Internationale Auswirkungen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 220(3), pages 327-342, June.

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