Time Consistency And Free Riding In A Monetary Union
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Time Consistency And Free Riding In A Monetary Union
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Author : Patrick J. Kehoe
language : en
Publisher:
Release Date : 2002
Time Consistency And Free Riding In A Monetary Union written by Patrick J. Kehoe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
We analyze the setting of monetary and nonmonetary policies in monetary unions. We show that in these unions a time inconsistency problem in monetary policy leads to a novel type of free- rider problem in the setting of nonmonetary policies, such as labor market policy, fiscal policy, and bank regulation. The free-rider problem leads the union's members to pursue lax nonmonetary policies that induce the monetary authority to generate high inflation. The free-rider problem can be mitigated by imposing constraints on the nonmonetary policies, like unionwide rules on labor market policy, debt constraints on members' fiscal policy, and unionwide regulation of banks. When there is no time inconsistency problem, there is no free-rider problem, and constraints on nonmonetary policies are unnecessary and possibly harmful
Time Inconsistency And Free Riding In A Monetary Union
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Author : V. V. Chari
language : en
Publisher:
Release Date : 2002
Time Inconsistency And Free Riding In A Monetary Union written by V. V. Chari and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Economic policy categories.
On The Desirability Of Fiscal Constraints In A Monetary Union
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Author : V. V. Chari
language : en
Publisher:
Release Date : 2004
On The Desirability Of Fiscal Constraints In A Monetary Union written by V. V. Chari and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Fiscal policy categories.
"The desirability of fiscal constraints in monetary unions depends critically on whether the monetary authority can commit to follow its policies. If it can commit, then debt constraints can only impose costs. If it cannot commit, then fiscal policy has a free-rider problem, and debt constraints may be desirable. This type of free-rider problem is new and arises only because of a time inconsistency problem"--NBER website
Monetary Economics In Globalised Financial Markets
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Author : Ansgar Belke
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-14
Monetary Economics In Globalised Financial Markets written by Ansgar Belke and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-14 with Business & Economics categories.
This book integrates the fundamentals of monetary theory, monetary policy theory and financial market theory, providing an accessible introduction to the workings and interactions of globalised financial markets. Includes examples and extensive data analyses.
One Market One Money
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Author : Michael Emerson
language : en
Publisher:
Release Date : 1992
One Market One Money written by Michael Emerson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
European Variations As A Key To Cooperation
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Author : Ernst Hirsch Ballin
language : en
Publisher: Springer Nature
Release Date : 2020-01-02
European Variations As A Key To Cooperation written by Ernst Hirsch Ballin and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-02 with Political Science categories.
This Open Access book offers a novel view on the benefits of a lasting variation between the member states in the EU. In order to bring together thirty very different European states and their citizens, the EU will have to offer more scope for variation. Unlike the existing differentiation by means of opt-outs and deviations, variation is not a concession intended to resolve impasses in negotiations; it is, rather, a different structuring principle. It takes differences in needs and in democratically supported convictions seriously. A common core remains necessary, specifically concerning the basic principles of democracy, rule of law, fundamental rights and freedoms, and the common market. By taking this approach, the authors remove the pressure to embrace uniformity from the debate about the EU’s future. The book discusses forms of variation that fall both within and outside the current framework of European Union Treaties. The scope for these variations is mapped out in three domains: the internal market; the euro; and asylum, migration and border control.
Rules For International Monetary Stability
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Author : Michael Bordo
language : en
Publisher: Hoover Press
Release Date : 2017-04-01
Rules For International Monetary Stability written by Michael Bordo and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-01 with Business & Economics categories.
Since the end of the Great Recession in 2009 the central banks of the advanced countries have taken unprecedented actions to reflate and stimulate their economies. There have been significant differences in the timing and pace of these actions. These independent monetary policy actions have had significant spillover effects on the economies and monetary policy strategies of other advanced countries. In addition the monetary policy actions and interventions of the advanced countries have had a significant impact on the emerging market economies leading to the charge of 'currency wars.' The perceived negative consequences of spillovers from the actions of national central banks has led to calls for international monetary policy coordination. The arguments for coordination based on game theory are the same today as back in the 1980s, which led to accords which required that participant countries follow policies to improve global welfare at the expense of domestic fundamentals. This led to disastrous consequences. An alternative approach to the international spillovers of national monetary policy actions is to view them as deviations from rules based monetary policy.
The European Monetary Union After The Crisis
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Author : Nazaré da Costa Cabral
language : en
Publisher: Routledge
Release Date : 2020-06-09
The European Monetary Union After The Crisis written by Nazaré da Costa Cabral and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-09 with Business & Economics categories.
This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union – a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current ‘state of the art’ in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms – in particular, the ones to be used as ‘fiscal capacity’. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.
The European Monetary Union
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Author : Nicola Acocella
language : en
Publisher: Cambridge University Press
Release Date : 2020-08-27
The European Monetary Union written by Nicola Acocella and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-27 with Business & Economics categories.
Analyzes the roots of Europe's economic decline, examining institutions of the European Union and exploring possibilities for reform.
International Trade And Economic Dynamics
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Author : Takashi Kamihigashi
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-10-16
International Trade And Economic Dynamics written by Takashi Kamihigashi and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-10-16 with Business & Economics categories.
Renowned trade theorist Koji Shimomura passed away in February 2007 at the age of 54. He published nearly 100 articles in international academic journals. The loss of this extremely productive economist has been an enormous shock to the economic profession. This volume has emerged from the great desire on the part of the profession to honor his contributions to economic research. Contributors include authoritative figures in trade theory such as Murray Kemp, Ronald Jones, Henry Wan, and Wilfred Ethier, world-renowned macroeconomists such as Stephen Turnovski and Costas Azariadis, and leading Japanese economists such as Kazuo Nishimura, Makoto Yano, Ryuzo Sato, and Koichi Hamada. This broad range of contributors reflects Koji Shimomura’s many connections as well as the respect he earned in the economic profession. This volume offers the reader a rare opportunity to learn the views of so many renowned economists from different schools of thought.