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1.
In this paper we extend Nordhaus’ (Brookings Pap Econ Act (2):139–199, 1994) results to an environment which may represent the current European situation, characterised by a single monetary authority
and several fiscal bodies. We show that, even assuming that the monetary and the fiscal authorities share the same ideal targets,
in the presence of asymmetric shocks the “symbiosis” result found by Dixit and Lambertini (J Int Econ 60:235–247, 2003) no longer obtains. Thus, fiscal rules as those envisaged in the Maastricht Treaty and in the Stability and Growth Pact may
work as monetary/fiscal coordination devices that improve welfare. The imposition of common targets, however, may work as
a substitute for policy coordination only if these are made state contingent, an aspect that the recent version of the Stability
and Growth Pact takes into account in a more appropriate way than its original version.
相似文献
Valeria De BonisEmail: |
2.
Leonor Coutinho 《Open Economies Review》2008,19(1):81-120
In this paper we extend the open-economy stochastic framework of Obstfeld and Rogoff (Q J Econ. 117:503–36, 2002) to include distortionary taxation, when prices are flexible but wages are sticky. We use the model to analyze the optimal
design of tax rules that respond to productivity shocks, under non-cooperation and cooperation between the fiscal authorities,
and evaluate the gains from coordination. We show that, although monetary policy would be preferred to fiscal policy as a
stabilization tool both under competition (Nash) and under cooperation, there is a role for procyclical fiscal stabilization
in a monetary union where the monetary authority cannot respond to asymmetric shocks. Moreover, we show that in the Nash game
there will be an incentive for the fiscal authorities to try to manipulate the terms-of-trade in their favor, and we estimate
the potential gains from fiscal policy coordination. The size of the gains depends crucially on the value of the Frisch elasticity
of labor supply. For lower values of the Frisch elasticity (more in line with microeconometric estimates) the gains are relatively
small, but for more elastic labor supplies (more in agreement with the business cycle literature) the gains can be very large.
相似文献
Leonor CoutinhoEmail: |
3.
Divergent business cycles as an effect of a monetary union 总被引:1,自引:1,他引:0
Adam Koronowski 《International Economics and Economic Policy》2009,6(2):103-113
4.
Marcelo Sánchez 《Open Economies Review》2008,19(3):371-390
We examine the implications of monetary union for macroeconomic stabilization in catching-up participating countries. We allow
member states’ supply conditions to differ, especially with regard to sectoral characteristics. Sectoral productivity shocks
of the type associated with the Balassa–Samuelson effect tend to hamper the stabilization properties of a currency union.
In the face of aggregate supply disturbances, the stabilization costs of renouncing monetary autonomy diminish with a steeper
supply curve (as induced by higher trade openness) and—barring idiosyncratic shocks—with a larger reference country size,
more homogeneous supply slopes and a higher preference for price stability.
相似文献
Marcelo SánchezEmail: |
5.
The paper investigates the link between monetary policy and structural reforms in open economies. We test three hypotheses:
(a) the Calmfors hypothesis that the degree of reforms is higher in the case of autonomous policy and lower in the case of
commitment, (b) the TINA hypothesis which implies a positive impact of a monetary policy rule on the extent of reforms, and
(c) a third factors hypothesis. In our empirical analysis on panel data of 23 OECD countries from 1980–2000 we find little
evidence for the Calmfors hypothesis, but evidence in favor of the TINA argument for labor market and regulatory reform.
相似文献
Ansgar BelkeEmail: |
6.
Building on the celebrated Keynes–Ohlin debate and on Lane and Milesi-Ferretti (Rev Econ Stat 86:841–857, 2004), the paper
investigates the transfer problem for the Euro area vis-à-vis the rest of the world. The analysis is developed in a theoretically
and statistically consistent way and is intended as a contribution to the empirical literature on EMU. The main result of
the paper is that the accumulation of net foreign asset in the Euro area is consistent with real exchange appreciation, largely
through the relative price of nontradables rather than through the terms of trade.
相似文献
Paolo Paesani (Corresponding author)Email: |
7.
William Barnett II 《Quarterly Journal of Austrian Economics》2008,11(2):132-143
What is certain is that mathematics cannot possibly be a valid means (to advances in economic understanding) unless and until
it is used properly. That means that dimensions must be used consistently and correctly. Barnett (Barnett, Quart J Austrian
Econ, pp. 27–46, 2003) is about problems with the use of mathematics in economics involving the failure to use dimensions/units consistently and
correctly. Professor Emeritus Folsom and Professor Gonzalez (Folsom and Gonzalez, Quart J Austrian Econ, pp. 45–65, 2005), hereinafter F&G, say, essentially, that what is correct therein is not new and that what is new is not correct. Additionally,
they imply, by raising them, that I did not address issues that I should have, e.g., how to introduce dimensions into introductory
economics and problems with the Cobb-Douglas (CD) function unrelated to dimensions. Herein, because of space limitations,
I respond only to some of their criticisms. Responses to others are posted on the Ludwig von Mises Institute Working Papers
site.
相似文献
William Barnett IIEmail: URL: http://www.business.loyno.edu/faculty/wbarnett |
8.
In their seminal paper, Morris and Shin (Amer Econ Rev 92(5): 1521–1534, 2002a) argued that increasing the precision of public information is not always beneficial to social welfare. Svensson (Amer Econ
Rev 96: 448–451, 2006) however has disputed this by saying that although feasible, the conditions for which this was true, were not all that likely.
In that respect, therefore, increasing ‘transparency’ remains most of the times beneficial to social welfare. In this paper,
we extend the Morris and Shin attempt by setting it up as an explicit interactive game between the Central Bank, the objectives
of which we model explicitly, and the private sector. We show that in the absence of costs, both players benefit from transparency
in the manner described previously in the literature, and point the differences in their gains. Following that, we then introduce
the fact that increasing transparency comes at some costs and show how both players face incentives to free ride on each other
as a result. The presence of costs thus alters the way in which greater transparency is attained.
相似文献
Marco HoeberichtsEmail: |
9.
We analyze the role of fiscal-monetary policy interactions and fiscal coordination in EMU under the assumption of strategic
wage setting in unionized labour markets. We find that production subsidies and real wage distortions are strategic complements.
The literature on macroeconomic stabilisation policies and policy games usually neglects this point and reaches overoptimistic
conclusions about the desirable effects of accommodating fiscal policies. Central bank preferences also affect the desirability
of fiscal coordination in a monetary union. In fact, contrary to Beetsma and Bovenberg (1998), we find that fiscal coordination improves outcomes in the case of a conservative central banker, whereas it leads to worse
outcomes with a populist one.
相似文献
Patrizio TirelliEmail: |
10.
David Branham Sr. 《The Review of Black Political Economy》2008,35(4):129-146
Noting that only five African American coaches had been hired to lead National Football League (NFL) teams from 1989–2002,
Madden (J of Sports Econ, 5(1):6–19 2004) found that teams coached by African Americans in the NFL outperformed their counterparts in the regular season but were
significantly below average in the playoffs. This analysis, with data that includes nine African American coaches and extends
through 2007, reconfirms Madden’s finding that African American head coaches outperform their rivals in the regular season,
but also finds that African American coaches no longer suffer from poor playoff performance. Using fixed effects pooled cross
section time series models, this analysis confirms that teams with African American head coaches can expect more wins in the
regular season than their peers, other things equal. However, there is some evidence that as the pool of African American
coaching talent diminishes from additional hires their extraordinary performance may be slightly regressing. The playoff analysis
shows that that when controlling for seeding, organizational strength and regular season wins, African American coaches perform
at the same level as their counterparts.
相似文献
David Branham Sr.Email: |
11.
This paper comprises a survey of a half century of research on international monetary aggregate data. We argue that since
monetary assets began yielding interest, the simple sum monetary aggregates have had no foundations in economic theory and
have sequentially produced one source of misunderstanding after another. The bad data produced by simple sum aggregation have
contaminated research in monetary economics, have resulted in needless “paradoxes,” and have produced decades of misunderstandings
in international monetary economics research and policy. While better data, based correctly on index number theory and aggregation
theory, now exist, the official central bank data most commonly used have not improved in most parts of the world. While aggregation
theoretic monetary aggregates exist for internal use at the European Central Bank, the Bank of Japan, and many other central
banks throughout the world, the only central banks that currently make aggregation theoretic monetary aggregates available
to the public are the Bank of England and the St. Louis Federal Reserve Bank. No other area of economics has been so seriously
damaged by data unrelated to valid index number and aggregation theory. In this paper we chronologically review the past research
in this area and connect the data errors with the resulting policy and inference errors. Future research on monetary aggregation
and policy can most advantageously focus on extensions to exchange rate risk and its implications for multilateral aggregation
over monetary asset portfolios containing assets denominated in more than one currency. The relevant theory for multilateral
aggregation with exchange rate risk has been derived by Barnett (J Econom 136(2):457–482, 2007) and Barnett and Wu (Ann Finance 1:35–50, 2005).
相似文献
William A. BarnettEmail: |
12.
Silvio H. T. Tai 《Review of World Economics》2009,145(2):225-249
Many recent studies have looked at the impact of international migration on trade and found a significant effect. They posit
that migration fosters trade by lowering costs or by means of a preference bias. However, to my knowledge, market structure
has not as yet been considered. Using data from Switzerland, this paper empirically assesses the extent to which migration
affects trade, taking goods differentiation into account. A monopolistic model with a multisector economy (Chaney in Am Econ
Rev 98(41):1707–1721, 2008) is then empirically estimated. The findings show that market structure explains the different channels through which migration
affects trade.
相似文献
Silvio H. T. TaiEmail: |
13.
Economic,Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council 总被引:1,自引:0,他引:1
Willem H. Buiter 《Open Economies Review》2008,19(5):579-612
The paper reviews the arguments for and against monetary union among the six members of the Gulf Cooperation Council—the United
Arab Emirates, the State of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State
of Kuwait. Both technical economic arguments and political economy considerations are discussed. I conclude that there is
an economic case for GCC monetary union, but that it is not overwhelming. The lack of economic integration among the GCC members
is striking. Without anything approaching the free movement of goods, services, capital and persons among the six GCC member
countries, the case for monetary union is mainly based on the small size of all GCC members other than Saudi Arabia, and their
high degree of openness. Indeed, even without the creation of a monetary union, there could be significant advantages to all
GCC members, from both an economic and a security perspective, from greater economic integration, through the creation of
a true common market for goods, services, capital and labour, and from deeper political integration. The political arguments
against monetary union at this juncture appear overwhelming, however. The absence of effective supranational political institutions
encompassing the six GCC members means that there could be no effective political accountability of the GCC central bank.
The surrender of political sovereignty inherent in joining a monetary union would therefore not be perceived as legitimate
by an increasingly politically sophisticated citizenry. I believe that monetary union among the GCC members will occur only
as part of a broad and broadly based movement towards far-reaching political integration. And there is little evidence of
that as yet.
相似文献
Willem H. BuiterEmail: URL: http://www.nber.org/∼wbuiter |
14.
The paper attempts to evaluate the prospect of creating a currency union in the “Greater China” economic area. Despite of
the political deadlock and military confrontation in the Taiwan Strait, the Greater China area has experienced rapid and spontaneous
regional integration in the past decades as a result of increasingly cross-border trade, foreign direct investment (FDI),
technology contracts, and other arrangements in accordance with changes in comparative advantage and industrial upgrading
in these economies. In this study, we focus on the symmetry in shocks that is perceived as one of the major preconditions
of a currency union. In contrast to the previous studies, we investigate the time-varying correlation of supply, REER and
monetary shocks by using the Kalman filter technique to assess the dynamic changes in structural similarity and convergence
among the Greater China economies. We also examine the costs of forming a currency union in the area due to the loss of monetary
autonomy in each economy. Our results suggest that there is a rising structural symmetry between the Greater China economies,
and this area has become increasingly a better candidate for a monetary union.
相似文献
Kiyotaka SatoEmail: |
15.
Policy coordination in East Asia and across the Pacific 总被引:1,自引:1,他引:0
In this paper, we construct a macro-econometric model that describes the economic activity in the Asia-Pacific area and provide
quantitative insights into the recent policy debates on monetary and currency coordination among the East Asian economies.
The model includes a wide variety of monetary and currency policy rules that the East Asian economies adopt and allows for
one country's policymaking to have substantial effects on foreign countries. We apply the model to three current policy issues:
(1) the desirability of currency basket pegs in East Asia, (2) the anticipated effects of China's currency policy reform,
and (3) the non-negativity constraint on Japanese nominal interest rates. The simulation analyses show the external economy
effects of policy rules quantitatively and suggest the difficulty of monetary and currency policy coordination among the East
Asian economies.
相似文献
Koichiro Kamada (Corresponding author)Email: |
Izumi TakagawaEmail: |
16.
Two impediments to effective monetary policy operation include illiquidity in bond markets and the zero bound of interest
rates. Under these conditions alternative means of enacting monetary policy may be required. This paper empirically explores
policy options implemented through equity and currency markets that will generate similar inflation responses at different
time horizons. In terms of GDP loss the least costly means of achieving a particular long run inflation outcome is via the
current monetary policy arrangements. Currency market alternatives are volatile but less expensive than the equity market
in terms of output loss for short term inflation horizons.
相似文献
Renée FryEmail: |
17.
Charles A. E. Goodhart 《Atlantic Economic Journal》2007,35(1):1-21
Whilst there are many sizeable benefits from currency union, the main disadvantage is often the difficulty of adjusting to
an asymmetric shock. Such adjustment is easier when the separate countries (regions) in such a union have flexible labour
markets, and when there is a federal fiscal system to ease the adjustment process. The euro-zone has neither. We show that
the trends in relative unit labour costs have in several recent cases been worsening relative competitiveness, thereby putting
the euro-zone under greater centrifugal pressure. Nevertheless the costs of ‘exit’ are so high that it would only probably
occur as a consequence of political mis-calculation.
相似文献
Charles A. E. GoodhartEmail: |
18.
Kent P. Kimbrough 《Open Economies Review》2008,19(4):411-422
The implications of private information regarding a worker’s skills for optimal tax policy in an open economy are explored.
Two cases are considered. In one general skills are private information and in the other sector-specific skills are private
information. It is shown that for a small open economy tariffs and other equivalent trade distortions are not part of the
optimal tax policy in either case. In both cases the optimal policy distorts the labor–leisure choice but only in the case
of sector-specific skills as private information are labor allocation decisions distorted. For a large country, distortions
that are equivalent to the standard optimal tariff formula characterize the optimal tax policy.
相似文献
Kent P. KimbroughEmail: |
19.
Katrin Ullrich 《Open Economies Review》2007,18(3):239-262
With an increasing number of independent central banks, accountability of central banks is also getting more attention. This
paper analyses the possibility of introducing instruments of central bank accountability in a monetary union. In our model,
monetary policy is influenced by the governments of the member states according to the degree of independence granted to the
central bank. Instruments of democratic accountability are introduced which generate different expected losses for a government.
The amount of the expected loss will determine the approval of a government to the implementation of a particular mechanism.
We show that the agreement between the governments will only be unanimous for the definition of the inflation target of the
central bank.
相似文献
Katrin UllrichEmail: |
20.
We adapt the basic principles of the Keynes Plan and argue for the creation of a supranational bank money (SBM) that would
coexist along side national currencies and for the establishment of a new international clearing union (NICU). These principles
remain timely because the fundamental causes of the instability of the international monetary system are as valid today as
they were in the early forties. The new supranational money would be created against domestic earning assets of the Fed and
the ECB and its quantity would be demand-driven. Our proposal is not an agreement on exchange rates, which while possible
is not essential to the functioning of the SBM. NICU would not hold open positions in assets denominated in national currency
and consequently would not bear exchange rate risk. NICU would be more than an office recording credit and debit entries of
the supranational bank money. The financial tsunami that hit the world economy in 2007–2008 provides a unique opportunity
for a coordinated strategy.
相似文献
Michele FratianniEmail: |