Sheet Anchors, Fixed Price Anchors and Price Stability in a Monetary Union

Andrew Hughes Hallett, David Vines and Myrvin Anthony
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Myrvin Anthony: University of Strathclyde

Chapter 3 in Open-Economy Macroeconomics, 1993, pp 46-69 from Palgrave Macmillan

Abstract: Abstract Economic and Monetary Union (EMU) represents a substantial change in the way that economic policy will be conducted in Europe. This chapter asks, what can standard economic models say about the costs and benefits of the EMU proposal? There is surprisingly little literature which analyses those costs and benefits formally, although there have been many accounts which give a general description of what is intended to happen. Such descriptions lack the analytic foundations which can demonstrate that those outcomes can in fact be expected and explain what the side-effects may be. Nor do they allow more than impressionistic estimates of the net benefits over costs.

Keywords: Exchange Rate; Monetary Policy; Current Account; Real Exchange Rate; Real Interest Rate (search for similar items in EconPapers)
Date: 1993
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DOI: 10.1007/978-1-349-12884-6_3

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