Since 2014
In the absence of fiscal union, the Eurozone needs a more flexible monetary policy: A comment
PSL Quarterly Review
View Archive Info| Field | Value | |
| Title |
In the absence of fiscal union, the Eurozone needs a more flexible monetary policy: A comment
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| Creator |
Terzi, Andrea; Franklin University of Switzerland and Levy Economics Institute of Bard College
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| Subject |
Eurozone, external imbalances, adjustment mechanism
E42, E52, E58 |
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| Description |
The article is a comment on Alessandrini and Michele Fratianni, 2015, on how can the euro area cope with inter-regional differences in the absence of fiscal union. This comment takes issue with the model that A&F use to support their proposals, raising two main remarks: first, diverging current account balances shaped the eurozone countries’ vulnerability but were not a cause of the euro area 2010-2012 liquidity crisis; and second, A&F’s quantity-theoretic view of monetary policy implementation is inapplicable to a floating currency like the euro, or to the T2 payment system.JEL classification: E42, E52, E58Keywords: Eurozone, external imbalances, adjustment mechanism
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| Publisher |
Economia civile
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| Contributor |
—
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| Date |
2016-09-29
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — |
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| Format |
application/pdf
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| Identifier |
http://annalidibotanica.uniroma1.it/index.php/PSLQuarterlyReview/article/view/13705
10.13133/2037-3643_69.278_4 |
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| Source |
PSL Quarterly Review; Vol 69, No 278 (2016): September; 279-285
PSL Quarterly Review; Vol 69, No 278 (2016): September; 279-285 2037-3643 ISSN 2037-3635 |
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| Language |
eng
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| Relation |
http://annalidibotanica.uniroma1.it/index.php/PSLQuarterlyReview/article/view/13705/pdf_3
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| Rights |
Copyright (c) 2016 Andrea Terzi
http://creativecommons.org/licenses/by-nc-nd/4.0 |
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