-PDF Download- Market Regulation Cycles And Growth In A Monetary Union EBOOK

Market Regulation, Cycles and Growth in a Monetary Union

Author: Mirko Abbritti

Publisher: International Monetary Fund

Published: 2019-06-03

Total Pages: 52

ISBN-13: 149831838X

We build a two-country currency union DSGE model with endogenous growth to assess the role of cross-country differences in product and labor market regulations for long-term growth and for the adjustment to shocks. We show that with endogenous growth, there is no reason to expect real income convergence. Large shocks, through endogenous TFP movements, can lead to permanent changes of output and real exchange rates. Differences are exacerbated when member countries have different product and labor market regulations. Less regulated economies are likely to have higher trend growth and recover faster from negative shocks. Results are consistent with higher inflation, lower employment and disappointing TFP growth rates experienced in the less reform-friendly euro area members.

One Market, One Money

Author: Michael Emerson

Publisher:

Published: 1992

Total Pages: 356

ISBN-13: 9780198773245

DOWNLOAD EBOOK →

The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

Structural Reforms and Economic Growth in Europe

Author: Nauro F. Campos

Publisher: Cambridge University Press

Published: 2020-04-02

Total Pages: 467

ISBN-13: 1108479111

DOWNLOAD EBOOK →

A state-of-the-art overview of the impacts of structural reforms on growth, employment and inequality in Europe.

Economic Convergence in the Euro Area: Coming Together or Drifting Apart?

Author: Mr.Jeffrey R. Franks

Publisher: International Monetary Fund

Published: 2018-01-23

Total Pages: 47

ISBN-13: 1484338499

DOWNLOAD EBOOK →

We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.

Endogenous Growth, Downward Wage Rigidities and Optimal Inflation

Author: Mirko Abbritti

Publisher: International Monetary Fund

Published: 2021-08-06

Total Pages: 49

ISBN-13: 1513583980

DOWNLOAD EBOOK →

Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity (DWR) which challenges these results. The model features a non-vertical long-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of two percent, a target value commonly used across central banks. Deviations from the optimal target carry welfare costs multiple times higher than in traditional NK models. The main reason is that endogenous growth and DWR generate asymmetric and hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can handle better the asymmetric and hysteresis effects in our model and deliver significant welfare gains. Our results are robust to the inclusion of the effective lower bound on the monetary policy interest rate.

Financial Market Regulation and Reforms in Emerging Markets

Author: Masahiro Kawai

Publisher: Brookings Institution Press

Published: 2011

Total Pages: 441

ISBN-13: 0815704895

DOWNLOAD EBOOK →

"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.

The Federal Reserve System Purposes and Functions

Author: Board of Governors of the Federal Reserve System

Publisher:

Published: 2002

Total Pages: 0

ISBN-13: 9780894991967

DOWNLOAD EBOOK →

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Aftershocks of Monetary Unification

Author: Mr.Tamim Bayoumi

Publisher: International Monetary Fund

Published: 2017-03-13

Total Pages: 26

ISBN-13: 1475586914

DOWNLOAD EBOOK →

Once upon a time, in the 1990s, it was widely agreed that neither Europe nor the United States was an optimum currency area, although moderating this concern was the finding that it was possible to distinguish a regional core and periphery (Bayoumi and Eichengreen, 1993). Revisiting these issues, we find that the United States is remains closer to an optimum currency area than the Euro Area. More intriguingly, the Euro Area shows striking changes in correlations and responses which we interpret as reflecting hysteresis with a financial twist, in which the financial system causes aggregate supply and demand shocks to reinforce each other. An implication is that the Euro Area needs vigorous, coordinated regulation of its banking and financial systems by a single supervisor—that monetary union without banking union will not work.

A Guide to the Euro

Author: Jay H. Levin

Publisher: South Western Educational Publishing

Published: 2002

Total Pages: 100

ISBN-13: 9780618215478

DOWNLOAD EBOOK →

In this concise and comprehensive introduction to Europe's currency, Levin explains both the historical and political background as well as the economic underpinnings of monetary integration in contemporary Europe.

Monetary Union, Employment and Growth

Author: Pier Carlo Padoan

Publisher: Edward Elgar Publishing

Published: 2001-01-01

Total Pages: 240

ISBN-13: 9781782544036

DOWNLOAD EBOOK →

'Monetary Union, Employment and Growth provides a thorough and well-developed analysis of the macroeconomic and microeconomic implications of the single currency.' - Terrence Casey, Journal of European Area Studies 'This book offers an in-depth discussion of two highly topical European issues - the single currency and unemployment - making it suitable for professional economists and post-graduate students in economics, international relations and European studies.' - European Access There exists a twofold relationship between the factors affecting adoption of a single currency in Europe, employment, and growth. On one hand, the operation of the euro will be hindered if rigidities in labour and product markets persist - hence low employment and slow growth may be a cause of poor performance of the single currency. On the other hand, the functioning of the euro will affect future patterns of European employment. Pier Carlo Padoan and his distinguished group of contributing authors go beyond the common European-based debates to consider the impact of the euro as a global currency on the evolution of European labour, product, and regional markets.