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On the Possible Costs of European Monetary Union.

Abstract:

Much has been written about the benefits of monetary union in Europe, but little about the possible costs. This paper use s a small simulation model to analyze the costs and best design for EMU. The authors find demand/supply asymmetries cause inflation, output losses and extra adjustment costs. Price stability requires tougher monetary controls, while output stability is critically dependent on active (and coordinated) fiscal policies. Thus the key is to increas e the effectiveness of existi...

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Journal:
Manchester School of Economic and Social Studies More from this journal
Volume:
61
Publication date:
1993-01-01
ISSN:
0025-2034
Language:
English
UUID:
uuid:1d47ae5b-d592-4bc3-8df0-50cd93037df9
Local pid:
oai:economics.ouls.ox.ac.uk:11097
Deposit date:
2011-08-16

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