IDEAS home Printed from https://ideas.repec.org/p/euf/ecopap/0395.html
   My bibliography  Save this paper

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
    as

    Download full text from publisher

    File URL: http://ec.europa.eu/economy_finance/publications/pages/publication16345_en.pdf
    Download Restriction: no

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Savonarola vs Paperoga: decrescita e endogenità delle aree valutarie ottimali
      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
    3. Euro: una catastrofe annunciata
      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

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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. John Phelan, 2015. "The Road Not Taken: A Comparison Between the Hard ECU and the Euro," Economic Affairs, Wiley Blackwell, vol. 35(3), pages 397-415, October.
    3. repec:ces:ifodic:v:9:y:2011:i:3:p:16750160 is not listed on IDEAS
    4. 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.
    5. Frankel, Jeffrey, 2013. "The Future of the Currency Union," Working Paper Series rwp13-015, Harvard University, John F. Kennedy School of Government.
    6. 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.
    7. 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.
    8. Frankel, Jeffrey, 2015. "The euro crisis: Where to from here?," Journal of Policy Modeling, Elsevier, vol. 37(3), pages 428-444.
    9. 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.
    10. A. Lanzavecchia & E. Pavarani, 2015. "Democracy or Euro: who will surrender?," Economics Department Working Papers 2015-EF02, Department of Economics, Parma University (Italy).
    11. 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.
    12. 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.
    13. 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 42nd Brazilian Economics Meeting] 010, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    14. repec:ces:ifodic:v:9:y:2011:i:3:p:10-17 is not listed on IDEAS
    15. Miguel Otero-Iglesias, 2015. "Stateless Euro: The Euro Crisis and the Revenge of the Chartalist Theory of Money," Journal of Common Market Studies, Wiley Blackwell, vol. 53(2), pages 349-364, March.
    16. 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.

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:euf:ecopap:0395. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ECFIN INFO). General contact details of provider: http://edirc.repec.org/data/dg2ecbe.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.