Stabilitätspolitik in der Wechselkursunion

Feuerstein, Switgard

doi:10.1007/978-3-662-01118-8_4

Cited by 2 publications

(5 citation statements)

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“…12 This sign is consistent with the high values chosen for domestic expenditure shares by McKibbin and Sachs (1986), Ishii et al (1985) and Argy et al (1989). 13 world=country a -I-country b…”

Section: Goods Market Disturbancessupporting

confidence: 75%

“…With strict interest parity, this effect, of course, vanishes. We then obtain the results of the first four sections in Feuerstein and Siebke (1990).…”

Section: Mm(e)mentioning

confidence: 99%

“…Fourthly, we distinguish between real and nominal interest rates and allow for expected changes of the flexible exchange rates. Thus we avoid money illusion and static exchange rate expectations and the exogeneity of the interest rate built into the MER analyses of Feuerstein and Siebke (1990) and Feuerstein (1992).…”

mentioning

confidence: 99%

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The international transmission of economic shocks in a three-country world under mixed exchange rates

Läufer

Sundararajan

1994

Journal of International Money and Finance

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Suggested Citation: Läufer, Nikolaus K. A.; Sundararajan, Srinivasa (1994) : The international transmission of economic shocks in a three-country world under mixed exchange rates, Diskussionsbeiträge: Serie II, Sonderforschungsbereich 178 "Internationalisierung der Wirtschaft", Universität Konstanz, No. 216 AbstractThe international transmission of economic disturbances is analysed in a three-country world where two countries have no macroeconomic impact on a third country but are large enough to influence each other under a system of mixed exchange rates -a system that combines the fixed exchange rates (FERs) among two EC member countries (Germany and France) and the flexible exchange rates (FLERs) towards a third country, the rest of the world (USA). We find that a positive output demand shock originating in Germany or France has a positive effect on domestic output, but, due to a special third country effect, is likely to produce a contractionary impact on foreign output (negative transmission) while the total effect on the world economy is expansionary. Money supply shocks in either Germany or France have identical effects on the output of the two countries. The FLER component of the MER regime serves as. an important tool for dampening the impact of US shocks on the output of the EC.

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Section: Goods Market Disturbancessupporting

confidence: 75%

“…With strict interest parity, this effect, of course, vanishes. We then obtain the results of the first four sections in Feuerstein and Siebke (1990).…”

Section: Mm(e)mentioning

confidence: 99%

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The international transmission of economic shocks in a three-country world under mixed exchange rates

Läufer

Sundararajan

1994

Journal of International Money and Finance

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“…In the following, we present an exchange rate union model for the Eurozone which is based on the works of Levin (1983) and Feuerstein/Siebke (1987) as our base model. We have chosen these models because they are constructed very straightforward and intuitive.…”

Section: Rate Systemsmentioning

confidence: 99%

“…This paper will show why the Target System is a crucial indicator for the Eurozone not being a monetary union, but an exchange rate union. Therefore, we integrate the Target System into an exchange rate union model based on the works of Levin (1983) and Feuerstein/Siebke (1987). One main result will be the similarity of a reserve currency country in a system of fixed exchange rates -like the US during the Bretton-Woods-System -and the Eurozone countries holding Target liabilities against the ESCB.…”

Section: Introductionmentioning

confidence: 99%

Is the Eurozone Not a Monetary Union, But an Extraordinary Exchange Rate Union?

Sauer

Sell

2013

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractThe Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union or a system of fixed exchange rates than a monetary union. In the latter, there would not be any national balances of payments, but only one for the whole Eurozone. This paper will show why the Target System is a crucial indicator for the Eurozone not being a monetary union, but an exchange rate union and why countries holding Target liabilities against the European System of Central Banks can be compared to a reserve currency country, e.g. like the US during the Bretton-Woods-System.

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Stabilitätspolitik in der Wechselkursunion

Cited by 2 publications

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The international transmission of economic shocks in a three-country world under mixed exchange rates

The international transmission of economic shocks in a three-country world under mixed exchange rates

Is the Eurozone Not a Monetary Union, But an Extraordinary Exchange Rate Union?

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