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Designing Stabilization Policy
in a Monetary Union
by Russell Cooper and Hubert Kempf
FEDERAL RESERVE BANK
OF CLEVELAND
Working Paper 00-01
Designing Stabilization Policy in a Monetary Union
by Russell Cooper and Hubert Kempf
Russell Cooper is at Boston University and is a visiting consultant with the Federal Reserve
Bank of Cleveland. Hubert Kempf is at the Université Paris.
The authors are grateful to the CNRS and the NSF for financial support and gratefully
acknowledge comments from seminar participants at Boston College, Boston University, the
Federal Reserve Bank of Cleveland, the Federal Reserve Bank of Minneapolis, McMaster
University, the University of Pittsburgh, CREST (INSEE), GREMAQ (Université de Toulouse)
GREQAM (Université Aix-Marseille-II), Université de Lyon and EUREQua (Université Paris-1
Panthéon-Sorbonne).
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials
circulated to stimulate discussion and critical comment on research in progress. They
may not have been subject to the formal editorial review accorded official Federal Reserve
Bank of Cleveland publications. The views stated herein are those of the authors and are
not necessarily those of the Federal Reserve Bank of Cleveland or of the Board of
Governors of the Federal Reserve System
Working papers are now available electronically through the Cleveland Fed's home page
on the World Wide Web: http://www.clev.frb.org.
February 2000
Designing Stabilization Policy in a Monetary Union
by Russell Cooper and Hubert Kempf
While the European Monetary Union (EMU) is now a reality, debate among economists
nonetheless continues about the design and desirability of monetary unions. Since an essential
element of a monetary union is the delegation of monetary power to a single centralized entity,
one of the key issues in this debate is whether a monetary union will limit the effectiveness of
stabilization policy. If so, monetary union will not necessarily be welfare improving.
In this paper, we study a two-country world economy and consider various designs of monetary
union. We argue that the success of monetary union depends on: (i) the commitment ability of
the single central bank, (ii) the policy flexibility of the national fiscal authorities and the central
monetary authority and (iii) the cross country correlation of shocks. If, for example, the central
bank moves before the fiscal authorities, then a monetary union will increase welfare as long as
fiscal policy is sufficiently responsive to shocks. However, if the fiscal authorities have a
restricted set of tools and/or the monetary authority lacks the ability to commit to its policy, then
monetary union may not be desirable.
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