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Journal articles on the topic 'Economic and Monetary Union. Monetary policy. Monetary policy'

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Published: 4 June 2021

Last updated: 8 February 2022

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1

Tremosa-Balcells, Ramon, and Jordi Pons-Novell. "Measuring monetary policy shocks in the European Monetary Union." Applied Economics Letters 8, no. 5 (2001): 299–303. http://dx.doi.org/10.1080/135048501750157440.

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2

Pfaller, Alfred. "Economic Policy within a European Monetary Union." Intereconomics 26, no. 6 (1991): 264–73. http://dx.doi.org/10.1007/bf02929010.

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3

Frenkel, Jacob A., and Morris Goldstein. "Monetary Policy in an Emerging European Economic and Monetary Union: Key Issues." Staff Papers - International Monetary Fund 38, no. 2 (1991): 356. http://dx.doi.org/10.2307/3867103.

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4

Frenkel, Jacob A., and Morris Goldstein. "Monetary Policy in an Emerging European Economic and Monetary Union: Key Issues." IMF Working Papers 90, no. 73 (1990): 1. http://dx.doi.org/10.5089/9781451958522.001.

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5

Weber, Ernst Juerg. "Monetary policy in a heterogeneous monetary union: the Australian experience." Applied Economics 38, no. 21 (2006): 2487–95. http://dx.doi.org/10.1080/00036840500427742.

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6

Radovic, Irena. "Challenges for monetary policy in the enlarged European monetary Union." Panoeconomicus 56, no. 1 (2009): 95–110. http://dx.doi.org/10.2298/pan0901095r.

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The eastward enlargement of the Euro area entails significant implications for the accession candidates in Central and Eastern Europe (CEE), the existing Euro system and the monetary policy of the European Central Bank (ECB). The present analysis assesses the challenges and critical aspects in monetary policy modeling with special emphasis to enlargement. The focus is on the difficulty of implementing a unique currency policy in view or growing heterogeneity within the enlarged monetary union, and secondly - the issue of the voting mechanism within the ECB. When analyzing those two issues, it

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7

Clausen, Volker, and Hans-Werner Wohltmann. "Monetary and fiscal policy dynamics in an asymmetric monetary union." Journal of International Money and Finance 24, no. 1 (2005): 139–67. http://dx.doi.org/10.1016/j.jimonfin.2004.11.001.

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8

Nolan, Charles. "Monetary Stabilisation Policy in a Monetary Union: Some Simple Analytics." Scottish Journal of Political Economy 49, no. 2 (2002): 196–215. http://dx.doi.org/10.1111/1467-9485.00228.

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9

Herzog, Bodo, and Minjae Choi. "Policy Rules in the Economic and Monetary Union." Intereconomics 52, no. 1 (2017): 51–56. http://dx.doi.org/10.1007/s10272-017-0643-1.

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10

Kuznetsova, Olga. "Robust monetary policy in a currency union." Panoeconomicus 59, no. 2 (2012): 185–99. http://dx.doi.org/10.2298/pan1202185k.

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A great number of recent researches have found importance of country specific shocks for optimal monetary policy construction in the context of a currency union. This however has been almost completely overlooked by the analysis of optimal monetary policy under model uncertainty. The main purpose of our work is to fill this gap. By using a model of a two-country currency union with sticky prices, we have derived robust monetary policy that works reasonably well even in the worst case of model perturbations. We find some anti-attenuation effect of uncertainty, and show that the central bank?s o

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11

Hefeker, Carsten. "Policy Uncertainty and Economic Reforms in a Monetary Union." German Economic Review 12, no. 3 (2011): 274–85. http://dx.doi.org/10.1111/j.1468-0475.2010.00522.x.

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Abstract The paper analyzes the relation between monetary uncertainty and government incentives to implement economic reforms in order to reduce structural distortions and make economies more flexible. It is shown that uncertainty about the central bank’s behavior leads to more reforms. I relate this result to the debate about central bank structure in a larger European monetary union.

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12

Armstrong, Angus, and Monique Ebell. "The unintended consequence of English votes for English laws." National Institute Economic Review 233 (August 2015): R37—R44. http://dx.doi.org/10.1177/002795011523300105.

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The Scotland Bill 2015–16 would make the Scottish government one of the most powerful sub-central governments in the OECD in terms of its control over spending and taxation. The UK government has also announced plans to introduce ‘English Votes for English Laws’ (EVEL), where the support of a majority of English MPs would be necessary to pass legislation deemed to impact on England only. The objective of this paper is to examine the potential for spillovers to arise in monetary unions of asymmetric nations where fiscal policy choices are taken locally. We extend a model of Chari and Kehoe (200

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13

Bean, Charles R. "Economic and Monetary Union in Europe." Journal of Economic Perspectives 6, no. 4 (1992): 31–52. http://dx.doi.org/10.1257/jep.6.4.31.

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The European Council's Maastricht Agreement maps out a precise route to monetary union and the eventual introduction of a common currency. My discussion begins with a look at the general arguments for and against monetary union. I shall then discuss the proposed constitution of the European Central Bank and whether it is likely to be conducive to monetary stability, together with some of the problems posed by the transition to the new regime. Finally, I will turn to the issue of rules for the conduct of fiscal policy and the question of “fiscal federalism.”

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14

Dehmej, Salim, and Leonardo Gambacorta. "Macroprudential Policy in a Monetary Union." Comparative Economic Studies 61, no. 2 (2019): 195–212. http://dx.doi.org/10.1057/s41294-019-00085-0.

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15

Charnvitayapong, Kovit. "Thrift and Credit Cooperative Lending Channels under Prolonged Low-Interest Rates: The Case of Thailand." 11th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 11, no. 1 (2020): 1. http://dx.doi.org/10.35609/gcbssproceeding.2020.11(1).

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Since the global financial crisis of 2007–08, the United States, Japan, and the European Union (EU) have heavily stimulated their economies with expansionary monetary policy. World finance has been affected by this policy conduct. Interest rates in most open economies were pushed to very low levels and have remained low ever since. Nevertheless, monetary stimulation has not improved the economic situation to a satisfactory level as of the end of 2019. Several studies such as Claudio Borio and Boris Hofmann (2017) and Nasha Ananchotikul and Dulani Seneviratne (2015) attempted to examine the ine

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16

Moss, Bernard H. "Economic and Monetary Union and the Social Divide in France." Contemporary European History 7, no. 2 (1998): 227–47. http://dx.doi.org/10.1017/s0960777300004884.

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Monetary policy since the Second World War has always been a politically and socially sensitive issue in France. It reflected the peculiar strength of the French Communist Party (PCF) in the unions and working class. Postwar governments relied upon monetary inflation, devaluation and administered credit to sustain growth and guarantee social peace. With the exception of the period following General de Gaulle's seizure of power in 1958, there was little choice for governments faced with weak, divided and conflicting unions, a volatile work force, and a united left threatening radical change. Wh

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17

Canofari, Paolo, Alessandra Marcelletti, and Giovanni Piersanti. "The Announcement of Unconventional Monetary Policy and the Exit Risk in the European Monetary Union." International Journal of Economics and Finance 10, no. 4 (2018): 95. http://dx.doi.org/10.5539/ijef.v10n4p95.

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The introduction of unconventional monetary policy, pushing down the euro value, aims at strengthening the euro area, by increasing its competitiveness and boosting its economic growth. The goal of our paper is to offer a theoretical validation of these facts using a monetary union model in which a representative country and a common central bank strategically interact. The country can choose to stay in or opt out from the monetary union after a demand shock, while the central bank controls the exchange rate to preserve the stability of the union. Our main result is that the announcement of co

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18

Rother, Philipp C. "Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union." IMF Working Papers 98, no. 57 (1998): 1. http://dx.doi.org/10.5089/9781451967623.001.

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19

LEVINE, PAUL. "Briefing Paper: The Interdependence of Fiscal and Monetary Policy under Economic and Monetary Union." Economic Outlook 16, no. 1 (1991): 33–39. http://dx.doi.org/10.1111/j.1468-0319.1991.tb00152.x.

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20

Zelenkevich, Marina, and Natallia Bandarenka. "ASSESSMENT OF DIRECTION FOR COORDINATION OF MONETARY REGULATION OF INVESTMENT IN THE INTEGRATION UNIONS." Zeszyty Naukowe Uniwersytetu Przyrodniczo-Humanistycznego w Siedlcach. Seria: Administracja i Zarządzanie, no. 53(126) (January 27, 2021): 27–36. http://dx.doi.org/10.34739/zn.2020.53.03.

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In the context of globalization and regionalization, central banks pursuing monetary policy in the country at the same time become subjects of monetary regulation within the framework of the integrational associations of which they are members. The purpose of the article is to assess the impact of monetary policy on investment and economic growth in integration unions and determine the appropriateness of their coordination. To achieve the goal, a method of correlation-regression analysis is proposed, one which allows for the identifying and assessing of the degree of influence of certain direc

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21

CANZONERI, MATTHEW B. "COORDINATION OF MONETARY AND FISCAL POLICY IN A MONETARY UNION: POLICY ISSUES AND ANALYTICAL MODELS." Manchester School 75, s1 (2007): 21–43. http://dx.doi.org/10.1111/j.1467-9957.2007.01036.x.

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22

Stawska, Joanna. "Dependencies between Variables from the Area of the Monetary and Fiscal Policy in the European Union Countries." Comparative Economic Research. Central and Eastern Europe 24, no. 1 (2021): 7–25. http://dx.doi.org/10.18778/1508-2008.24.01.

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Research background: The core of coordinating a monetary and fiscal policy (policy mix) is based on combining both policies to achieve goals related to price stability, as well as economic growth and employment. In turn, the decisions of economic authorities in the monetary-fiscal game have a significant impact on economic variables in the economy. In the economic literature, the importance of monetary and fiscal policy coordination is emphasized as it has a positive effect on the stability of the economy. Purpose of the article: The aim of the article is to identify the dependencies between v

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23

Bárcena-Martín, Elena, Natalia Martín-Fuentes, and Salvador Pérez-Moreno. "Effects of monetary policy shocks on income mobility in the Euro area countries." Panoeconomicus 66, no. 3 (2019): 307–24. http://dx.doi.org/10.2298/pan1903307b.

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This paper examines the impacts of monetary policy shocks on income mobility in the Euro area, relying on earnings heterogeneity and income composition channels through which monetary policy affects income distribution. From a relative mobility perspective, upward and downward mobility are estimated over the period 2004-2014 for the EMU countries that originated the Economic and Monetary Union (EMU 1999). By using a vector error correction model (VECM) approach, overall we find that an expansionary monetary policy seems to encourage upward mobility and discourage downward mobility. By income g

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24

Hierro, Luis Ángel, Antonio José Garzón, and Helena Domínguez-Torres. "20 YEARS OF EUROPEAN MONETARY POLICY. FROM DOCTRINARISM TO REALPOLITIK." Scientific Annals of Economics and Business, Special Issue (2019): 149–72. http://dx.doi.org/10.47743/saeb-2019-0032.

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This paper describes the monetary policy of the European Central Bank since the birth of the Euro. The different economic situations and the monetary policies implemented during the mandate of each one of the three ECB presidents are analysed as a process of evolution. We study the situations of cyclical asynchrony together with the response given to it by the European monetary authority. We also assess the change experienced by the main economic indicators of the twelve founding countries during the 20 years of the single currency. The main conclusion obtained is that monetary policy has evol

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25

Aursulesei, Tudor Mugurel, and Stefan Catalin Topliceanu. "OPTIMAL MONETARY AREAS AND MONETARY POLICY. AN ANALYSIS OVER WORLD POWER CENTERS." Oradea Journal of Business and Economics 4, special (2019): 19–28. http://dx.doi.org/10.47535/1991ojbe064.

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The phenomenon of power in international relations has always caused interest. The current international environment is extremely amplified and interconnected, and developments in recent decades have led to the foundation of a multipolar system. At present, the competition between power centers in the world economy is manifested at all levels of power, especially from an economic perspective. There is a clear desire for the Western European states that are members of the European Union and the BRICS to detach from their financial dependence on the US dollar and the United States financial inst

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26

Dixit, Avinash, and Luisa Lambertini. "Monetary–fiscal policy interactions and commitment versus discretion in a monetary union." European Economic Review 45, no. 4-6 (2001): 977–87. http://dx.doi.org/10.1016/s0014-2921(01)00134-9.

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27

Randzio-Plath, Christa. "The euro - our future in Europe." Transfer: European Review of Labour and Research 4, no. 1 (1998): 48–57. http://dx.doi.org/10.1177/102425899800400107.

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Economic and Monetary Union has been created to complete the single market, to provide optimal macro-economic conditions for employment-enhancing growth and to promote further political integration in the European Union. Unfortunately in the discussion about monetary union the reasons why Europe needs EMU have been almost forgotten. As the future European Central Bank will be solely responsible for European monetary policy and thus be influencing strongly the overall macro-economic framework in Europe, the question of democratic accountability of monetary authorities needs to be debated. EMU i

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28

Misiak, Małgorzata. "Fiscal stabilisation policy in the EMU. An insight from the theory of optimum currency areas." Ekonomia Międzynarodowa, no. 29 (March 31, 2020): 43–60. http://dx.doi.org/10.18778/2082-4440.29.03.

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The aim of the paper is to examine the role and place of the fiscal stabilisation policy in the European Monetary Union (EMU) from the perspective of the theory of optimum currency areas (OCA). We examine the theoretical underpinning for the policy to mitigate the economic fluctuations in a monetary union, and answer the questions of whether fiscal integration is a prerequisite for the “optimality” of a currency area and at what level of governance a stabilising fiscal policy should be conducted. We conclude with a short revision of how OCA theory is applied to the project of monetary and econ

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29

Costabile, Lilia. "Istitutions for Social Well-Being: alcune risposte." QA Rivista dell'Associazione Rossi-Doria, no. 3 (August 2009): 103–11. http://dx.doi.org/10.3280/qu2009-003005.

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- Answering the round table participants, the author illustrates the project of this book and its main findings. While the book implies a focus on social policy, the contributors have brought to it their expertise not only in welfare economics but also in macroeconomic and monetary policy. This article outlines how social policy relates to these economic issues, and adopts an international political economy approach both in explaining hierarchies among countries, and in calling into question the "efficiency/equality trade off" as a useful instrument in comparing the economic performance of Eur

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30

Sims, Christopher A. "Paper Money." American Economic Review 103, no. 2 (2013): 563–84. http://dx.doi.org/10.1257/aer.103.2.563.

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Drastic changes in central bank operations and monetary institutions in recent years have made previously standard approaches to explaining the determination of the price level obsolete. Recent expansions of central bank balance sheets and of the levels of richcountry sovereign debt, as well as the evolving political economy of the European Monetary Union, have made it clear that fiscal policy and monetary policy are intertwined. Our thinking and teaching about inflation, monetary policy, and fiscal policy should be based on models that recognize fiscal-monetary policy interactions. (JEL E31,

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31

Asongu, Simplice. "New empirics of monetary policy dynamics: evidence from the CFA franc zones." African Journal of Economic and Management Studies 7, no. 2 (2016): 164–204. http://dx.doi.org/10.1108/ajems-11-2012-0079.

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Purpose – A major lesson of the European Monetary Union crisis is that serious disequilibria in a monetary union result from arrangements not designed to be robust to a variety of shocks. With the specter of this crisis looming substantially and scarring existing monetary zones, the purpose of this paper is to complement existing literature by analyzing the effects of monetary policy on economic activity (output and prices) in the CEMAC and UEMOA CFA franc zones. Design/methodology/approach – VARs within the frameworks of Vector Error-Correction Models and Granger causality models are used to

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32

Bryson, Jay H. "Macroeconomic stabilization through monetary and fiscal policy coordination: Implications for European Monetary Union." Open Economies Review 5, no. 4 (1994): 307–26. http://dx.doi.org/10.1007/bf01000717.

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33

Beetsma, Roel, and Massimo Giuliodori. "The Macroeconomic Costs and Benefits of the EMU and Other Monetary Unions: An Overview of Recent Research." Journal of Economic Literature 48, no. 3 (2010): 603–41. http://dx.doi.org/10.1257/jel.48.3.603.

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This article provides an overview of recent research into the macroeconomic costs and benefits of monetary unification. We are primarily interested in Europe's monetary union. Given that unification entails the loss of a policy instrument, its potential benefits have to be found elsewhere. Unification may serve as a vehicle for beneficial institutional changes. In particular, it may be a route toward an independent monetary policy, which alleviates the scope for political pressure to relax monetary policy. Unification also eliminates harmful monetary policy spillovers and competitive devaluati

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34

Mikek, Peter. "Accession to the Monetary Union and Slovenian Monetary Policy Under Exchange Rate Targeting." Prague Economic Papers 13, no. 2 (2004): 176–86. http://dx.doi.org/10.18267/j.pep.238.

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35

Adão, Bernardino, and Isabel Correia. "Labor immobility and the transmission mechanism of monetary policy in a monetary union." European Economic Review 63 (October 2013): 28–46. http://dx.doi.org/10.1016/j.euroecorev.2013.05.003.

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36

Clark, William Roberts, and Mark Hallerberg. "Mobile Capital, Domestic Institutions, and Electorally Induced Monetary and Fiscal Policy." American Political Science Review 94, no. 2 (2000): 323–46. http://dx.doi.org/10.2307/2586015.

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The literature on global integration and national policy autonomy often ignores a central result from open economy macroeconomics: Capital mobility constrains monetary policy when the exchange rate is fixed and fiscal policy when the exchange rate is flexible. Similarly, examinations of the electoral determinants of monetary and fiscal policy typically ignore international pressures altogether. We develop a formal model to analyze the interaction between fiscal and monetary policymakers under various exchange rate regimes and the degrees of central bank independence. We test the model using da

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37

Kołodziejczyk, Katarzyna. "Poland’s policy towards membership in the Economic and Monetary Union." Przegląd Politologiczny, no. 2 (June 15, 2020): 179–92. http://dx.doi.org/10.14746/pp.2020.25.2.12.

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Poland’s accession to the European Union determines future membership in the Economic and Monetary Union (EMU). The subject of the research is the analysis of Polish policy towards EMU membership during the first 15 years of Poland’s membership in the EU. The research is political nature and intentionally does not focus on the economic benefits and challenges associated with Poland’s membership in the EMU. The aim of research is to focus on changes taking place in the policy towards Poland’s membership in the EMU conducted by the ruling parties, successively by the coalition of the Civic

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38

Andersen, Torben M., and Jan Rose Sørensen. "Unemployment and fiscal policy in an economic and monetary union." European Journal of Political Economy 11, no. 1 (1995): 27–43. http://dx.doi.org/10.1016/0176-2680(94)00054-n.

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39

Kireyev, Alexei. "How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union." IMF Working Papers 15, no. 99 (2015): 1. http://dx.doi.org/10.5089/9781484366646.001.

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40

Fielding, D. "How Does Monetary Policy Affect the Poor? Evidence from the West African Economic and Monetary Union." Journal of African Economies 13, no. 4 (2004): 563–93. http://dx.doi.org/10.1093/jae/ejh036.

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41

Cooper, Russell, and Hubert Kempf. "Overturning Mundell: Fiscal Policy in a Monetary Union." Review of Economic Studies 71, no. 2 (2004): 371–96. http://dx.doi.org/10.1111/0034-6527.00288.

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42

Masson, Paul, and Jacques Melitz. "Fiscal policy independence in a European Monetary Union." Open Economies Review 2, no. 2 (1991): 113–36. http://dx.doi.org/10.1007/bf01886896.

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43

Corbet, Shaen, Grace McHugh, and Andrew Meegan. "The influence of central bank monetary policy announcements on cryptocurrency return volatility." Investment Management and Financial Innovations 14, no. 4 (2017): 60–72. http://dx.doi.org/10.21511/imfi.14(4).2017.07.

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The emergence of Bitcoin in 2009 has received considerable attention surrounding the validity of cryptocurrencies as a viable and, in some jurisdictions, a legal currency alternative. Despite widespread concern that these cryptocurrencies are fostering the environment within which a substantial bubble can occur, it is important to analyze whether these new assets are behaving similarly to major international currencies. This paper investigates the effects of international monetary policy changes on bitcoin returns using a GARCH (1.1) estimation model. The results indicate that monetary policy

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44

Hjortsoe, Ida. "Imbalances and fiscal policy in a monetary union." Journal of International Economics 102 (September 2016): 225–41. http://dx.doi.org/10.1016/j.jinteco.2016.07.002.

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45

KIRSANOVA, TATIANA, MATHAN SATCHI, DAVID VINES, and SIMON WREN-LEWIS. "Optimal Fiscal Policy Rules in a Monetary Union." Journal of Money, Credit and Banking 39, no. 7 (2007): 1759–84. http://dx.doi.org/10.1111/j.1538-4616.2007.00086.x.

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46

Aspinwall, Mark. "Odd man out: rethinking British policy on European monetary integration." Review of International Studies 29, no. 3 (2003): 341–64. http://dx.doi.org/10.1017/s0260210503003413.

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This article examines British preferences on European monetary integration. It challenges dominant theories of preference formation, suggesting an alternative explanation focusing on governmental majority. Empirical evidence is presented on both UK economic behaviour and the views of domestic economic interests, as well as government majority. The article also analyses first and second-hand accounts of the main players involved in three cases: the decision not to join the Exchange Rate Mechanism in 1979, the decision to join the ERM in 1990, and the decision to opt out of stage 3 of Economic a

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47

Henning, C. Randall. "Systemic Conflict and Regional Monetary Integration: The Case of Europe." International Organization 52, no. 3 (1998): 537–73. http://dx.doi.org/10.1162/002081898550653.

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Existing explanations of European monetary integration, emphasizing economic interdependence, issue linkage, institutions, and domestic politics, take a predominantly regional approach. In the international monetary thesis developed here, I argue that U.S. policy disturbances, transmitted through the international monetary system, created compelling incentives for European states to cooperate on exchange-rate and monetary policy. I develop a general theory of macroeconomic power, based on open economy macroeconomics, and show how the exercise of such influence can drive regional monetary integ

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48

Kapounek, Svatopluk, and Lubor Lacina. "Money supply growth and inflation – the monetary policy strategy of the European Central Bank." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 55, no. 3 (2007): 57–66. http://dx.doi.org/10.11118/actaun200755030057.

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The main aim of this article is to find out whether there is a significant relationship between money supply growth and inflation in the Eurozone. For this reason, the monetary policy strategy of the European Central Bank (ECB) has been evaluated. Since the establishment of the ECB in January 1999 to May 2003 the ECB‘s monetary policy strategy consisted of three main elements: a quantitative definition of price stability, a prominent role for money in the assessment of risks to price stability (aggregate M3 as a reference value), and a broadly based assessment of the outlook for price developm

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49

Beetsma, Roel M. W. J., and Henrik Jensen. "Monetary and fiscal policy interactions in a micro-founded model of a monetary union." Journal of International Economics 67, no. 2 (2005): 320–52. http://dx.doi.org/10.1016/j.jinteco.2005.03.001.

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50

Gonçalves, Carlos Eduardo Soares. "Political uncertainty and monetary unions." Brazilian Review of Econometrics 24, no. 1 (2004): 57. http://dx.doi.org/10.12660/bre.v24n12004.2703.

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The purpose of this article is to provide a political economy rationale that helps explain why some non-central European economies, featuring highly idiosyncratic disturbances and apparently low inflation bias inefficiencies, seem so eager to enter the European Monetary Union (EMU). The main message from the paper is that because these economies normally display a high degree of domestic political uncertainty, the "economic costs" arising from the decision to surrender monetary policy may in fact be less severe than the "political costs" of opting out of EMU and then possibly facing undesired

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