Dynamic Paths of the European Economy: Simulations with an Aggregate Model of the EMU as a Part of the World Economy

Alberto Bagnai

Chapter 9 in The Past, Present and Future of the European Union, 2004, pp 197-213 from Palgrave Macmillan

Abstract: Abstract The development of the European economy is a subject of remarkable interest in the current debate on the world economy. The performance of the Economic and Monetary Union (EMU) in terms of growth and unemployment is still unsatisfactory in comparison with that of the United States and of the European non-EMU countries, especially the United Kingdom. This has led some authors to investigate the existence of a deflationary bias in EMU monetary and fiscal policy rules (see for instance Altavilla and Marani, 2002). What is probably more significant, the concern that a restrictive monetary policy from the ECB might hinder the weak recovery of the EMU is shared by multilateral agencies such as the OECD (see Cotis, 2003) and the IMF (see chapter 1 and figure 1.5 in IMF, 2003).

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Euro Area; Real Interest Rate (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-0-230-52286-2_9

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DOI: 10.1057/9780230522862_9

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