Synopses & Reviews
A team of experts on the European economy focuses on the three major issues of fiscal policy, monetary policy and labor markets in this collection. They provide a survey of recent research on each topic as well as related state-of-the-art contributions. The early years of European Monetary Union have not been easy for the European economy. Economists are divided in their assessment of the effectiveness of key institutions, such as the European Central Bank, and their ability to provide macroeconomic stability and foster the reforms necessary to stimulate economic growth.
Synopsis
Three years after the birth of the European Monetary Union (EMU) economists are still divided in assessing the ability of its key institutions to provide macroeconomic stability and foster necessary reforms. Blending empirical and theoretical data, experts offer a comprehensive survey of recent research in macroeconomic policymaking within the EMU.
About the Author
Roel Beetsma is a Professor of Macroeconomics at the University of Amsterdam and a Research Affiliate of the Centre for Economic Policy Research, London.Carlo Favero is Professor of Economics at the Universita Bocconi, Milan.Alessandro Missale is Assistant Professor of Economics at the Universita degli studi di Milano-Bicocca.Anton Muscatelli is the Daniel Jack Professor of Political Economy, Department of Economics, University of Glasgow.Piergiovanna Natale is Professor of Economics at the Universita degli Studi di Milano-Bicocca.Patrizio Tirelli is Professor of Economics at the Universita degli Studi di Milano-Bicocca.
Table of Contents
Introduction; 1. The European Central Bank: a view from across the ocean Stephen G. Cecchetti; 2. Which measure of inflation should the ECB target? C. A. Tavero; 3. An evaluation of alternative targeting rules for the ECB P. Benigno and J. David Lopex-Salido; 4. Inflation modelling in the Euro area F. Bagliano, R. Golinelli and C. Morana; 5. The interaction between monetary and fiscal policies in a monetary union: a review of recent literature R. Beetsma and X. Debrun; 6. Independent or coordinated? Monetary and fiscal policy in EMU L. Lambertini and R. Rovelli; 7. Interaction of fiscal policies on the Euro area: how much pressure on the ECB? L. Onorante ; 8. The macroeconomic impact of different speeds of debt: stabilisation in EMU C. Leith and S. Wren-Lewis; 9. Fiscal shocks and policy regimes in some OECD countries G. De Arcangelis and S. Lamartina; 10. Monetary and fiscal policy interactions over the cycle: some empirical evidence V. Anton Muscatelli, P. Tirelli and C. Trecroci; 11. Monetary institutions, monetary union and unionized labor markets: some recent developments A. Cukierman; 12. Inflationary performance in a monetary union with large wage setters L. Cavallari; 13. On the enlargement of currency unions: incentives to join and incentives to reform A. H. Hallett and S. E. Hougaard Jensen.