Monetary Policy, Fiscal Policies and Labour Markets: Macroeconomic Policymaking in the EMU
Cambridge University Press, Feb 19, 2004 - Business & Economics - 373 pages
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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Inflation modelling in the euro area
The interaction between monetary and fiscal policies in a monetary union a review of recent literature
Independent or coordinated? Monetary and fiscal policy in EMU
Interaction of fiscal policies in the euro area how much pressure on the ECB?
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Inflationary performance in a monetary union with large wage setters
On the enlargement of currency unions incentives to join and incentives to reform
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adjustment aggregate demand analysis assume Beetsma behaviour budget cointegrating common trends constraint consumption core inflation countries Cukierman currency union deficit dynamic Economic Policy Economic Review effect equation equilibrium estimated euro area European Central Bank Figure fiscal and monetary fiscal authorities fiscal coordination fiscal federalism fiscal feedback fiscal policy fiscal pressure fiscal shocks flexibility forecast framework Germany government spending HICP higher impact implies Impulse responses incentives increase inflation rate inflation targeting inflationary interaction Italy Journal labour market literature long-run loss function macroeconomic monetary and fiscal monetary authority monetary policy monetary union N-countries nominal wage optimal output gap parameters Phillips curve policy regime policymakers price index price level price stability real wage reform region Resp result stabilisation stabilisation policy strategic structural Treaty of Maastricht unemployment variables vector wage premium YGAP
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