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Regional Aspects of Monetary Policy in Europe

  • Book
  • © 2000

Overview

Editors:
  1. Jürgen Hagen

    1. Center for European Integration Studies (ZEI), University of Bonn, Bonn, Germany

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    You can also search for this editor in PubMed   Google Scholar

  2. Christopher J. Waller

    1. Lexington, USA

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    You can also search for this editor in PubMed   Google Scholar

Part of the book series: ZEI Studies in European Economics and Law (ZEIS, volume 1)

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Table of contents (11 chapters)

  1. Front Matter

    Pages i-xi
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  2. Regional Effects of a Common Monetary Policy

    1. Front Matter

      Pages 1-1
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    2. Empirical Evidence on Common Money and Uncommon Regions in the United States

      • Michael Horvath
      Pages 3-44

    3. Monetary Policy and the U.S. States and Regions: Some Implications for European Monetary Union

      • Gerald A. Carlino, Robert DeFina
      Pages 45-67

    4. Intranational Financial Integration: Evidence from the Canadian Banking Industry

      • Sandra Hanson McPherson, Christopher J. Waller
      Pages 69-88

    5. On the Asymmetric Impacts of a Common Monetary Policy in Europe

      • A. J. Hughes Hallett, Laura Piscitelli, T. Warmedinger
      Pages 89-126

    6. Industry Effects of Monetary Policy in Germany

      • Bernd Hayo, Birgit Uhlenbrock
      Pages 127-158

    7. An EMU with Different Transmission Mechanisms?

      • Giorgia Giovannetti, Ramon Marimon
      Pages 159-191

    8. Endogenous Financial Structure and the Transmission of ECB Policy

      • Ivo J. M. Arnold, Casper G. de Vries
      Pages 193-218

  3. Monetary Policymaking for Heterogenous Regions

    1. Front Matter

      Pages 219-219
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    2. The Composition of Bank Councils for Heterogeneous Monetary Unions

      • Jürgen von Hagen
      Pages 221-239

    3. National Monetary Policy by Regional Design: The Evolving Role of the Federal Reserve Banks in Federal Reserve System Policy

      • David C. Wheelock
      Pages 241-274

    4. Achieving Consistency in Policy while Encouraging Open Debate

      • Robert L. Hetzel
      Pages 275-278

    5. The Future of the Canadian Currency Union: NAFTA and Quebec Independence

      • Thomas J. Courchene, Marc-Antoine Laberge
      Pages 279-319

  4. Back Matter

    Pages 321-326
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Keywords

About this book

Monetary union has dawned in Europe. Now that the common currency is a reality, questions concerning the practical conduct of monetary policy in the European Monetary Union (EMU) are moving to the forefront of the policy debate. Among these, one of the most critical is how the new monetary union will cope with the large heterogeneity of its member economies. Given the large differences in economic and financial structures among the EMU member states, monetary policy is likely to affect different member economies in different ways.
Regional Aspects of Monetary Policy in Europe collects the proceedings of an international conference held at the Center for European Integration Studies of the University of Bonn, dedicated to this issue. The contributions to this conference fall into two parts. The first part consists of empirical and theoretical studies of the regional effects of monetary policy in heterogeneous monetary unions. The second part consists of papers analyzing the political economy of monetary policy in a monetary union of heterogeneous regions or member states.
The papers all support the conclusion that regional differences in the responses to a common monetary policy will make European monetary policy especially difficult in the years to come. Such differences arise from a variety of sources, and they cannot be expected to be mere teething troubles that will disappear after a while. Even if they were ignored in the run-up to the EMU, Europe's central bankers and economic policy makers will have to learn how to cope with such differences in the future.

Editors and Affiliations

  • Center for European Integration Studies (ZEI), University of Bonn, Bonn, Germany

    Jürgen Hagen

  • Lexington, USA

    Christopher J. Waller

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