β Scribed by Hans-Werner Sinn, Mika WidgrΓ©n, Marko KΓΆthenbΓΌrger
No coin nor oath required. For personal study only.
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.
Cover
......Page 1
Contributors......Page 9
Series Foreword......Page 13
Introduction
......Page 15
I. Asymmetries and ECB Policy
......Page 19
1. Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labor and Goods' Markets
......Page 21
2. Asymmetric Transmission of Monetary Policy: What Should the ECB Do If One Size Does Not Fit All?
......Page 63
3. Is the ECB Too Decentralized?
......Page 89
II. Fiscal and Financial Aspects of European Monetary Integration
......Page 119
4. Fiscal Aspects of Central Bank Independence
......Page 121
5. Seignorage Wealth in the Eurosystem: Eurowinners and Eurolosers Revisited
......Page 139
6. Financial Fragility, Bubbles, and Monetary Policy
......Page 159
Index
......Page 191
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