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Euroland: New conditions for economic policy

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  • Döpke, Jörg
  • Gern, Klaus-Jürgen
  • Gottschalk, Jan
  • Langfeldt, Enno
  • Scheide, Joachim
  • Schlie, Markus
  • Strauß, Hubert

Abstract

The cyclical situation at the beginning of the European Monetary Union (EMU) is favorable: The upswing in Euroland has firmed, unemployment is going down, and inflation is low. However, economic growth outside the new currency area has weakened significantly during 1998, and fears are mounting that the crises in various regions of the world economy could endanger the current expansion in Euroland. Against this background, the significance of external conditions for the business cycle in Euroland — as well as the regional structure of exports — is analyzed. An important issue for an adequate design of economic policy is to what extent capacities in Euroland are currently utilized and whether cyclical unemployment is still significant. In addition, it is important to know whether the business cycles in the individual countries converge or not. In light of the findings from these analyses, the course of monetary, fiscal, and wage policy is evaluated in order to assess the outlook for Euroland until the end of 1999.

Suggested Citation

  • Döpke, Jörg & Gern, Klaus-Jürgen & Gottschalk, Jan & Langfeldt, Enno & Scheide, Joachim & Schlie, Markus & Strauß, Hubert, 1998. "Euroland: New conditions for economic policy," Kiel Discussion Papers 326, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkdp:326
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    References listed on IDEAS

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    1. Klaus-Jürgen Gern, 2002. "Recent Developments in Old Age Pension Systems: An International Overview," NBER Chapters, in: Social Security Pension Reform in Europe, pages 439-478, National Bureau of Economic Research, Inc.
    2. Dohse, Dirk & Krieger-Boden, Christiane & Siebert, Horst, 1998. "Währungsunion und Arbeitsmarkt: Auftakt zu unabdingbaren Reformen," Open Access Publications from Kiel Institute for the World Economy 997, Kiel Institute for the World Economy (IfW Kiel).
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    Cited by:

    1. Buch, Claudia M. & Döpke, Jörg, 1999. "Real and Financial Integration in Europe - Evidence for the Accession States and for the Pre-Ins," Kiel Working Papers 917, Kiel Institute for the World Economy (IfW Kiel).
    2. Strauß, Hubert, 2000. "Eingleichungsmodelle zur Prognose des deutschen Außenhandels," Kiel Working Papers 987, Kiel Institute for the World Economy (IfW Kiel).
    3. Döpke, Jörg, 1998. "Stylized facts of Euroland's business cycle," Kiel Working Papers 887, Kiel Institute for the World Economy (IfW Kiel).

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