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The Design of EMU [electronic resource] Begg, David K. H..

Author/Creator:
Begg, David K. H.
Publication:
Washington, D.C. : International Monetary Fund, 1997.
Format/Description:
Government document
Book
1 online resource (36 p.)
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 97/99.
IMF Working Papers; Working Paper No. 97/99
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Local subjects:
Actual inflation. (search)
Aggregate demand. (search)
Average inflation. (search)
Central bank. (search)
Demand for money. (search)
Domestic aggregate demand. (search)
European monetary institute. (search)
European monetary union. (search)
High inflation. (search)
Independent central bank. (search)
Inflation. (search)
Inflation forecasts. (search)
Inflation performance. (search)
Inflation rate. (search)
Inflation rates. (search)
Inflation target. (search)
Inflation tax. (search)
Inflationary pressures. (search)
Intermediate monetary target. (search)
International monetary policy. (search)
Long-term interest rates. (search)
Low inflation. (search)
Lower inflation. (search)
Macroeconomic performance. (search)
Moderate inflation. (search)
Monetary aggregates. (search)
Monetary authority. (search)
Monetary conditions. (search)
Monetary control. (search)
Monetary decisions. (search)
Monetary economics. (search)
Monetary frameworks. (search)
Monetary fund. (search)
Monetary growth. (search)
Monetary independence. (search)
Monetary indicators. (search)
Monetary institutions. (search)
Monetary instrument. (search)
Monetary instruments. (search)
Monetary policy. (search)
Monetary policy instruments. (search)
Monetary stability. (search)
Monetary stance. (search)
Monetary target. (search)
Monetary targeting. (search)
Monetary targets. (search)
Monetary transmission. (search)
Monetary transmission mechanism. (search)
Monetary unification. (search)
Monetary union. (search)
Money demand. (search)
Money growth. (search)
Nominal interest rates. (search)
Nominal variables. (search)
Open market operations. (search)
Price stability. (search)
Rate of inflation. (search)
Real interest rates. (search)
Real value. (search)
Real wages. (search)
Reserve requirements. (search)
Transmission of monetary policy. (search)
Wage-price. (search)
France. (search)
Germany. (search)
Grenada. (search)
United Kingdom. (search)
United States. (search)
Summary:
Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implications for accountability, transparency, and reputation. Country-specific shocks will remain but output correlation may not reflect the old pattern of core and peripheral countries. The Stability Pact will force some countries to switch off their automatic stabilizers; others, with fewer fiscal problems, can retain them. Output correlations in EMU may reflect a fiscal core and fiscal periphery. Additional labor market flexibility remains the best solution.
Notes:
Description based on print version record.
Contributor:
Begg, David K. H.
Other format:
Print Version:
ISBN:
1451852231:
9781451852233
ISSN:
1018-5941
Publisher Number:
10.5089/9781451852233.001
Access Restriction:
Restricted for use by site license.