Projekt: European Monetary and Fiscal Policy

Stammdaten
European Monetary and Fiscal Policy
Beschreibung: At the beginning of 1999, the European Economic and Monetary Union (EMU) entered its Third Stage, and eleven (twelve since 2001) member countries of the European Union (EU) abandoned their national currencies in favor of the common currency euro, which became available as notes and coins on January 1, 2002. These events are important steps of a development that was foreshadowed already in the Treaty of Rome, creating the European Economic Community, and gained substance since the Treaty of Maastricht in the early 1990s. For the first time in history, several independent countries have renounced part of their sovereignty by adopting a common new currency. Moreover, a completely new institutional structure of economic policy-making has been created: a common central bank is responsible for monetary policy in the area of the Euro System, while individual national governments conduct independent fiscal policies.

Clearly, many questions regarding monetary and fiscal policies within this new institutional arrangement can be raised. These include:
- What kind of policy rules are appropriate under the conditions of centralized monetary policy and decentralized fiscal policies? What amount of discretion shall be entrusted to the decision-makers in EMU?
- Shall monetary (the European Central Bank (ECB)) and fiscal (the governments) policy-makers cooperate in designing their policies, or will a competitive approach yield more favorable macroeconomic outcomes for the EMU?
- If cooperation is preferable, is it necessary to introduce complicated arrangements and provisions to implement it, or are there simple substitutes for full cooperation between policy authorities?
- Are cooperative arrangements desirable for the ECB, for the governments, or for both of them? What are the effects of partial cooperation, for instance between fiscal policy-makers only, excluding the ECB?
- How do fiscal and monetary policies in the EMU affect economic policies and their outcomes in the United States and in other countries? Do these effects depend on the characteristics of the European economies as opposed to those of the U.S. economy, and if so, how?
- How do the new monetary arrangements change the tradeoffs facing policy-makers in Europe, in the United States, and elsewhere?
- Can the euro-dollar exchange rate be influenced by the ECB? If so, are ECB interventions effective in the short run only, or do they have effects in the long run, as well?

These and related issues were discussed at the one-day Conference on European Monetary and Fiscal Policies: A Transatlantic Dialogue, organized by the European Forum of the Institute for International Studies, Stanford University, and the Ludwig Boltzmann Institute for Economic Analysis(Vienna, Austria) which took place at Stanford University on June 4, 2001. Reinhard Neck from the Department of Economics of the University of Klagenfurt, Visiting Austrian Professor at Stanford in 2001, was responsible for the program and the resulting publications. Ten papers by economists from Europe and the United States were presented and discussed. Authors were asked to rewrite their papers in light of the comments received and to submit revised papers for publication. Most of these papers and some other related ones were published in special issues of Open Economies Review, Empirica and Atlantic Economic Journal.
Schlagworte: Monetary Policy, Europe, Fiscal Policy
Europäische Geld- und Fiskalpolitik
Beschreibung: - erscheint in Kürze -
Schlagworte: Geldpolitik, Europa, Fiskalpolitik
Kurztitel: n.a.
Zeitraum: 01.01.2001 - 01.12.2005
Kontakt-Email: -
Homepage: -

MitarbeiterInnen
MitarbeiterInnen Funktion Zeitraum
Reinhard Neck
Reinhard.Neck@aau.at
Forschungsaktivitäten
zur Visitenkarte
(intern)
  • Projektleiter/in
  • wiss. Mitarbeiter/in
  • Kontaktperson
  • 01.01.2001 - 01.12.2005
  • 01.01.2001 - 01.12.2005
  • 01.01.2001 - 01.12.2005

Zuordnung
Organisationseinheit
Fakultät für Wirtschafts- und Rechtswissenschaften
  Institut für Volkswirtschaftslehre
Universitätsstr. 65-67
A-9020 Klagenfurt
Österreich
  -994102
   vwl2@aau.at
https://www.aau.at/volkswirtschaftslehre/
zur Organisation

Kategorisierung
Projekttyp Forschungsförderung (auf Antrag oder Ausschreibung)
Förderungstyp Sonstiger
Forschungstyp
  • Grundlagenforschung
  • Angewandte Forschung
Sachgebiete
  • 5334 - Volkswirtschaftspolitik *
  • 5335 - Volkswirtschaftstheorie *
Forschungscluster Kein Forschungscluster ausgewählt
Genderrelevanz 0%
Projektfokus
  • Science to Science (Qualitätsindikator: n.a.)
Klassifikationsraster der zugeordneten Organisationseinheiten:
Arbeitsgruppen Keine Arbeitsgruppe ausgewählt

Finanzierung
Förderprogramm
Ludwig Boltzmann Institut zur Analyse wirtschaftspolitischer Aktivitäten
Organisation: Ludwig Boltzmann Institut zur Analyse wirtschaftspolitischer Aktivitäten
Stanford University
Organisation: Stanford University

Kooperationen
Organisation Adresse
Stanford University
450 Serra Mall
Stanford, CA 94305, USA
Vereinigte St. v. Amerika
450 Serra Mall
US  Stanford, CA 94305, USA