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Does Detrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points?

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Canova, Fabio

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Abstract

Recent research in contract theory views ownership as a substitute for complete contracts. Here, this approach is applied to monetary integration. Countries face a coordination problem conducting monetary policy. Negative spillovers ensure uncoordinated policy generates too high inflation. Ex ante, policymakers can undertake politically costly economic reform. This has a positive spillover because it improves the outcome of the monetary policy game. Ex post contracting over policy may be possible, but it supposed that ex ante contracting over reform and monetary policy is not. This paper analyzes when monetary union is a good substitute for this inability to commit.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 109 (1999)
Issue (Month): 452 (January)
Pages: 126-50
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Handle: RePEc:ecj:econjl:v:109:y:1999:i:452:p:126-50

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References listed on IDEAS
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  17. Ramon Marimon & Fabrizio Zilibotti, 1994. "Actual' versus 'Virtual' Employment in Europe: Why is there Less Employment in Spain?," Economics Working Papers 100, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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