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An Enlarged Economic and Monetary Union: Effects and Policy Implications

  • Carlo Altomonte

    (Università Commerciale L. Bocconi - Milano, Italia)

  • Pierangelo De Pace

    (The Johns Hopkins University - Baltimore, Maryland, USA)

We calculate an "enlarged" Phillips curve for a theoretical EMU with 12+8 Member States. Both the empirical evidence and the econometric analysis show the worsening of the trade-off between inflation and unemployment, and hence the need to revise, at least temporarily, the stance of the ECB monetary policy. Also, the estimates point to a modified responsiveness of the money-demand function to the changes of the interest rates, given, however, a greater stability of such a function in the long-run.

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File URL: http://econwpa.repec.org/eps/mac/papers/0409/0409019.pdf
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Paper provided by EconWPA in its series Macroeconomics with number 0409019.

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Length: 35 pages
Date of creation: 22 Sep 2004
Date of revision: 25 Sep 2004
Handle: RePEc:wpa:wuwpma:0409019
Note: Type of Document - pdf; pages: 35
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of Monetary Unification," Department of Economics, Working Paper Series qt791143kp, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley.
  3. George A. Akerlof & William T. Dickens & George L. Perry, 2000. "Near-Rational Wage and Price Setting and the Long-Run Phillips Curve," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 1-60.
  4. Carlo C. A. Winder & Martin M. G. Fase, 1998. "Wealth and the demand for money in the European union," Empirical Economics, Springer, vol. 23(3), pages 507-524.
  5. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-71, September.
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