| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP7517
|
| DP7517 Qualitative Effects of Cash-For-Clunkers Programs |
| Eugenio Miravete; Maria Moral
|
| 发表日期 | 2009-10-25
|
| 出版年 | 2009
|
| 语种 | 英语
|
| 摘要 | This article provides an overview of recent research into the macroeconomic costs and benefits of monetary unification. We are primarily interested in Europe?s monetary union. Given that unification entails the loss of a policy instrument its potential benefits have to be found elsewhere. Unification may serve as a vehicle for beneficial institutional changes. In particular, it may be a route towards an independent monetary policy, which alleviates the scope for political pressure to relax monetary policy. Unification also eliminates harmful monetary policy spill-overs and competitive devaluations. We explore how disagreement between the monetary and fiscal authorities about their policy objectives can lead to extreme macroeconomic outcomes. Further, we pay considerable attention to the desirability (or not) of fiscal constraints and fiscal coordination in a monetary union. Monetary commitment and fiscal free-riding play a key role in this regard. Similar free-riding issues also feature prominently in the analysis of how unification influences structural reforms. We end with a brief discussion of monetary unification outside Europe. The cost-benefit trade-off of unification may differ substantially between industrialized and less-developed countries, where differences in fiscal needs and, hence, the reliance on seigniorage revenues may dominate the scope for unification. |
| 主题 | International Macroeconomics
|
| 关键词 | Credibility
Emu
Euro
Exchange rates
Fiscal constraints
Fiscal policy
Structural reforms
|
| URL | https://cepr.org/publications/dp7517
|
| 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/536353
|
推荐引用方式
GB/T 7714 |
Eugenio Miravete,Maria Moral. DP7517 Qualitative Effects of Cash-For-Clunkers Programs. 2009.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
