E42

Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems

BUSINESS CYCLE SYNCHRONIZATION IN THE EUROPEAN UNION: THE EFFECT OF THE COMMON CURRENCY

JEL codes: 
E32, E42, E52
Version Date: 
Apr 2013
Author/s: 
Abstract: 

In this paper, I analyse the synchronization of business cycles within the E.U., as this is an important ingredient for the implementation of a successful monetary policy. The business cycles of twelve E.U. countries and two sub-groups of countries are extracted for the period 1989Q1-2010Q2.

Report file: 
Download the paper (633.69 KB)

Sticky Prices: A New Monetarist Approach

JEL codes: 
E31, E42, E52
Version Date: 
Jan 2012
Abstract: 

Why do some sellers set nominal prices that apparently do not respond to changes in
the aggregate price level? In many models, prices are sticky by assumption; here it
is a result. We use search theory, with two consequences: prices are set in dollars,
since money is the medium of exchange; and equilibrium implies a nondegenerate

Report file: 
Download the paper (524.88 KB)

Exchange Rate Volatility and Labour Markets in the CEE Countries

JEL codes: 
E42, F36, F42
Version Date: 
Nov 2004
Author/s: 
Abstract: 

According to the traditional 'optimum currency area' approach, the case for adopting a common currency is stronger if the countries are subject to relatively similar output shocks. This Paper takes a different approach and highlights the fact that high exchange rate volatility may as well signal high costs for labour markets.

Report file: 
Download the paper (332.34 KB)