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International Monetary Economics

International Monetary Economics. The European Monetary Union. The launch of the euro represents the end of a long process. The Maastricht Treaty. The Maastricht Convergence Criteria. Inflation criteria: A fear of allowing in unrepentant inflation-prone countries.

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International Monetary Economics

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  1. International Monetary Economics

  2. The European Monetary Union

  3. The launch of the euro represents the end of a long process

  4. The Maastricht Treaty

  5. The Maastricht Convergence Criteria

  6. Inflation criteria: A fear of allowing in unrepentant inflation-prone countries

  7. Long-term interest rate criteria: A little too easy to bring inflation down in 1997

  8. ERM membership: same logic as long-term interest rate criteria

  9. Budget Deficit and debt criteria: historical view

  10. Budget Deficit and debt criteria: Problems

  11. Budget Deficit and debt criteria: in 1997

  12. A tour of the Acronyms

  13. The System

  14. How does the Eurosystem operate?

  15. Objectives (1)

  16. Objectives (2)

  17. Objectives (2) comment

  18. Instruments (1)

  19. Instruments (2)

  20. EONIA & Co.

  21. The Two-Pillar Strategy

  22. Comparison with other strategies

  23. Taylor Rule Interpretation: Suppose ECB sets interest rates by the Taylor Rule

  24. A Reasonable Fit: Suppose ECB sets interest rates by the Taylor Rule

  25. Does One Size Fit All?

  26. Independence and Accountability

  27. Redressing the Democratic Deficit

  28. The Eurosystem Weak Accountability

  29. The Record So Far

  30. Inflation: Missing the Objective a Little

  31. The Euro: Too Weak First, Then too Strong?

  32. But No Seriously Asymmetric Shocks

  33. Next class

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