Monetary Policy, Fiscal Policies and Labour Markets: Macroeconomic Policymaking in the EMU

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Following the birth of the European Monetary Union (EMU) economists are still divided in their assessment of the ability of its key institutions to provide macroeconomic stability and foster the reforms necessary to stimulate economic growth. In this collection, experts focus on issues of fiscal policy, monetary policy and labour markets and ask: Can the stability and growth pact provide an adequate framework for the conduct of national fiscal policies? Is the ECB reacting with competence and flexibility to a rapidly changing macroeconomic environment? How do national labour markets react to the macroeconomic institutions and what are the structural reforms needed in labour markets? Blending empirical and theoretical data, this book offers one of the most comprehensive surveys of research in macroeconomic policymaking within the EMU.
 

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Contents

The European Central Bank a view from across the ocean
9
Which measure of inflation should the ECB target?
20
An evaluation of alternative targeting rules for the ECB
31
Inflation modelling in the euro area
59
The interaction between monetary and fiscal policies in a monetary union a review of recent literature
91
Independent or coordinated? Monetary and fiscal policy in EMU
134
Interaction of fiscal policies in the euro area how much pressure on the ECB?
157
The macroeconomic impact of different speeds of debt stabilisation in EMU
191
Fiscal shocks and policy regimes in some OECD countries
224
Monetary and fiscal policy interactions over the cycle some empirical evidence
256
Monetary institutions monetary union and unionised labour markets some recent developments
299
Inflationary performance in a monetary union with large wage setters
327
On the enlargement of currency unions incentives to join and incentives to reform
344
Index
367
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About the author (2004)

Roel Beetsma is a Professor of Macroeconomics at the University of Amsterdam and a Research Affiliate of the Centre for Economic Policy Research, London.

Carlo Favero is Professor of Economics at the Universita Bocconi, Milan.

Anton Muscatelli is the Daniel Jack Professor of Political Economy, Department of Economics, University of Glasgow.

Piergiovanna Natale is Professor of Economics at the Universita degli Studi di Milano-Bicocca.

Patrizio Tirelli is Professor of Economics at the Universita degli Studi di Milano-Bicocca.

Alessandro Missale is Assistant Professor of Economics at the Universita degli studi di Milano-Bicocca.