Titlebook: Varieties of Monetary Reforms; Lessons and Experien Pierre L. Siklos Book 1994 Springer Science+Business Media New York 1994 Bank.Bundesban

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Optimal Currency Areas: A Fresh Look at the Traditional Criteriadefining characteristics of “optimum currency areas.” Monetary, or exchange-rate unions, can be defined as areas within which exchange rates bear a permanently fixed relationship to each other. In the absence of capital controls, there can exist only one monetary policy in such areas.. In the limit,

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How Much to Commit to an Exchange Rate Rule: Balancing Credibility and Flexibilitythat domestic money must be fully backed by gold, governments have no leeway in setting the money supply, and changes in the parity are extremely rare events. A currency board is a slightly weaker commitment, as domestic currency may be only partly backed by foreign assets. Similarly, the fixed exch

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Political Effects on Central Bank Behaviour: Some International Evidencelicy to satisfy a political objective, either the prospect of reelection or the opportunity to implement a particular economic ideology. (Alesina (1988)) surveys part of the literature. Other contributions include (Alesina (1989)), (Alesina and Roubini (1990)), (Alesina, Cohen and Roubini (1991)), (

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Reputation, Central Bank Independence and the ECBnt to price stability she makes because this commitment is bound to conflict with her desire to reduce the unemployment rate at some future date. Such a proposition was originally identified by (Kydland and Prescott (1977)) and (Calvo (1978)), using a game theoretic model where the players make only

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Designing a Central Bank in a Federal System: The Deutsche Bundesbank, 1957-1992of the member states of the European Community (EC) published a proposal for the statute of a European central bank (ECB). According to this proposal, the primary objective of the bank will be to maintain price stability. The bank will be required to support the economic policy of the Community, but

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Rules, Discretion, and Central Bank Independence: The German Experience, 1880-1989rst best in terms of social welfare. However, if commitment is not feasible, delegating monetary policy to an independent and conservative central bank can be second best. Monetary policy in Germany during the past one hundred years provides an excellent case to assess the empirical evidence on the