1,721,022 research outputs found
Le politiche macroeconomiche di stabilizzazione in Europa nel nuovo regime di "unione monetaria"
No full textIn Europe, the completion of monetary unification has not been accompained by any step towards the coordination of fiscal policies. Fiscal policy institutions remain those of the EMU countries, albeit their behavior has been strictly constrained by a set of super-national rules. In this paper, we analyse the coherence and the effectiveness of this institutional setting of the EMU - that we characterise as "constrained international regime" - as for the objective of macroeconomic stabilisation
Money, credit and finance in a sequence economy, in Discussion Papers, Dipartimento di Scienze economiche, Università di Ronma 'la Sapienza'
No full text
Liquidity: Firm Value and Long-Term Bank Relationship
No full textWorking Paper Dipartimento di Scienze Economiche-Università di Padov
"Set a Sufficiently Ambitious Budget Target and Let the Automatic Stabilizers Work'. Will it Really Work in the European Monetary Union?"
No full textWe examine the popular recipe in the title by means of an AD-LM-AS two-country model of the EMU,
controlling for asymmetry in demand and supply shocks and in the monetary-policy transmission
mechanism. Unless structural symmetry holds and symmetric shock occurs, national automatic
stabilizers, even though supplemented with the common monetary policy, cannot deliver optimal
stabilization in each economy. Inflation and output gaps are not closed and may be divergent in sign.
Considering that a federal system of inter-regional insurance is lacking, the recipe under examination
is too optimistic, while serious threat to EMU “cohesion” may arise. The econometric estimates
we present show that existing national fiscal systems work very poorly as for the minimization, after
shocks, of the dispersion of national incomes around the EMU average
A learning-to-forecast experiment on the foreign exchange market with a classifier system
No full text- …
