rates and the net exports of the economy to supplement the interaction of a number of financial and economic factors with … sensitive to changes in competitiveness regarding the EMU rather than national exports. Finally, we show that the … the stock market. We discuss the impact of exchange rate fluctuations on market risk in terms of Value at Risk (VaR). Our …

The single most important policy-induced innovation in the international financial system since the collapse of the … Bretton-Woods regime is the institution of the European Monetary Union. This paper provides an account of how the process of … to measure it, analyzes the barriers that can prevent it and the effects of their removal on financial markets, and …

Central Bank working paper series 50 Abstract In this paper, we analyze optimal monetary policy rules in a model of the euro … monetary policy literature. These AWM model features - namely, a high degree of intrinsic persistence and a limited role for … rigidities, monetary policy can actively contribute to stabilizing the real and nominal economy. Accordingly, a large body of …

Bank, Email: livio.stracca@ecb.int CFS Working Paper No. 2007/10 Mortgage Markets, Collateral Constraints, and Monetary … industrialised countries in our analysis with the exception of Japan, for which a measure of monetary policy shock may be … strength and timing of the effects of monetary policy shocks on house prices and consumption in a sample of OECD countries …

The purpose of this paper is to assess the implications of the Economic and Monetary Union (EMU) accession of eight … Central and Eastern European Countries (CEECs) on their share in EMU-12 imports. Overcoming biases related to endogeneity …, omitted variables and sample selection, our results indicate that the common currency has boosted intra-EMU imports by 7 …

, which is not only independent, like the Fed, the Bank of England or the Central Bank of Japan, but also - unlike those … fiscal integration, and integration of defense and foreign policy; 2) the diminished nature of the European Central Bank … sister institutions - forbidden to purchase government bonds; and 3) the increasing divergence of the monetary, fiscal and …

-to-year wage restraint because it is of declared and demonstrated importance to monetary policy decisions, not because it is … determination of monetary policy now that all central banks in advanced economies, including the ECB, are committed to forward …-pegged) monetary policy should exhibit a significant decrease in wage restraint post-EMU—and this should be most marked in Germany …

Will EMU accelerate or retard structural reform in labour and product markets? The theoretical literature is ambiguous … pursue fixed exchange-rate regimes or participate in monetary union, and therefore have little or no monetary autonomy … influence of monetary regime, the paper undertakes an econometric examination of the likelihood that countries undertake reform …

The purpose of this paper is to assess the implications of the Economic and Monetary Union (EMU) accession of eight … Central and Eastern European Countries (CEECs) on their share in EMU-12 imports. Overcoming biases related to endogeneity …, omitted variables and sample selection, our results indicate that the common currency has boosted intra-EMU imports by 7 …

. Introduction Before the launch of the euro, the proponents of European economic and monetary Union (EMU) thought that the single … policy decisions. In most economies and especially in the bigger ones, the introduction of the euro did not result in the … mostly to the European central bank (ECB). Fiscal binding rules would then have been justified. The macroeconomic success of …