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Supply-policy coordination in a monetary union

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  • Carmen Díaz - Roldan

    (Universidad de Castilla-La Mancha)

Abstract

This paper examines how the member countries of a large monetary union react to country-specific shocks, and to shocks from the rest of the world, using supply-side policies. We develop a three-country model in which two of the countries form a monetary union where an independent central bank to control monetary policy, and supply-side policies are determined by the authorities at the national level. In this framework, we analyse in strategic terms how the authorities can deal with monetary, real and supply shocks, and discuss the welfare aspects of the optimal solution and the extent to which a coordinated supply-side policy may be useful to deal with those shocks.

Suggested Citation

  • Carmen Díaz - Roldan, 2003. "Supply-policy coordination in a monetary union," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 18(2), pages 163-179.
  • Handle: RePEc:emx:esteco:v:18:y:2003:i:2:p:163-179
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    References listed on IDEAS

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    1. Anne C. Sibert & Alan Sutherland, "undated". "Monetary Regimes and Labour Market Reform," Discussion Papers 97/14, Department of Economics, University of York.
    2. Tamim Bayoumi & Barry Eichengreen, 1992. "Shocking Aspects of European Monetary Unification," NBER Working Papers 3949, National Bureau of Economic Research, Inc.
    3. Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780199279173.
    4. Carmen Díaz-Roldán, "undated". "Coordination of Fiscal Policies in a Monetary Union," Working Papers on International Economics and Finance 00-09, FEDEA.
    5. Carlos de Miguel Palacios & Simón Sosvilla-Rivero, 2001. "Efectos De Políticas Macroeconómicas En Una Unión Monetaria Con Distintos Grados De Rigidez Salarial," Hacienda Pública Española, IEF, vol. 156(1), march.
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