European Monetary Integration

Overview

The success of European monetary integration — called by the editors of this CESifo volume "one of the most far-reaching, real world experiments in monetary policy to date" — is not assured. Policy makers have been forced to deal with challenges posed by formulating a uniform monetary policy for countries with asymmetric business cycles and economies in different stages of development as well as with the fiscal and financial implications of a unified currency.The contributors to European Monetary Integration, all...

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Overview

The success of European monetary integration — called by the editors of this CESifo volume "one of the most far-reaching, real world experiments in monetary policy to date" — is not assured. Policy makers have been forced to deal with challenges posed by formulating a uniform monetary policy for countries with asymmetric business cycles and economies in different stages of development as well as with the fiscal and financial implications of a unified currency.The contributors to European Monetary Integration, all prominent economists and scholars, combine theoretical analysis and policy recommendation in their examination of these difficulties. In the first three chapters they consider issues raised by asymmetry problems, including imperfect labor and goods markets, the problem of monetary policy objectives when "one size does not fit all," and the possibility of a bias toward smaller countries in the "one country, one vote" constitutional structure of the European Central Bank. In the last three chapters, they discuss fiscal concerns,including the distribution of seignorage revenues and the interaction of European Central Bank monetary policies and asset price dynamics.

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What People Are Saying

From the Publisher
"CESifo has done it again, asking the right questions and gathering the right analysts to answer them. By focusing on the practical side of making monetary union work in Europe, the assembled authors give policymakers insight into fiscal-monetary interactions, handling asset-price bubbles, and the structure of decision making at a central bank."—Adam S. Posen, Senior Fellow, Institute for International Economics
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Product Details

  • ISBN-13: 9780262194990
  • Publisher: MIT Press
  • Publication date: 4/1/2004
  • Series: CESifo Seminar Series
  • Pages: 200
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.75 (d)

Meet the Author

Hans-Werner Sinn is Professor of Economics and Public Finance at the University of Munich and President of the CESIfo Group. Author of Can Germany Be Saved? The Malaise of the World's First Welfare State (MIT Press) and other books, he is former president of the International Institute of Public Finance, and former chairman of the German Economic Association.

Marko Köthenbürger is Assistant Professor at the Center for Economic Studies,University of Munich, and Research Director at CESifo.

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Table of Contents

Contributors
Series Foreword
Introduction
I Asymmetries and ECB Policy 1
1 Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labor and Goods' Markets 3
2 Asymmetric Transmission of Monetary Policy: What Should the ECB Do If One Size Does Not Fit All? 45
3 Is the ECB Too Decentralized? 71
II Fiscal and Financial Aspects of European Monetary Integration 101
4 Fiscal Aspects of Central Bank Independence 103
5 Seignorage Wealth in the Eurosystem: Eurowinners and Eurolosers Revisited 121
6 Financial Fragility, Bubbles, and Monetary Policy 141
Index 173
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