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Double Discretion, International Spillovers and the WelfareImplications of Monetary Unification

  • P.A.D. Cavelaars
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    This paper studies the welfare consequences of the monetary union in Europe. Its workhorse is a monetary-fiscal game which stresses the importance of international spillovers and introduces a double (monetary and fiscal) credibility problem. It is shown that the welfare impact of EMU is ambiguous for Europe, but that EMU is unambiguously welfare-improving for the US.

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    File URL: http://www.dnb.nl/binaries/sr085_tcm46-146862.pdf
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    Paper provided by Netherlands Central Bank in its series DNB Staff Reports (discontinued) with number 85.

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    Length: 30 pages
    Date of creation: 2003
    Date of revision:
    Handle: RePEc:dnb:staffs:85
    Contact details of provider: Postal: Postbus 98, 1000 AB Amsterdam
    Web page: http://www.dnb.nl/en/

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    1. Philippe Martin, 1997. "The Exchange Rate Policy of the Euro: a Matter of Size?," Working Papers 1997-06, CEPII research center.
    2. Beetsma, Roel M. W. J. & Bovenberg, A. Lans, 1999. "Does monetary unification lead to excessive debt accumulation?," Journal of Public Economics, Elsevier, vol. 74(3), pages 299-325, December.
    3. Tamim Bayoumi & Barry Eichengreen, 1992. "Shocking Aspects of European Monetary Unification," NBER Working Papers 3949, National Bureau of Economic Research, Inc.
    4. Eichengreen, Barry & Ghironi, Fabio, 1997. "How Will Transatlantic Policy Interactions Change with the Advent of EMU?," CEPR Discussion Papers 1643, C.E.P.R. Discussion Papers.
    5. Agnès Bénassy-Quéré & Benoît Mojon & Jean Pisani-Ferry, 1997. "The Euro and Exchange Rate Stability," Working Papers 1997-12, CEPII research center.
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