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Dynamic Paths of the European Economy: Simulations with an Aggregate Model of the EMU as a Part of the World Economy

In: The Past, Present and Future of the European Union

Author

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  • Alberto Bagnai

    (University of Rome I)

Abstract

The development of the European economy is a subject of remarkable interest in the current debate on the world economy. The performance of the Economic and Monetary Union (EMU) in terms of growth and unemployment is still unsatisfactory in comparison with that of the United States and of the European non-EMU countries, especially the United Kingdom. This has led some authors to investigate the existence of a deflationary bias in EMU monetary and fiscal policy rules (see for instance Altavilla and Marani, 2002). What is probably more significant, the concern that a restrictive monetary policy from the ECB might hinder the weak recovery of the EMU is shared by multilateral agencies such as the OECD (see Cotis, 2003) and the IMF (see chapter 1 and figure 1.5 in IMF, 2003).

Suggested Citation

  • Alberto Bagnai, 2004. "Dynamic Paths of the European Economy: Simulations with an Aggregate Model of the EMU as a Part of the World Economy," International Economic Association Series, in: Alan V. Deardorff (ed.), The Past, Present and Future of the European Union, chapter 9, pages 197-213, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-230-52286-2_9
    DOI: 10.1057/9780230522862_9
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    Cited by:

    1. Alberto Bagnai & Silvia Galli & Eleonora Pierucci & Simone Raimondi, 2004. "Narrowing the US twin deficits: simulations with a world macroeconometric model," International Trade 0411004, University Library of Munich, Germany.
    2. Bagnai, Alberto, 2009. "The role of China in global external imbalances: Some further evidence," China Economic Review, Elsevier, vol. 20(3), pages 508-526, September.

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