Monetary policy implications of heterogeneity in a currency area

ECB Workshop on 13/14 December 2004

On 13 and 14 December 2004 the Directorate General Economics in co-operation with the Directorate General Research of the European Central Bank (ECB) held a workshop on "Monetary policy implications of heterogeneity in a currency area".

Papers which were presented and discussed at the workshop are published below.

Papers

• Dinner speech, "Monetary policy implications of heterogeneity in a currency area", by Professor O. Issing, Member of the Executive Board (ECB),  pdf 30 kB, en.
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Session I: Inflation Differentials in a Monetary Union: Positive Analysis

• Keynote speech, "Inflation Differentials in a Monetary Union", by P. Lane (Economics Department and IIIS, Trinity College Dublin and CEPR),  pdf 793 kB, en.
• "Inflation Convergence and Divergence within the European Monetary Union", by F. Busetti, L. Forni, F. Venditti (Banca d'Italia) and A. Harvey (Cambridge University),  pdf 486 kB, en.
• "Euro Area Inflation Differentials", by I. Angeloni and M. Ehrmann (ECB),  pdf 1000 kB, en.
• "Dual Inflation and the Real Exchange Rate in New Open Economy Macroeconomics", by B. Világi (National Bank of Hungary) ,  pdf 369 kB, en.
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Session II: Monetary and Fiscal Policy Interactions in a Monetary Union

• Keynote speech, "How Do Monetary and Fiscal Policy Interact in the European Monetary Union?", by M. Canzoneri (Georgetown University),  pdf 380 kB, en.
• "One Money, One Cycle? Making Monetary Union a Smoother Ride", by P. Hoeller, C. Giorno and C. de la Maisonneuve (OECD),  pdf 159 kB, en.
• "Monetary and Fiscal Policy in a Monetary Union", by B. Adão, N. Alves, J.B. Brito and I. Correia (Banco de Portugal),  pdf 393 kB, en.
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Session III: Monetary Policy in a heterogeneous monetary union

• Keynote speech, "Monetary policy in heterogeneous currency unions: Reflections based on a micro-founded model of Optimum Currency Areas.", by G. Corsetti (European University Institute and CEPR),  pdf 174 kB, en.
• "A Two Sector Small Open Economy Model. Which Inflation to Target?", by E. Ortega and N. Rebei (Bank of Canada),  pdf 476 kB, en.
• "Monetary Policy as a Sheep Dog?", by P. Angelini, S. Siviero and D. Terlizzese (Banca d'Italia),  pdf 311 kB, en.
• "Inflation Differentials in a Currency Area: Facts, Explanations and Policy", by F. Altissimo and D. Rodriguez Palenzuela (ECB) and P. Benigno (New York University),  pdf 417 kB, en.
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