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The euro: It can't happen, It's a bad idea, It won't last. US economists on the EMU, 1989-2002

Author

Listed:
  • Lars Jonung
  • Eoin Drea

Abstract

This study of approximately 170 publications shows (a) that US academic economists concentrated on the question "Is the EMU a good or bad thing?", usually adopting the paradigm of optimum currency areas as their main analytical vehicle, (b) that they displayed considerable scepticism towards the single currency, (c) that economists within the Federal Reserve System had a less analytical and a more pragmatic approach to the single currency than US academic economists, and (e) that US economists adjusted their views and analytical approach as European monetary unification progressed. In particular, the traditional optimum currency approach was gradually put into question.

Suggested Citation

  • Lars Jonung & Eoin Drea, 2009. "The euro: It can't happen, It's a bad idea, It won't last. US economists on the EMU, 1989-2002," European Economy - Economic Papers 2008 - 2015 395, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:ecopap:0395
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
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      by Alberto Bagnai in Goofynomics on 2011-12-31 23:42:00
    2. Euro: una catastrofe annunciata
      by Alberto Bagnai in Goofynomics on 2011-12-04 04:50:00
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      by redazione in Appello al popolo on 2011-12-04 20:55:29
    4. ExIT: reflections of a mainstreamer
      by Alberto Bagnai in Goofynomics on 2017-03-16 22:37:00

    Citations

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    Cited by:

    1. Michael D. Bordo & Lars Jonung & Agnieszka Markiewicz, 2013. "A Fiscal Union for the Euro: Some Lessons from History ," CESifo Economic Studies, CESifo, vol. 59(3), pages 449-488, September.
    2. repec:ces:ifodic:v:9:y:2011:i:3:p:16750160 is not listed on IDEAS
    3. Frankel, Jeffrey, 2013. "The Future of the Currency Union," Working Paper Series rwp13-015, Harvard University, John F. Kennedy School of Government.
    4. Gibson, Heather D. & Palivos, Theodore & Tavlas, George S., 2014. "The Crisis in the Euro Area: An Analytic Overview," Journal of Macroeconomics, Elsevier, vol. 39(PB), pages 233-239.
    5. Ludger Schuknecht & Philippe Moutot & Philipp Rother & Jürgen Stark, 2011. "The Stability and Growth Pact: Crisis and Reform," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(3), pages 10-17, October.
    6. A. Lanzavecchia & E. Pavarani, 2015. "Democracy or Euro: who will surrender?," Economics Department Working Papers 2015-EF02, Department of Economics, Parma University (Italy).
    7. Frankel, Jeffrey, 2015. "The euro crisis: Where to from here?," Journal of Policy Modeling, Elsevier, vol. 37(3), pages 428-444.
    8. Antônio Albano De Freitas, 2016. "Crisis, Profit Rate And The Political Economy Of The Eurozone," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42ndd Brazilian Economics Meeting] 010, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    9. Mario Sarcinelli, 2013. "The European Banking Union: Will It Be a True Union without Risk Sharing?," PSL Quarterly Review, Economia civile, vol. 66(265), pages 137-167.
    10. Klaus Regling & Servaas Deroose & Reinhard Felke & Paul Kutos, 2010. "The Euro After Its First Decade : Weathering the Financial Storm and Enlarging the Euro Area," Governance Working Papers 22817, East Asian Bureau of Economic Research.
    11. Karsai Zoltán-Krisztián, 2012. "Does The Maastricht Convergence Criteria Work?," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 107-114, December.
    12. Ludger Schuknecht & Philippe Moutot & Philipp Rother & Jürgen Stark, 2011. "The Stability and Growth Pact: Crisis and Reform," CESifo DICE Report, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(3), pages 10-18, October.
    13. Sergio Cesaratto, 2012. "Harmonic and Conflict Views in International Economic Relations: a Sraffian view," Department of Economics University of Siena 651, Department of Economics, University of Siena.
    14. repec:ces:ifodic:v:9:y:2011:i:3:p:10-17 is not listed on IDEAS

    More about this item

    Keywords

    The euro; optimum currency area; ECB; EMU; Federal Reserve System; monetary unification; Europe; United States; Jonung; Drea;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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