全球智库信息集成服务系统(G2TT): DP7106 Funded Pensions and Intergenerational and International Risk Sharing in General Equilibrium

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7106
	DP7106 Funded Pensions and Intergenerational and International Risk Sharing in General Equilibrium
	Roel Beetsma; Lans Bovenberg; Ward Romp
发表日期	2008-12-23
出版年	2008
语种	英语
摘要	I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European Union. I first show that the Swedish business cycle since the mid-1990s has been closely correlated with the Euro area economies, suggesting that common shocks have been an important driving force of business cycles in Europe. However, evidence from an estimated model of the Swedish economy instead suggests that country-specific shocks have been important for fluctuations in the Swedish economy since 1993, implying that EMU membership could be costly. The model also indicates that the exchange rate has to a large extent acted to destabilize, rather than stabilize, the Swedish economy, pointing to the costs of independent monetary policy with a flexible exchange rate. Finally, counterfactual simulations of the model suggest that Swedish inflation and GDP growth might have been slightly higher if Sweden had been a member of EMU since the launch in 1999, but also that GDP growth might have been more volatile. The evidence is therefore not conclusive about whether or not participation in the monetary union would be advantageous for Sweden.
主题	International Macroeconomics
关键词	Dsge model Monetary union Open economy Optimum currency area
URL	https://cepr.org/publications/dp7106
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/535943
推荐引用方式 GB/T 7714	Roel Beetsma,Lans Bovenberg,Ward Romp. DP7106 Funded Pensions and Intergenerational and International Risk Sharing in General Equilibrium. 2008.