Frasi di Rudi Dornbusch

“Una volta entrata l'Italia, con una valuta sopravvalutata [l'euro], si troverà di nuovo alle corde, come nel 1992, quando venne attaccata la lira.”

Origine: Da Euro Fantasies, Foreign Affairs, vol. 75, n. 5, settembre/ottobre 1996 – Pag. 113: The most likely scenario is that EMU will occur but will neither end Europe’s currency troubles nor solve its prosperity problems.

“La critica più seria all'UEM è che abolendo gli aggiustamenti del tasso di cambio trasferisce al mercato del lavoro il compito di adeguare la competitività e i prezzi relativi… diventeranno preponderanti recessione, disoccupazione (e pressioni sulla BCE affinché inflazioni l'economia).”

Origine: Da Euro Fantasies, Foreign Affairs, vol. 75, n. 5, settembre/ottobre 1996 – Pag. 115: Once Italy is in, with an appreciated currency, the country will soon be back on the ropes, just as in 1992, when the currency came under attack.

“Gli italiani sognano che la BCE renderà la loro vita più facile di quanto faccia ora la Bundesbank… [ma] è certo che la nuova banca centrale si proporrà fin dall'inizio come continuazione diretta della banca centrale tedesca.”

“Se fosse mai esistita una cattiva idea, questa è l'UEM.”

Origine: Da Euro Fantasies, Foreign Affairs, vol. 75, n. 5, settembre/ottobre 1996 – Pag. 121: Italians dream that the Ecb will make their life easier than the Bundesbank does now... The new central bank is certain to establish itself at the outset as a direct continuation of the German central bank.

“Italians dream that the ECB (European Central Bank) will make their life easier than the Bundesbank does now… The new central bank is certain to establish itself at the outset as a direct continuation of the German central bank.”

Origine: Da Euro Fantasies, Foreign Affairs, vol. 75, n. 5, settembre/ottobre 1996 – Pag. 124: If there was ever a bad idea, EMU it is.

Rudi Dornbusch: Frasi in inglese

“The paper develops a simple macroeconomic framework for the study of exchange rate movements. The purpose is to develop a theory that is suggestive of the observed large fluctuations in exchange rates while at the same time establishing that such exchange rate movements are consistent with rational expectations formation. In developing a formal model we draw on the role of asset markets, capital mobility, and expectations that have been emphasized in recent literature.”

Euro fantasies, 1996

“If there was ever a bad idea, EMU it is.”

Rudiger Dornbusch, "Expectations and exchange rate dynamics." The journal of political economy (1976): 1161-1176. p. 1161

“The most likely scenario is that EMU (Economic and Monetary Union of the European Union) will occur but will neither end Europe’s currency troubles nor solve its prosperity problems.”

Euro fantasies, 1996

“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”

Euro fantasies, 1996

“Once Italy is in, with an appreciated currency, the country will soon be back on the ropes, just as in 1992, when the currency came under attack.”

Quotes in: United States. Congress. Senate. Committee on the Budget (2012). Concurrent Resolution on the Budget Fiscal Year 2013. p. 95

“The model retains the uncomfortable property that any increase in demand for home output … leads to nominal and real appreciation… The uncomfortable fact remains that even in this model there is a short-run tendency for an expenditure increase to induce an appreciation… Expansionary fiscal policy will lead to an initial depreciation of the nominal and real exchange rate if … (it) is accommodated by an expansion in nominal money.”

Euro fantasies, 1996

“Monetary policy affects the … of goods and assets and (iii) effects through changes in explicit or implicit real interest rates on aggregate demand.”

Origine: Open economy macroeconomics, 1980, p. 154-157; as cited by Partha Sen. Fiscal policy, the exchange rate and the current account : a re-examination. ; About the Mundell-Fleming model

“The most serious criticism of EMU is that by abandoning exchange rate adjustments it transfers to the labor market the task of adjusting for competitiveness and relative prices… losses in output and employment (and pressure on the European central bank to inflate) will predominate.”

Origine: Open economy macroeconomics, 1980, p. 71

“In figure 3 we show the money and domestic asset market equilibrium schedules for given stocks of each of the assets. Along MM the domestic money market is in equilibrium. Higher interest rates reduce money demand so that equilibrium requires a depreciation and thus a rise in the domestic currency value of foreign assets and - hence wealth. The exchange rate thus plays a balancing role by affecting the valuation of assets.”

Euro fantasies, 1996