One Money, One Cycle?: Making Monetary Union a Smoother Ride:
In recent years the euro area has shown less resilience to the negative and largely OECD-wide common shocks than the English-speaking countries, but most of the smaller euro area countries have fared better than the large ones. This paper reviews policy issues that are important in fostering a speed...
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| Beteilige Person: | |
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| Weitere beteiligte Personen: | , |
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Paris
OECD Publishing
2004
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagwörter: | |
| Links: | https://doi.org/10.1787/321284370330 |
| Zusammenfassung: | In recent years the euro area has shown less resilience to the negative and largely OECD-wide common shocks than the English-speaking countries, but most of the smaller euro area countries have fared better than the large ones. This paper reviews policy issues that are important in fostering a speedy adjustment to shocks. We argue that the small countries are well placed to adjust swiftly to asymmetric shocks, because they are well integrated with the rest of the area. An activist fiscal policy is not needed and also not powerful enough to smooth the cycle. However, asset bubbles are a cause of concern as their limited weight means that the common monetary policy is more likely to be out of line with their cyclical position. Large countries are less well placed to cope with shocks and sluggish adjustment can be expected. Reforms should focus on raising trade linkages via the completion of the single market, on improving wage and price flexibility and on making their housing markets ... |
| Umfang: | 1 Online-Ressource (35 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/321284370330 |
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| illustrated | Not Illustrated |
| indexdate | 2025-01-11T15:45:50Z |
| institution | BVB |
| language | English |
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| publisher | OECD Publishing |
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| series2 | OECD Economics Department Working Papers |
| spellingShingle | Hoeller, Peter One Money, One Cycle?: Making Monetary Union a Smoother Ride Economics |
| title | One Money, One Cycle?: Making Monetary Union a Smoother Ride |
| title_alt | Même monnaie, même cycle ? Rendre plus souple le fonctionnement de l'union monétaire |
| title_auth | One Money, One Cycle?: Making Monetary Union a Smoother Ride |
| title_exact_search | One Money, One Cycle?: Making Monetary Union a Smoother Ride |
| title_full | One Money, One Cycle?: Making Monetary Union a Smoother Ride Peter Hoeller, Claude Giorno and Christine de la Maisonneuve = Même monnaie, même cycle ? Rendre plus souple le fonctionnement de l'union monétaire / Peter Hoeller, Claude Giorno et Christine de la Maisonneuve |
| title_fullStr | One Money, One Cycle?: Making Monetary Union a Smoother Ride Peter Hoeller, Claude Giorno and Christine de la Maisonneuve = Même monnaie, même cycle ? Rendre plus souple le fonctionnement de l'union monétaire / Peter Hoeller, Claude Giorno et Christine de la Maisonneuve |
| title_full_unstemmed | One Money, One Cycle?: Making Monetary Union a Smoother Ride Peter Hoeller, Claude Giorno and Christine de la Maisonneuve = Même monnaie, même cycle ? Rendre plus souple le fonctionnement de l'union monétaire / Peter Hoeller, Claude Giorno et Christine de la Maisonneuve |
| title_short | One Money, One Cycle?: Making Monetary Union a Smoother Ride |
| title_sort | one money one cycle making monetary union a smoother ride |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/321284370330 |
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