Unione Monetaria Europea: una guida vetero-keynesiana ai problemi

T.I. PALLEY

Abstract


The work adopts an old Keynesian perspective to evaluate the EMU. Such a perspective raises concerns with the effectiveness of monetary policy, the feasibility of monetary policy, and the political economy of monetary policy. The EMU brings with it institutional lock-in, and therefore needs to be evaluated with a long term perspective. Whether or not to join the EMU depends on whether effective sovereign monetary policy is feasible now and in the future, whether the EMU constitutes an optimal currency area, and whether the proposed European Central Bank will have an appropriate institutional design. If formed, the EMU should create institutions which promote expansionary policies and empower the conduct of sovereign European monetary policy.

 

 

JEL Codes: E5, F3, F4, F02

Keywords: European monetary union, European central bank, optimal currency area, sovereign monetary policy.


Parole chiave


European monetary union, European central bank, optimal currency area, sovereign monetary policy.

Full Text

PDF

Riferimenti bibliografici


BARRO, R. e D. GORDON (1983), "A positive theory of monetary policy in a natural rate model", Journal of Political Economy, vol. 91, August, pp. 589-610.

BAYOUMI, T. e B. EICHENGREEN (1994), "One money or many? Analyzing the prospects for monetary unification in various parts of the world", Princeton Studies in International Finance, no. 76, September.

BEAN, C.R. (1992), "Economic and Monetary Union in Europe", Journal of Economic Perspectives, vol. 6, Fall, pp. 31-52.

CASKEY, J. e S. FAZZARI (1987), "Aggregate demand contractions with nominal debt committments: is wage flexibility stabilizing?" Economic Inquiry, vol. 25, October, pp. 583-97.

DE GRAUWE, P. (1994), The Economics of Monetary Integration, Oxford University Press, Oxford.

EICHENGREEN, B. e C. WYPLOSZ (1993), "The unstable EMS", relazione presentata al Brookings Panel on Economic Activity, aprile, dattiloscritto.

FRIEDMAN, B.M. (1990), "Targets and instruments of monetary policy", in B.M. Friedman and F.H. Hahn eds, Handbook of Monetary Economics, vol. 2, North-Holland, Amsterdam.

McKINNoN, R. (1963), "Optimum currency areas", American Economic Review, vol. 53, September, pp. 717-25.

MUNDELL, R. (1961), "A theory of optimum currency areas", American Economic Review, vol. 51, September, pp. 657-65.

NISKANNEN, W. (1971), Bureaucracy and Representative Government, Aldine-Atherton, Chicago.

PALLEY, T.I. (1990), "A theory of downward wage rigidity: job committment costs, replacement costs, and tacit coordination", Journal of Post Keynesian Economics, vol. 12, pp. 452-66.

PALLEY, T.I. (1994), "Escalators and elevators: a Phillips curve for Keynesians", Scandinavian Journal of Economics, vol. 96, pp. 117-23.

PALLEY, T.I. (1996), "The institutionalization of deflationary policy bias", Monnaie et Production, vol. X di Economies et Sociétés, pp. 249-70.

PIVETTI, M. (1993), "Bretton Woods, through the lens of state-of-the-art macrotheory and the European Monetary System", Contributions to Political Economy, vol. 12, pp. 99-110.

POOLE, W. (1970), "Optimal choice of monetary policy instruments in a simple stochastic macro model", Quarterly Journal of Economics, vol. 84, May, pp. 197-216.

TOBIN, J. (1972), "Inflation and unemployment", American Economic Review, vol. 62, March, pp. 1-18.

TOBIN, J. (1978), "A proposal for international monetary reform", Eastern Economic Journal, July-October, reprinted in J. Tobin, Essays in Economics: Theory and Policy, The MIT Press, Cambridge, Mass., 1982.

TULLOCK, G. (1965), The Politics of Bureaucracy, Public Affairs Press, Washington.


Refback

  • Non ci sono refbacks, per ora.


Copyright (c) 2016 T.I. PALLEY

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

 

Con il contributo di  

ISSN 2037-3651

Reg. Tribunale di Roma n.377/2009 del 19/11/2009