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Studies examining the policy challenges posed by European monetary integration, including asymmetry problems and fiscal concerns.The success of European monetary integration--called by the editors of this CESifo volume "one of the most far-reaching, real world experiments in monetary policy to date"--is not assured. Policy makers have been forced to deal with challenges posed by formulating a uniform monetary policy for countries with asymmetric business cycles and economies in different stages of development as well as with the fiscal and financial implications of a unified currency.The contributors to European Monetary Integration, all prominent economists and scholars, combine theoretical analysis and policy recommendation in their examination of these difficulties. In the first three chapters they consider issues raised by asymmetry problems, including imperfect labor and goods markets, the problem of monetary policy objectives when "one size does not fit all," and the possibility of a bias toward smaller countries in the "one country, one vote" constitutional structure of the European Central Bank. In the last three chapters, they discuss fiscal concerns, including the distribution of seignorage revenues and the interaction of European Central Bank monetary policies and asset price dynamics.

Monetary unions --- Economic and Monetary Union. --- European Union countries --- Economic integration. --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- SOCIAL SCIENCES/Political Science/Public Policy & Law --- ECONOMICS/Political Economy --- ECONOMICS/International Economics

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Hauptbeschreibung This volume contains the contributions of a conference dealing with the consequences of the European Monetary Union for the macroeconometric modelling of the Euro area, which took place in Essen in 2000. At the end of the conference the participants were convinced that the discussions including a great variety of theoretical, methodical and factual aspects from the producers' as well as the consumers' perspective will not fail to have a certain impact on the future development of macroeconometric modelling in the Euro area. Once more it became clear, howev

Monetary policy --- 339.0151 --- 305.96 --- 334.151.20 --- AA / International- internationaal --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- Macro-economisch model van een of verschillende landen --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- Economic and Monetary Union. --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- European Union countries --- Europe --- Economic policy. --- Economic integration. --- Europäische Währungsunion --- Makroökonomie --- Geldpolitik --- Makroökonomische Modelle

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This volume presents a critical examination of the EMU from different perspectives. It includes essays on the political economy of currency unions, on the Growth and Stability pact, the European Central Bank, an evaluation of the first four years of the EMU, and the costs and benefits for Sweden as well as for Britain of adopting the euro.

Money. Monetary policy --- European Union --- Economic and Monetary Union. --- Euro. --- Europe -- Economic integration. --- Monetary union - European Union countries. --- Monetary union - Sweden. --- Monetary unions -- European Union countries. --- Monetary unions -- Sweden. --- Monetary unions --- 334.151.20 --- 334.151.21 --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- Euro --- -Monetary unions --- -332.494 --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden. --- Europese centrale bank. ESCB. Centrale banken. --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- Europe --- Economic integration. --- 332.494 --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- Europese centrale bank. ESCB. Centrale banken

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International finance --- Monetary policy --- 330.05 --- 337.142 --- 334.151.1 --- 334.151.20 --- 334.151.25 --- AA / International- internationaal --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 339.732 --- 339.732 Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.732 Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Monetary management --- Economic policy --- Currency boards --- Money supply --- EG : economisch en monetair beleid --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- Rekeneenheid, gemeenschappelijke munt van de Europese Gemeenschappen. ECU. Euro --- Economic and Monetary Union. --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- Europe --- Economic policy.

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Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of co-operation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while the central bank is responsible for the level of output. Co-operation between both actors is necessary for high employment and low inflation. The current institutional set-up is found to be unable to assure cooperation.

Unemployment --- Inflation (Finance) --- Collective bargaining --- Wages --- Monetary policy --- Banks and banking, Central --- Ch omage --- Salaires --- Banques centrales --- N egociations collectives --- Inflation --- Politique mon etaire --- BUSINESS & ECONOMICS --- Werkloosheid --- Inflatie --- Salarissen --- Collectieve onderhandelingen --- Monetaire politiek --- EMU --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Bargaining --- Labor negotiations --- Industrial relations --- Negotiation in business --- Finance --- Natural rate of unemployment --- Money & Monetary Policy --- Economic and Monetary Union. --- Union economique et mon etaire. --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- E-books --- 332.494 --- arbeid, loon --- banken, centraal --- monetaire politiek --- 333.846.3 --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- Verband tussen de geld-, bank- en kredietpolitiek en de lonen --- Macroeconomics. --- Political economy. --- Labor economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- International Political Economy. --- Labor Economics. --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man --- Money. Monetary policy --- European Union