Abstracts » Economics

Monetary and fiscal unification in the EU: a stylized analysis

Article Abstract:

A study on the impact of monetary and fiscal unification within the European Union was conducted. To get more accurate results, a two-country version of the Alesina and Tabellini model was developed. It was found that macroeconomic outcomes are influenced by monetary and fiscal policies, and the level of commitment shown by the group in the implementation of its monetary policies. The differences in the structures of EU's fiscal policies also had an impact on the timing of the monetary union and the centralization of taxation.

Public Finance Activities, International Affairs, Fiscal Policy, European Community, Currency Stabilization Programs, European Monetary System, Currency stabilization

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Using Monetary Policy to Target a Nominal Wage Index

Article Abstract:

This paper proposes making wage indices the target of inflation rate or price level targeting by central banks. This appears to offer a way of reducing suboptimal employment fluctuations in an economy featuring nominal wage stickiness.

United States, Wage & Price Stabilizatn NEC, Statistical Data Included, Central banks, Wages, Wages and salaries, Indexation (Economics), Wage price policy

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