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Macroeconomic Propagation Under Different Regulatory Regimes : Evidence From an Estimated DSGE Model For the Euro Area

Darracq Paries, Matthieu - 2010

smooth flow of credit to the real economy. However, most existing structural macroeconomic models fail to take into account … the crucial role of banks' balance sheet adjustment in the propagation of shocks to the economy. This paper contributes to … monetary policy. We estimate a closed-economy dynamic stochastic general equilibrium (DSGE) model for the euro area with …

Persistent link: https://www.econbiz.de/10013137813

A Non-Standard Monetary Policy Shock : The ECB’s 3-year LTROs and the Shift in Credit Supply

Darracq Paries, Matthieu - 2013

The identification of non-standard monetary policy shocks is a key challenge for econometricians, not least as these measures are somewhat unprecedented in modern central banking history and as the instruments vary widely across the various non-standard measures. This paper focuses on the 3-year...

Persistent link: https://www.econbiz.de/10013088278

A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area

Adjemian, Stephane - 2008

) model for the United States (US) and the euro area (EA). The main features of the new open economy macro-economics (NOEM …-nationally. Each country model incorporates the wide range of nominal and real frictions found in the closed-economy literature …

Persistent link: https://www.econbiz.de/10012772411

Macroprudential Policy in a Monetary Union with Cross-Border Banking

Darracq Paries, Matthieu - 2019

We analyse the interaction between monetary and macroprudential policies in the euro area by means of a two-country DSGE model with financial frictions and cross-border spillover effects. We calibrate the model for the four largest euro area countries (i.e. Germany, France, Italy, and Spain),...

Persistent link: https://www.econbiz.de/10012889411

Parsing Financial Fragmentation in the Euro Area : A Multi-Country DSGE Perspective

Darracq Paries, Matthieu - 2016

The euro area experience during the financial crisis highlighted the importance of financial and sovereign risk factors in macroeconomic propagation, as well as the constraints that bank lending fragmentation would pose for monetary policy conduct in a currency union. We design a 6-region...

Persistent link: https://www.econbiz.de/10012993787

Optimal Monetary Policy in an Estimated DSGE for the Euro Area

Darracq Paries, Matthieu; Adjemian, Stephane; Moyen, … - 2021

-founded macroeconometric framework. First, using Bayesian techniques, we estimate a medium scale closed economy DSGE for the euro area. Then …

Persistent link: https://www.econbiz.de/10013316874

Optimal Monetary Policy and the Transmission of Oil-Supply Shocks to the Euro Area under Rational Expectations

Adjemian, Stephane; Darracq Paries, Matthieu - 2009

This paper presents first the estimation of a two-country DSGE model for the euro area and the rest-of-the-world including relevant oil-price channels. We then investigate the optimal resolution of the policy tradeoffs emanating from oil-price disturbances. Our simulations show that the...

Persistent link: https://www.econbiz.de/10014213432