Påverkar euron resultatet av stabiliseringspolitiken?
En studie av stabiliseringspolitikens utfall i de nordiska länderna sedan eurons tillkomst, och av betydelsen av en nationell penningpolitik.
This paper discusses whether the main argument for European countries to stay out of the euro, i.e. the loss in stability from not having a national monetary policy that can be used for stabilization purposes, is still valid ten years after the introduction of the single currency. We analyse the stabilization performances of four largely comparable Nordic countries that have all chosen different levels of European economic integration. In retrospect, the so-called ?stabilization policy argument? seems surprisingly weak. However, recent years seem to have been largely free of important asymmetric shocks ? despite the credit crisis. Thus it is probably still too early to make a final judgement about the argument.