What Is the Optimal Institutional Arrangement for a Monetary Union?
The aim of this paper is to design the optimal institutional arrangement for a monetary union. Using a two-country rational expectations model, the study analyses how the conservatism of the area-wide central bank and the penalty system for fiscal deviation (Stability and Growth Pact) should be designed with respect to different economic shocks.
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|Date of creation:||1999|
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- Paolo Giovane & Lorenzo Bini-Smashi, 1996. "Convergence of inflation: A necessary prerequisite for EMU?," Open Economies Review, Springer, vol. 7(2), pages 117-126, April.
- Alberto Franco Pozzolo, 2004.
"Research and Development, Regional Spillovers and the Location of Economic Activities,"
University of Manchester, vol. 72(4), pages 463-482, July.
- Alberto Pozzolo, 1998. "Research and Development, Regional Spillovers, and the Location of Economic Activities," Temi di discussione (Economic working papers) 331, Bank of Italy, Economic Research and International Relations Area.
- Pozzolo, Alberto Franco, 2003. "Research and Development, Regional Spillovers and the Location of Economic Activities," Economics & Statistics Discussion Papers esdp03008, University of Molise, Dept. EGSeI.
- Pozzolo, A.F., 1998. "Research and Development, Regional Spillovers, and the Location of Economic Activities," Papers 331, Banca Italia - Servizio di Studi.