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One "monetary giant" with many "fiscal dwarfs": The efficiency of macroeconomic stabilization policies in the European Monetary Union

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  • Roberto Tamborini

Abstract

My own judgement is that, on balance, a European Monetary Union (EMU) would be an economic liability. The gains from reduced transaction costs would be small and might, when looked at from the global point of view, be negative. At the same time, EMU would increase cyclical instability, raising the cyclical unemployment rate (Feldstein, 1997).
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  • Roberto Tamborini, 2002. "One "monetary giant" with many "fiscal dwarfs": The efficiency of macroeconomic stabilization policies in the European Monetary Union," Department of Economics Working Papers 0204, Department of Economics, University of Trento, Italia.
    • Handle: RePEc:trn:utwpde:0204
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    5. Andreozzi, Luciano, 2012. "Property rights and investments: An evolutionary approach," Games and Economic Behavior, Elsevier, vol. 74(1), pages 1-11.
    6. Giuseppe Arbia & Giuseppe Espa & Diego Giuliani & Andrea Mazzitelli, 2009. "Clusters of firms in space and time," Department of Economics Working Papers 0902, Department of Economics, University of Trento, Italia.
    7. Christopher L. Gilbert, 2008. "How to Understand High Food Prices," Department of Economics Working Papers 0823, Department of Economics, University of Trento, Italia.
    8. Elisabetta De Antoni, 2008. "Minsky�s Upward Instability: the Not-Too-Keynesian Optimism of a Financial Cassandra," Department of Economics Working Papers 0812, Department of Economics, University of Trento, Italia.
    9. Christopher L. Gilbert, 2008. "Commodity Speculation and Commodity Investment," Department of Economics Working Papers 0820, Department of Economics, University of Trento, Italia.
    10. Lorenzo Sacconi, 2004. "A Social Contract Account for CSR as Extended Model of Corporate Governance (Part II): Compliance, Reputation and Reciprocity," Department of Economics Working Papers 0411, Department of Economics, University of Trento, Italia.
    11. Sandra Notaro & Alessandro Paletto & Roberta Raffaelli, 2008. "Does forest damage have an economic impact? A case study from the Italian Alps," Department of Economics Working Papers 0809, Department of Economics, University of Trento, Italia.
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    13. Christopher L. Gilbert & Alexandra Tabova, 2004. "Commodity prices and debt sustainability," Department of Economics Working Papers 0404, Department of Economics, University of Trento, Italia.
    14. Roberto Tamborini, 2013. "The new fiscal rules for the EMU. Threats from heterogeneity and interdependence," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 10(3), pages 415-436, December.

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