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Fiscal rules, financial stability and optimal currency areas

De Grauwe, Paul; Foresti, Pasquale - 2015

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...

Persistent link: https://www.econbiz.de/10010533078

Macroeconomic factors and microlevel bank behavior

Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - In: Journal of money, credit and banking : JMCB 46 (2014) 4, pp. 715-751

Persistent link: https://www.econbiz.de/10010466885

Analyzing structural reforms using a behavioral macroeconomic model

De Grauwe, Paul; Ji, Yuemei - 2017

We use a behavioral macroeconomic model to analyze how structural reforms affect the economy in the short and in the … second one raises potential output in the economy. We find that structural reforms that increase the flexibility of wages and … rigid economy. Finally, we analyze how structural reforms change the tradeoffs between output and inflation variability. Our …

Persistent link: https://www.econbiz.de/10011663556

Macroeconomic factors and micro-level bank risk

Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - 2010

The interplay between banks and the macroeconomy is of key importance for financial and economic stability. We analyze this link using a factor-augmented vector autoregressive model (FAVAR) which extends a standard VAR for the U.S. macroeconomy. The model includes GDP growth, inflation, the...

Persistent link: https://www.econbiz.de/10008697545

Is monetary policy in the eurozone less effective than in the US?

De Grauwe, Paul (contributor); Costa, Cláudia (contributor) - 2005

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the ECB's monetary policies. In order to test this "ECB-handicap" hypothesis, we perform a meta-analysis of the effects of monetary policies in the US and the Eurozone countries....

Persistent link: https://www.econbiz.de/10003297484

The effects of monetary policy : a meta-analysis : presented at CESifo Area Conference on Macro, Money and International Finance, February 2004

De Grauwe, Paul; Costa, Cláudia - 2004

In this paper we perform a meta-analysis of the effects of monetary policies on output and prices. We use a sample of published papers on the effects of monetary policies in different countries. There is a large variation in the estimated effects of monetary policies on output and prices. We...

Persistent link: https://www.econbiz.de/10011449687

Assessing monetary policy in Norway

Andreassen, Harald Magnus; De Grauwe, Paul; Solheim, Haakon - 2001

We evaluate the policy of flexible inflation targeting implemented by the Norges Bank since March 2001. We discuss the reasons why the real interest rates are significantly higher in Norway than in the rest of Europe. Finally we propose some institutional changes that can improve the policy...

Persistent link: https://www.econbiz.de/10011408405

Circumventing the zero lower bound with monetary policy rules based on money

Belongia, Michael T.; Ireland, Peter N. - In: Journal of macroeconomics 54 (2017) 1, pp. 42-58

Persistent link: https://www.econbiz.de/10011927726

On the use of current or forward-looking data in monetary policy : a behavioural macroeconomic approach

De Grauwe, Paul; Ji, Yuemei - 2021

We analyse the use of current and forward-looking data in the setting of monetary policy (Taylor rule). We answer the question of whether the use of forward-looking data is to be preferred over the use of current data. We use a behavioural macroeconomic model that generates periods of...

Persistent link: https://www.econbiz.de/10012420886

The fragility of two monetary regimes : the European monetary system and the Eurozone

Ji, Yuemei; De Grauwe, Paul - 2013

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...

Persistent link: https://www.econbiz.de/10010210104