Efficiency of stability-oriented institutions: the European case

Stability-oriented European institutions correspond to the general prescriptions of the ‘new macroeconomics consensus’. This contribution provides an assessment of the pros and cons of these institutions in terms of macro stabilisation and exchange-rate swings drawing on different scenarios. We argue that the institutions which have been associated with the Euro – limits on public deficits and a conservative central bank – have somewhat jeopardized the efficiency of this new exchange-rate regime. Adaptation of institutions is thus needed: either cooperation or coordination may enhance European welfare.monetary policy, fiscal policy, central bank; stability pact; time-consistency; exchange rate, cooperation, coordination

La coordination interne et externe des politiques economiques : une analyse dynamique. 2ème partie

L'organisation de l'UEM repose sur plusieurs principes: l'independance de la Banque central a la quelle on affecte l'objectif d'inflation, l'absence de coordination des politiques budgetaires entre elles et avec la politique monataire, enfin l'encadrement de la politique budgetaire par des ratios prudentiels.POLITIQUE FINANCIERE; INTEGRATION ECONOMIQUE

How to manage speculative shocks: intra-European vs. International monetary coordination

The literature on currency crisis has generally not answered to the following question: which economic policies may reduce the contagion effects of a speculative shock? We use a dynamic Mundell-Fleming model extended to four countries and compute three time-consistent equilibria: a Nash equilibrium, and Nash-bargaining equilibria, first between the central banks of the G3 (a target zone equilibrium) and, second between European governments and the ECB. The best equilibrium for the Fed, European and Japanese policymakers is intra-European coordination. It induces a very expansionary fiscal policy in the USA whose government hence rejects it. Extensions to the case of a Stability Pact in European countries do not alter our results. Introducing a Fed less conservative than the ECB or the BoJ provokes a change in US preferences: both authorities give priority to the monetary equilibrium and the US government is no longer isolationist.

La coordination interne et externe des politiques economiques : une analyse dynamique. 1ère partie

L'organisation de l'UEM repose sur plusieurs principes: l'independance de la Banque central a la quelle on affecte l'objectif d'inflation, l'absence de coordination des politiques budgetaires entre elles et avec la politique monataire, enfin l'encadrement de la politique budgetaire par des ratios prudentiels.POLITIQUE FINANCIERE; INTEGRATION ECONOMIQUE

La coordination interne et externe des politiques economiques : une analyse dynamique. 3ème partie

L'organisation de l'UEM repose sur plusieurs principes: l'independance de la Banque central a la quelle on affecte l'objectif d'inflation, l'absence de coordination des politiques budgetaires entre elles et avec la politique monataire, enfin l'encadrement de la politique budgetaire par des ratios prudentiels.POLITIQUE FINANCIERE; INTEGRATION ECONOMIQUE

Efficiency of stability-oriented institutions: the European case

Stability-oriented European institutions correspond to the general prescriptions of the ‘new macroeconomics consensus’. This contribution provides an assessment of the pros and cons of these institutions in terms of macro stabilisation and exchange-rate swings drawing on different scenarios. We argue that the institutions which have been associated with the Euro – limits on public deficits and a conservative central bank – have somewhat jeopardized the efficiency of this new exchange-rate regime. Adaptation of institutions is thus needed: either cooperation or coordination may enhance European welfare

Small bowel diverticulosis

Background: A 60-year-old male patient presented with upper abdominal pain, which started as a epigastric cramp at night. He had no fever, nor changes in stool habits and he didn’t had to vomit. Physical examination of the abdomen revealed rebound tenderness in the left hypochondric region and left lumbar region

Sol-gel derived ionic copper-doped microstructured optical fiber: a potential selective ultraviolet radiation dosimeter

International audienceWe report the fabrication and characterization of a photonic crystal fiber (PCF) having a sol-gel core doped with ionic copper. Optical measurements demonstrate that the ionic copper is preserved in the silica glass all along the preparation steps up to fiber drawing. The photoluminescence results clearly show that such an ionic copper-doped fiber constitutes a potential candidate for UV-C (200-280 nm) radiation dosimetry. Indeed, the Cu+-related visible photoluminescence of the fiber shows a linear response to 244 nm light excitation measured for an irradiation power up to 2.7 mW at least on the Cu-doped PCF core. Moreover, this response was found to be fully reversible within the measurement accuracy of this study ( ± 1%), underlying the remarkable stability of copper in the Cu+ oxidation state within the pure silica core prepared by a sol-gel route. This reversibility offers possibilities for the achievement of reusable real-time optical fiber UV-C dosimeters