Monetary Policy, Fiscal Policies and Labour Markets: by R. Beetsma, C. Favero, A. Missale, V. A. Muscatelli, P.

By R. Beetsma, C. Favero, A. Missale, V. A. Muscatelli, P. Natale, P. Tirelli

A group of specialists at the eu economic climate specializes in the 3 significant problems with economic coverage, financial coverage and exertions markets during this assortment. they supply a survey of contemporary examine on every one subject in addition to comparable cutting-edge contributions. The early years of eu financial Union haven't been effortless for the eu financial system. Economists are divided of their overview of the effectiveness of key associations, equivalent to the ecu significant financial institution, and their skill to supply macroeconomic balance and foster the reforms essential to stimulate fiscal development.

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In general they show that a CPI target is suboptimal. In particular they show that: 26 C. A. Favero r the more responsive a sector is to the business cycle, the more weight that sector’s price should receive in the optimal price index, r the greater the magnitude of idiosyncratic shocks in a sector, the less weight that sector price should receive in the optimal price index, r the more flexible a sector’s price, the less weight that sector’s price should receive in the stability price index, r the more important a price is in the consumer price index, the less weight that sector price should receive in the optimal price index, r if the two sectors are identical in all respects except price flexibility, then the monetary authority should target the price level of the sticky price sectors.

1999, Monetary Policy Rules, Chicago: University of Chicago Press for NBER. von Hagen, J¨urgen and M. M. Br¨uckner, 2003, ‘Monetary Policy in Unknown Territory: The European Central Bank in the Early Years’, in D. Altig and B. ), The Origins of Central Banking, New York: Cambridge University Press. 2 Which measure of inflation should the ECB target? C. A. Favero 1 Introduction The ECB has intepreted its mandate for price stability as keeping the inflation of the Harmonised Index of Consumer Prices (HICP) between 0 and 2% per year, in the medium term.

13 The problem of national inflation differentials is compounded by the fact that, as Alesina et al. (2001) emphasise, not all inflation differentials are bad. During the early years of currency union and general economic harmonisation one can expect that there will be substantial relative price adjustments among the various regions of the euro area and that these will show up as measured differences in national inflation indices. But in many cases these will be required real economic adjustments, not inflation differentials creating policy problems.

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