1,721,077 research outputs found
Euroopan rahapoliittinen yhteistyö
Get PDFThe European Monetary system (EMS) created in 1979 has established its position in the 1980s and European Co-operation serves as a good foundation for co-operation in monetary policy within the European Community, in Monetary Policy The implementation of the proposed Economic and Monetary Union (EMU) will not, however, be unproblematic. Special attention must be paid to the controlling of inflation at the initial stage of the EMU, in particular. This may mean that some other acceptable goals of economic policy may not be reached. There are distinctly different economic interests in the EC countries. The EMU may restrict the economic-political independence of some member countries more than they consider desirable. The EMU may also result in greater differences between centres and peripheries of econom
Real and Relative Wage Rigidities
Get PDFThe overlapping wage contract model, known as the staggered contract model, is expanded in an open economy context to include wage indexation to add some more realism to the model. In addition the effects of alternative assumptions about availability of information in wage negotiations are studied. It is shown that in the case of shocks in domestic costs indexation can improve economic stability if demand for the domestic good is price inelastic and wage negotiations are not sensitive to cyclical conditions. This contrasts strongly with static macro models where indexation reinforces the destabilizing power of supply shocks. With respect to shocks in the price of imported inputs, indexation reduces economic stability despite the fact that one could conjecture that indexation increases the responsiveness of wage contracts to shocks that affect domestic output
Toimivaan globalisaatioon vähän horjuen mutta määrätietoisesti
Get PDFKirja-arvostelu:
Joseph Stiglitz: Making Globalization Work. Allen Lane, 2006
Sosiaalihuollon pysyvän asiakkaan "taulukko"
No full textSummary: The plight of the chronic welfare client
Dual Exchange Markets and Intervention
Get PDFIt is argued that the theoretical literature on dual exchange markets has completely neglected the form of central bank intervention emphasized by the "classics". They advocated neutral intervention where the central bank sells in the capital market all foreign exchange it acquires from the current transactions. Current literature concentrates on the non-sterilized intervention. In a choice-theoretic framework it is shown that the form of intervention matters very much for the transmission of changes in foreign rate of interest and in terms of trade. On normative side it is shown that one can always design the dual exchange system in such a way that it is superior to the uniform fixed rate system
Customs unions and national budgets
No full textIt is shown that the Dixit-Norman argument for the creation of an optimal customs union without lump sum transfers presupposes either that there exists a joint fiscal authority in the union or that lump sum transfers between national governments are possible. A necessary and sufficient condition for the decentralized implementation of the optimal union is derived. This condition is related to the old discussion of trade creation vs. trade diversion. The other contribution of the paper is to extend the Dixit-Norman argument to customs unions with factor mobility i.e. to common markets
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