| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2835 |
| DP2835 Courts of Law and Unforeseen Contingencies | |
| Luca Anderlini; Leonardo Felli; Andrew Postlewaite | |
| 发表日期 | 2001-06-11 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | The main issue in the early years of EMU is one of credibility. On one hand, high exposure to asymmetric shocks and low adaptability (be it in terms of stabilization or adjustment) to both symmetric and asymmetric shocks make the early years of EMU potentially problematic. On the other hand, significant economic differences between EMU countries raise questions regarding the objective of price stability. Credibility-enhancing policy choices may, in the short run, conflict with optimal smoothing of shocks, but are essential to ?ferry? EMU towards its ?steady state?. While a number of uncertainties still hang over the new regime, the Paper finds that the experience of EMU so far is heartening. Although economic divergences skewed on the high side made internal monetary misalignments politically less troublesome, the stability-oriented EMU framework fostered broadly appropriate policy behaviour in terms of both efforts to increase adaptability to shocks and of actual response to observed shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Emu Exposure and adaptability to shocks Fiscal and monetary policy Policy coordination |
| URL | https://cepr.org/publications/dp2835 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531882 |
| 推荐引用方式 GB/T 7714 | Luca Anderlini,Leonardo Felli,Andrew Postlewaite. DP2835 Courts of Law and Unforeseen Contingencies. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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