Establishing a Central Bank: Issues in Europe and Lessons from the U.S.

doi:10.1017/CBO9780511895876

Previous efforts to create a European Central Bank (ECB) have stimulated debate on topics for research into the political economy of the European Community's institutions. These include the exact division of responsibilities of national governments and the ECB - especially concerning exchange rate policy; the need for and design of constraints on national fiscal policies; and the nature of the transition from adjustable parities and national monetary policies to irrevocably fixed parities and a single European monetary policy. The book also considers the implications of EMU for the international monetary system - for the use of the ECU as a reserve currency and for policy coordination among the G-7 countries. The volume thus provides a comprehensive examination of the issues that will be decisive for Europe in its choice of monetary institutions.

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Contents

Frontmatter
pp i-viii
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Contents
pp ix-xii
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List of figures
pp xiii-xiv
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List of tables
pp xv-xvi
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Preface
pp xvii-xvii
- By Matthew B. Canzoneri, Georgetown University, Vittorio Grilli, Birkbeck College, London, and CEPR, Paul R. Masson, International Monetary Fund Institute
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List of conference participants
pp xviii-xviii
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1 - Introduction
pp 1-10
- By Matthew B. Canzoneri, Georgetown University, Vittorio Grilli, Birkbeck College, London, and CEPR, Paul R. Masson, International Monetary Fund Institute
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PART I - THE DESIGN OF A CENTRAL BANK
pp 11-12
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2 - Designing a Central Bank for Europe: a cautionary tale from the early years of the Federal Reserve System
pp 13-48
- By Barry Eichengreen, University of California at Berkeley and CEPR, Bennett T. McCallum, Carnegie-Mellon University, Eugene N. White, Rutgers University
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3 - The European Central Bank: reshaping monetary politics in Europe
pp 49-85
- By Alberto Alesina, Harvard University and CEPR, Vittorio Grilli, Birkbeck College, London, and CEPR, Peter Bofinger, Landeszentralbank in Baden-Württemberg, Stuttgart, and CEPR, Luigi Spaventa, Università degli Studi di Roma, ‘La Sapienza’, and CEPR
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4 - The ECB: a bank or a monetary policy rule?
pp 86-124
- By David Folkerts-Landau, International Monetary Fund Institute, Peter Garber, Brown University, John C. Pattison, Canadian Imperial Bank of Commerce, Richard J. Sweeney, Georgetown University
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PART II - TRANSITION FROM NATIONAL CENTRAL BANKS TO A EUROPEAN CENTRAL BANK
pp 125-126
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5 - Hard-ERM, hard ECU and European Monetary Union
pp 127-163
- By David Currie, London Business School and CEPR, Dale W. Henderson, Board of Governors of the Federal Reserve System, Andrew J. Hughes Hallett, University of Strathclyde and CEPR
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6 - Voting on the adoption of a common currency
pp 164-192
- By Alessandra Casella, University of California at Berkeley and CEPR, Torsten Persson, Institute for International Economic Studies, Stockholm, and CEPR
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PART III - FISCAL POLICY REQUIREMENTS OF A COMMON CURRENCY AREA
pp 193-194
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7 - Fiscal federalism and optimum currency areas: evidence for Europe from the United States
pp 195-227
- By Xavier Sala-i-Martín, Yale University, Jeffrey Sachs, Behzad T. Diba, Georgetown University, Alberto Giovannini, Columbia University and CEPR
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8 - Market-based fiscal discipline in monetary unions: evidence from the US municipal bond market
pp 228-270
- By Morris Goldstein, International Monetary Fund Institute, Geoffrey Woglom, Amherst College, Mervyn King, Bank of England, London School of Economics and CEPR, Vito Tanzi, International Monetary Fund Institute
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PART IV - GLOBAL IMPLICATIONS OF A EUROPEAN CENTRAL BANK
pp 271-272
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9 - European Monetary Union and international currencies in a tripolar world
pp 273-302
- By George Alogoskoufis, Richard Portes, CEPR and Birkbeck College, London, Jeroen J. M. Kremers, Ministry of Finance, The Netherlands
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Index
pp 303-307
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Establishing a Central Bank

Issues in Europe and Lessons from the U.S.

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Contents

Frontmatter
pp i-viii

Contents
pp ix-xii

List of figures
pp xiii-xiv

List of tables
pp xv-xvi

Preface
pp xvii-xvii

List of conference participants
pp xviii-xviii

1 - Introduction
pp 1-10

PART I - THE DESIGN OF A CENTRAL BANK
pp 11-12

2 - Designing a Central Bank for Europe: a cautionary tale from the early years of the Federal Reserve System
pp 13-48

3 - The European Central Bank: reshaping monetary politics in Europe
pp 49-85

4 - The ECB: a bank or a monetary policy rule?
pp 86-124

PART II - TRANSITION FROM NATIONAL CENTRAL BANKS TO A EUROPEAN CENTRAL BANK
pp 125-126

5 - Hard-ERM, hard ECU and European Monetary Union
pp 127-163

6 - Voting on the adoption of a common currency
pp 164-192

PART III - FISCAL POLICY REQUIREMENTS OF A COMMON CURRENCY AREA
pp 193-194

7 - Fiscal federalism and optimum currency areas: evidence for Europe from the United States
pp 195-227

8 - Market-based fiscal discipline in monetary unions: evidence from the US municipal bond market
pp 228-270

PART IV - GLOBAL IMPLICATIONS OF A EUROPEAN CENTRAL BANK
pp 271-272

9 - European Monetary Union and international currencies in a tripolar world
pp 273-302

Index
pp 303-307

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Establishing a Central Bank

Issues in Europe and Lessons from the U.S.

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