A European central bank? : perspectives on monetary unification after ten years of the EMS

목차 (Table of Contents)

• CONTENTS
• List of figures = xi
• List of tables = xiii
• Preface = xv
• List of conference participants = xvi
• 1 Does Europe need its own central bank? / Marcello de Cecco ; Alberto Giovannini = 1
• 1 Introduction = 1
• 2 Background = 2
• 3 Costs and benefits of monetary integration = 5
• 4 The lessons of history = 8
• 5 Feasible institutional reforms = 10
• 2 Monetary policy, capital controls and seigniorage in an open economy / Allan Drazen = 13
• 1 Introduction = 13
• 2 A basic model = 16
• 3 Reserve requirement policy in anticipation of capital market liberalization = 22
• 4 Inflation policy in anticipation of capital market liberalization = 29
• 5 Conclusions = 30
• Discussion / Guillermo A. Calvo = 33
• Discussion / Marco Pagano = 37
• 3 Seigniorage in Europe / Vittorio Grilli = 53
• 1 Introduction = 53
• 2 A common argument for uncommon currencies: the inflation tax = 54
• 3 Extensions of the model = 68
• 4 Is Mr Ponzi really dead? Solvency and fiscal reforms = 73
• 5 Conclusions and policy implications = 76
• Appendix = 77
• Discussion / Rudiger Dornbusch = 79
• Discussion / Luigi Spaventa = 84
• Overview of Chapters 2 and 3 / Michael Bruno = 82
• Overview of Chapters 2 and 3 / Edmund S. Phelps = 90
• 4 Factor mobility, uncertainty and exchange rate regimes / Giuseppe Bertola = 95
• 1 Factor mobility and optimal currency areas = 96
• 2 Nominal exchange rate regimes, stabilization and uncertainty: theoretical models and empirical work = 98
• 3 Costly adjustment under uncertainty: the basic insights = 102
• 4 Factor mobility, stabilization and uncertainty = 107
• 5 Concluding comments = 114
• Appendix = 115
• Discussion / William H. Branson = 119
• Discussion / Fiorella Padoa Schioppa = 121
• Discussion / Alan C. Stockman = 126
• 5 Management of a common currency / Alessandra Casella ; Jonathan Feinstein = 131
• 1 Introduction = 131
• 2 Model specification = 132
• 3 Flexible exchange rates = 134
• 4 A common currency printed by both countries = 139
• 5 A common central bank = 144
• 6 Welfare comparisons = 147
• 7 Extensions = 152
• Discussion / Torsten Persson = 156
• Discussion / Guido Tabellini = 158
• 6 The tastes of European central bankers / Carlo Carraro = 162
• 1 Introduction = 162
• 2 Conflicting targets and cooperation = 164
• 3 An inverse dynamic Nash game = 171
• 4 Estimation and testing of central bankers' preferences = 176
• 5 Conclusions = 184
• Appendix = 185
• Discussion / John Flemming = 189
• Discussion / Alberto Giovannini = 191
• 7 The costs and benefits of a European currency / Daniel Cohen = 195
• 1 Introduction = 195
• 2 Keynes's bancor and its intellectual legacy = 195
• 3 Supranational national currency and regional disequilibria = 197
• 4 Cooperative policy arguments in favour of the ECU = 202
• 5 Conclusions: the phases of European monetary integration = 207
• Discussion / Alberto Alesina = 209
• Discussion / Charles Wyplosz = 212
• 8 The monetary unification process in nineteenth-century Germany: relevance and lessons for Europe today / Carl-Ludwig Holtfrerich = 216
• 1 The development of monetary conditions in Germany from 1815 to 1870 = 217
• 2 From Reich to Reichsbank: the final monetary unification of Germany, 1871-76 = 229
• 3 The relevance of and lessons from 19th century German experience for the present issue of monetary unification in Europe = 235
• Discussion / Richard Portes = 241
• 9 The establishment of a central bank: Italy in the nineteenth century / Valeria Sannucci = 244
• 1 Formulating and implementing a common monetary policy: technical problems and political will = 244
• 2 The maintenance of several issuing banks after the unification of Italy = 246
• 3 A plurality of issuing banks and monetary stability = 265
• 4 Summary and conclusions = 270
• Appendix = 274
• Discussion / Charles Goodhart = 280
• Discussion / Gianni Toniolo = 285
• 10 The founding of the Fed and the destabilization of the post-1914 US economy / Jeffrey A. Miron = 290
• 1 Introduction = 290
• 2 The macroeconomic performance of the post-1914 economy = 292
• 3 The National Banking System and the founding of the Fed = 302
• 4 The real bills doctrine and the lender of last resort = 308
• 5 Federal Reserve policy, 1914-1940 = 312
• 6 Conclusions = 318
• Data Appendix = 319
• Discussion / Marcello de Cecco = 328
• Discussion / Barry Eichengreen = 333
• 11 Panel discussion on the prospects for a European Central Bank / Rainer S. Masera = 337
• Panel discussion on the prospects for a European Central Bank / Wolfgang Rieke = 343
• Panel discussion on the prospects for a European Central Bank / Massimo Russo = 347
• Panel discussion on the prospects for a European Central Bank / Niels Thygesen = 354
• Index = 365