EMU: Ready or Not?
This essay is based on the 1997-98 Frank D. Graham Memorial Lecture, which I had the honor of presenting at Princeton University on April 9, 1998. Frank Graham was deeply concerned with the interplay among national policy sovereignty, exchange-rate regimes, and price-level stability. Today, the world offers an embarrassingly rich diversity of national and regional arenas in which domestic political realities and the desire for exchange-rate stability have come - or threaten to come - into conflict. Europe, where a new common curency, the euro, is to be launched on January 1, 1999, will not be exempt from this tension in the foreseeable future.
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- Calmfors, L., 1998. "Unemployment, Labour-Market Reform and Monetary Union," Papers 639, Stockholm - International Economic Studies.
- Alesina, Alberto & Perotti, Roberto, 1997.
"The Welfare State and Competitiveness,"
American Economic Review,
American Economic Association, vol. 87(5), pages 921-39, December.
- Robert P. Flood & Peter M. Garber, 2000. "Is Launching the Euro Unstable in the Endgame?," NBER Chapters, in: Currency Crises, pages 163-177 National Bureau of Economic Research, Inc.
- Maurice Obstfeld & Giovanni Peri, 1998. "Regional non-adjustment and fiscal policy," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 205-259, 04.
- Maurice Obstfeld, 1997. "Europe's gamble," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(2), pages 241-317.
- Alberto Alesina & Roberto Perotti, 1995. "Fiscal Expansions and Fiscal Adjustments in OECD Countries," NBER Working Papers 5214, National Bureau of Economic Research, Inc.
- Perotti, Roberto & Alesina, Alberto, 1997. "The Welfare State and Competitiveness," Scholarly Articles 4553027, Harvard University Department of Economics.
- D. F. I. Folkerts-Landau & Peter M. Garber, 1994.
"Determining the Value of a Financial Unit of Account Basedon Composite Currencies; The Case of the Private Ecu,"
IMF Working Papers
94/72, International Monetary Fund.
- David Folkerts-Landau & Peter M. Garber, 1995. "Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 134-157, March.
- repec:cup:cbooks:9780521558839 is not listed on IDEAS
- Obstfeld, Maurice, 1998.
"A strategy for launching the Euro,"
European Economic Review,
Elsevier, vol. 42(6), pages 975-1007, June.
- Calmfors, Lars, 1998. "Unemployment, Labour-Market Reform and Monetary Union," Seminar Papers 639, Stockholm University, Institute for International Economic Studies.
- Kenen, Peter B, 1998. "Monetary Policy in Stage Three: A Review of the Framework Proposed by the European Monetary Institute," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 3(1), pages 3-12, January.
- Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
- Pu Shen, 1997. "Settlement risk in large-value payments systems," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 45-62.
- Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-60, October.
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