The impact of the euro on international stability and volatility /
We investigate the impact of EMU on macroeconomic volatility. The volatilities of inflation and nominal interest rates have declined, as has, more importantly, the volatility of real consumption growth. Since global volatility has fallen for reasons unrelated to EMU (the "great moderation"...
| Κύριος συγγραφέας: | Gerlach, Stefan. |
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| Corporate συγγραφέας: | European Commission : Directorate-General for Economic and Financial Affairs. |
| Άλλοι συγγραφείς: | Hoffmann, Mathias. |
| Μορφή: | Βιβλίο |
| Γλώσσα: | English |
| Στοιχεία έκδοσης: |
Brussels- Belgium:
European Comission: Directorate-General for Economic and Financial Affairs,
2008.
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| Σειρά: |
European Economy. Economic papers ;
309. |
| Διαθέσιμο Online: |
http://ec.europa.eu/economy_finance/publications/publication_summary12271_en.htm |
| Ετικέτες: |
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| Περίληψη: |
We investigate the impact of EMU on macroeconomic volatility. The volatilities of inflation and nominal interest rates have declined, as has, more importantly, the volatility of real consumption growth. Since global volatility has fallen for reasons unrelated to EMU (the "great moderation"), we focus on the volatilities of bilateral differences in growth rates (or changes). Pairs of EMU countries have experienced the greatest fall in consumption volatility, followed by pairs in which one country is an EMU member. We demonstrate that these findings are closely linked to changes in consumption risk sharing. Overall, EMU has made a difference. |
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| Φυσική περιγραφή: |
29 σ.: διαγ. πιν. 30 εκ. |
| ISBN: |
9789279082344 |
| ISSN: |
1016-8060 (print) 1725-3187 (online) |
| Σχετικά τεκμήρια: |
Economic Papers |