Macroeconomic Effects of a Monetary Union Enlargement: Theoretical Analysis in the Framework of Linear-Quadratic Differential Games

Joseph Plasmans (), Jacob Engwerda, Bas van Aarle and Tomasz Michalak ()
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Joseph Plasmans: University of Antwerp, Belgium; CentER Tilburg University, Netherlands
Tomasz Michalak: University of Antwerp, Belgium

Chapter 15 in FindEcon Monograph Series: Advances in Financial Market Analysis, 2006, vol. 1, pp 221-243 from University of Lodz

Abstract: Chapter 15 is devoted to macroeconomic policy coordination in the EMU within the framework of linear-quadratic differential games. The methodology captures externalities, spillovers and strategic behavior of players. It gives insights into endogenous coalition formation which enable to study a creation and stability of different cooperation arrangements. It has been found that the net effects of accession depend in particular on the following factors: the regime of policy coordination before and after accession, the type of macroeconomic shock and its degree of asymmetry, the degree of symmetry between countries in terms of economic structure, size and policy preferences.

Keywords: Economic and Monetary Union(EMU); EU enlargement; Macroeconomic analysis; Endogenous factors (search for similar items in EconPapers)
JEL-codes: C01 E02 F00 G00 (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:ann:findec:book:y:2006:n:01:ch:15:mon

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