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| Hefeker, Carsten. |
| The paper explores the interaction between the proposed monetary union for ECOWAS and structural reforms of fiscal policy. The effects depend to a large extent on the degree of similarity of member countries. In a monetary union of similar countries, member states run a more distortive fiscal policy, while their structural reform efforts will fall. This is also the case for countries that unilaterally peg to an anchor currency or introduce a foreign currency. In an monetary union with dissimilar countries the reverse can happen for those member states that are confronted with high distortion countries. This result implies that current WAEMU members will run a less distortive fiscal policy after the inclusion of other members of ECOWAS. |
| Tipo: Working or Discussion Paper |
Palavras-chave: West Africa; Monetary union; Fiscal policy; Structural reforms; Financial Economics; F33; E61; E63. |
| Ano: 2003 |
URL: http://purl.umn.edu/26257 |
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| Hudgins, David; Shuai, Jie. |
| Although high productivity growth is a primary economic goal across nations, it can lead to short run adjustment problems when it temporarily achieves high levels. This may induce a jobless recovery when labor productivity is high while an economy is experiencing sluggish growth or a recession. This paper creates a framework for empirically modeling these effects. This model is used in the context of an optimal control framework in order to derive policy rules for guiding monetary policy during such episodes. |
| Tipo: Journal Article |
Palavras-chave: Monetary policy rules; Productivity gains; Financial Economics; E52; E61; E65. |
| Ano: 2006 |
URL: http://purl.umn.edu/50147 |
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