EMU in reality: The effect of a common monetary policy on economies with different transmission mechanisms

Empirica

Volumn 26, Issue 4, 1999, Pages 337-358

  Hallett, Andrew Hughes ^a   Piscitelli, Laura ^a  

^a UNIVERSITY OF STRATHCLYDE   (United Kingdom)

Author keywords

Coordination; Monetary policy asymmetries; Transmission mechanisms

Indexed keywords

EUROPEAN MONETARY UNION; FISCAL POLICY; MONETARY POLICY;

EUROPE;

EID: 0033499214     PISSN: 03408744     EISSN: None     Source Type: Journal    
DOI: 10.1023/A:1007030732145     Document Type: Article

References (22)

1. Bayoumi, T and Eichengreen (1993) 'Shocking Aspects of European Monetary Unification', in F. Giavazzi and F. Torres (eds.), Adjustment and Growth in the European Monetary Union, Cambridge University Press, Cambridge.
2. Boone, L. and Mojon, B. (1998) 'Sacrifice Ratios in Europe: A Comparison', CEPII, Paris (mimeo).
3. Brio, C. (1995) 'The Structure of Credit to the Nongovernment Sector and the Transmission Mechanism of Monetary Policy: A Cross-country Comparison', in The Financial Structure and Monetary Transmission Mechanism, Bank for International Settlements, Basle.
4. Bryant, R., Hooper, P., and Mann, C. (1993) Evaluating Policy Regimes: New Research in Empirical Macroeconomics, Brookings Institution, Washington DC.
5. Carlino, G. and De Fina, R. (1998) 'Monetary Policy and the US States and Regions: Some Implications for the European Monetary Union', WP 98-17, Federal Reserve Bank of Philadelphia, PA.
6. CEPR (1997) 'The Ostrich and the EMU', CEPR, London.
7. Collard, F. and Dellas, H. (1998) 'Exchange Rate Systems and Macroeconomic Stability', Department of Economics (VWI), University of Bern, Switzerland.
8. de Grauwe, P. and Vanhevebeke, W. (1993) 'Is Europe an Optimum Currency Area? Evidence from Regional Data', in P. Mason and M. Taylor (eds.), Policy Issues in the Operation of Currency Areas, Cambridge University Press, Cambridge.
9. Demertzis, M., Hughes Hallett, A., and Rummell, O. (1998a), 'Does a Core-Periphery Regime Make Europe into an Optimal Currency Area?, in P. Welfens (ed.), European Monetary Union, Springer Verlag, Berlin.
10. Demertzis, M., Hughes Hallett, A., and Rummell, O. (1998b), 'Is a 2-speed System in Europe the Answer to the Conflict between Germany and the Anglo-Saxon Models of Monetary Control?', in S. Black and M. Moersch (eds.), Competition and Convergence in Financial Markets - The German and Anglo-American Models, Elsevier, North Holland, New York.
11. Dornbusch, R., Favero, C., and Giavazzi, F. (1998) 'Immediate Challenges for the European Central Bank', in EMU: Prospects and Challenges for the Euro, Blackwell & Co., Oxford.
12. Frankel, J. and Rose, A. (1998) 'The Endogeneity of the Optimal Currency Area Criteria', Economic Journal, 108, 1009-1025.
13. Hughes Hallett, A. (1998) 'Evidence to the Treasury Select Committee to the House of Commons', The UK and Preparations for Stage Three of Economics and Monetary Union, HC5-3 - Vol. III, pp. 66-94, HMSO, London.
14. Hughes Hallett, A. and Ma, Y. (1993) 'East Germany, West Germany and their Mezzogiorno Problem', Discussion Paper 632, Centre for Economic Policy Research, London.
15. Krugman, P. and Venables, A. (1996) 'Integration, Specialisation and Adjustment', European Economic Review 40, 959-967.
16. Laxton, D., Issard, P., Faruqee, H., E Prasad, E., and Turtleboom, B. (1998) 'MULTIMOD Mark II: The Core Dynamic and Steady State Models', IMF Occasional Paper, No. 167, IMF, Washington.
17. Layard, R, Nickell, S., and Jackman, R. (1991), Unemployment: Macroeconomic Performance and the Labour Market, Oxford University Press, Oxford.
18. MacLennan, D. J., Muellbauer, J., and Stephens M. (1998) 'Asymmetries in Housing and Financial Market Institutions and EMU', (mimeo) University of Glasgow and Nuffield College, Oxford.
19. Masson, P., Symanski, S., and Meredith, G. (1990) 'MULTIMOD Mark II: A Revised and Extended Model', IMF Occasional Paper, No. 71, IMF, Washington DC.
20. Mitchell, P., Sault, J., Smith, P., and Wallis, K. F. (1998) 'Comparing Global Economic Models', Economic Modelling 15, 1-48.
21. Salmon, M. (1982) 'Error Correction Mechanisms', Economic Journal 92, 615-629.
22. Taylor, J. (1993) Macroeconomic Policy on a World Economy, Norton and Co., New York.