Monetary Policy, Fiscal Policies and Labour Markets
Macroeconomic Policymaking in the EMU

A survey of fiscal policy, monetary policy and labour markets in the European Monetary Union.

R. Beetsma (Edited by), C. Favero (Edited by), A. Missale (Edited by), V. A. Muscatelli (Edited by), P. Natale (Edited by), P. Tirelli (Edited by)

9780521041836, Cambridge University Press

Paperback / softback, published 24 September 2007

392 pages, 14 b/w illus. 21 tables
22.9 x 15.4 x 2.4 cm, 0.588 kg

Following the birth of the European Monetary Union (EMU) economists are still divided in their assessment of the ability of its key institutions to provide macroeconomic stability and foster the reforms necessary to stimulate economic growth. In this collection, experts focus on issues of fiscal policy, monetary policy and labour markets and ask: Can the stability and growth pact provide an adequate framework for the conduct of national fiscal policies? Is the ECB reacting with competence and flexibility to a rapidly changing macroeconomic environment? How do national labour markets react to the macroeconomic institutions and what are the structural reforms needed in labour markets? Blending empirical and theoretical data, this book offers one of the most comprehensive surveys of research in macroeconomic policymaking within the EMU.

List of figures
List of tables
List of contributors
Acknowledgements
Editors' introduction
Part I. Monetary Policy: 1. The European Central Bank: a view from across the ocean Stephen G. Cecchetti
2. Which measure of inflation should the ECB target? C. A. Favero
3. An evaluation of alternative targeting rules for the ECB Pierpaolo Benigno and J. David López-Salido
4. Inflation modelling in the euro area Fabio C. Bagliano, Roberto Golinelli and Claudio Morana
Part II. Fiscal Policies: 5. The interaction between monetary and fiscal policies in a monetary union: a review of recent literature Roel Beetsma and Xavier Debrun
6. Independent or coordinated? Monetary and fiscal policy in EMU Luca Lambertini and Riccardo Rovelli
7. Interaction of fiscal policies in the euro area: how much pressure on the ECB? Luca Onorante
8. The macroeconomic impact of different speeds of debt stabilisation in EMU Campbell Leith and Simon Wren-Lewis
9. Fiscal shocks and policy regimes in some OECD countries Giuseppe De Arcangelis and Serena Lamartina
10. Monetary and fiscal policy interactions over the cycle: some empirical evidence V. Anton Muscatelli, Patrizio Tirelli and Carmine Trecroci
Part III. Labour Markets: 11. Monetary institutions, monetary union and unionised labour markets: some recent developments Alex Cukierman
12. Inflationary performance in a monetary union with large wage setters Lilia Cavallari
13. On the enlargement of currency unions: incentives to join and incentives to reform Andrew Hughes Hallett and Svend E. Hougaard Jensen
Index.

Subject Areas: Political economy [KCP], International economics [KCL], Labour economics [KCF], Monetary economics [KCBM], Macroeconomics [KCB], EU & European institutions [JPSN2], Regional studies [GTB]