haku: @author Sibert, A. / yhteensä: 10
viite: 7 / 10
| Tekijä: | Sibert, A. |
| Otsikko: | Monetary integration and economic reform |
| Lehti: | Economic Journal
1999 : JAN, VOL. 109:452, p. 78-92 |
| Asiasana: | Economic theory Policy making Monetary policy Economic integration Europe |
| Vapaa asiasana: | Economic reform |
| Kieli: | eng |
| Tiivistelmä: | Recent research in contract theory views ownership as substitute for complete contracts. This approach is applied to monetary integration. Countries face a coordination problem conducting monetary policy. Negative spill-overs ensure uncoordinated policy generates too high inflation. Ex ante, policy makers can undertake politically costly economic reform. This has positive spill-over because it improves the outcome of the monetary policy game. Ex-post contracting over policy may be possible, but it supposed that ex-ante contracting over reform and policy is not. It is analyzed when monetary union is a good substitute for this inability to commit. |
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