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Die Europäische Währungsunion und der Verlust einer eigenständigen Geldpolitik

Inflations- und Wachstumszyklen sind eng miteinander verbunden; in einem Abschwung lässt der Preisdruck üblicherweise nach, im Aufschwung nimmt er zu. Mit ihrer Zinspolitik versucht die Europäische Zentralbank (EZB) diese Zyklen zu dämpfen. Solange aber die Konjunkturzyklen in der Europäische Währungsunion (EWU) nicht vollständig synchronisiert sind, wird es für die EZB schwierig sein, einen geldpolitischen Kurs zu verfolgen, der alle Mitgliedsländer stets gleichermassen zufrieden stellt. Als Argument für die Einführung des Euro wurde unter anderem angeführt, dass eine einheitliche Geldpolitik zu einer Konvergenz der Konjunkturzyklen beitragen würde. Aus Anlass des zehnjährigen Jubiläums des Euro untersuchen wir in diesem Beitrag insbesondere die folgenden beiden Fragen: a) Wie stark differierte die effektive Geldpolitik der EZB von einer Politik, die den konjunkturzyklischen Bedingungen in den einzelnen Mitgliedsländern angemessen gewesen wäre? b) Sind diese Diskrepanzen – wie zu Gunsten der Einführung des Euro argumentiert wurde – im Laufe der Zeit tatsächlich kleiner geworden?

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Article provided by KOF Swiss Economic Institute, ETH Zurich in its journal KOF Analysen.

Volume (Year): 2 (2008)
Issue (Month): 4 (December)
Pages: 35-43

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Handle: RePEc:kof:anskof:v:2:y:2008:i:4:p:35-43
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  1. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1997. "Monetary Policy Rules in Practice: Some International Evidence," Working Papers 97-32, C.V. Starr Center for Applied Economics, New York University.
  2. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc.
  3. Jan-Egbert Sturm & Timo Wollmershäuser, 2008. "The Stress of Having a Single Monetary Policy in Europe," CESifo Working Paper Series 2251, CESifo Group Munich.
  4. Gebhard Flaig & Timo Wollmershäuser, 2007. "Does the Euro-zone Diverge? A Stress Indicator for Analyzing Trends and Cycles in Real GDP and Inflation," CESifo Working Paper Series 1937, CESifo Group Munich.
  5. Walsh, Carl E., 2004. "Implications of a Changing Economic Structure for the Strategy of Monetary Policy," Santa Cruz Department of Economics, Working Paper Series qt84g1q1g6, Department of Economics, UC Santa Cruz.
  6. Bernd Hayo & Boris Hofmann, 2006. "Comparing monetary policy reaction functions: ECB versus Bundesbank," Empirical Economics, Springer, vol. 31(3), pages 645-662, September.
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