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The political economy under monetary union: has the euro made a difference?

Fratzscher, Marcel; Stracca, Livio - 2008

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …

Persistent link: https://www.econbiz.de/10011605002

Fiscal convergence before entering the EMU

Onorante, Luca - 2006

The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...

Persistent link: https://www.econbiz.de/10011604710

Global policy at the zero lower bound in a large-scale DSGE model

Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo; … - 2010

model of the global economy. We consider that the fiscal shocks are temporary and that fiscal policy retains full …

Persistent link: https://www.econbiz.de/10011605300

Structural reforms and macroeconomic performance in the euro area countries: a model-based assessment

Gomes, Sandra; Jacquinot, Pascal; Mohr, Matthias; … - 2011

unilaterally. This is true in particular for a small and open economy such as Portugal. Specifically, in the long run German output …

Persistent link: https://www.econbiz.de/10011605369

Fiscal consolidation in the euro area: long-run benefits and short-run costs.

Coenen, Günter; Mohr, Matthias; Straub, Roland - 2008

-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al …

Persistent link: https://www.econbiz.de/10011604948

What explains the surge in euro area sovereign spreads during the financial crisis of 2007-09?

Attinasi, Maria-Grazia; Checherita-Westphal, Cristina; … - 2009

This paper uses a dynamic panel approach to explain the determinants of widening sovereign bond yield spreads vis-à-vis Germany in selected euro area countries during the period end-July 2007 to end-March 2009, when the financial turmoil developed into a full-blown financial and economic...

Persistent link: https://www.econbiz.de/10011605177

A quarterly fiscal database for the euro area based on intra-annual fiscal information

Paredes, Joan; Pedregal, Diego J.; Pérez, Javier J. - 2009

The analysis of the macroeconomic impact of fiscal policies in the euro area has been traditionally limited by the absence of quarterly fiscal data. To overcome this problem, we provide two new databases in this paper. Firstly, we construct a quarterly database of euro area fiscal variables for...

Persistent link: https://www.econbiz.de/10011605178

Fiscal policy shocks in the euro area and the US: an empirical assessment

Burriel, Pablo; de Castro Fernández, Francisco; … - 2009

We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and...

Persistent link: https://www.econbiz.de/10011605179

Fiscal and monetary rules for a currency union

Ferrero, Andrea - 2005

This paper addresses the question of the joint conduct of fiscal and monetary policy in a currency union. The problem is studied using a two-country DSGE framework with staggered price setting, monopolistic competition in the goods market, distortionary taxation and nominal debt. The two...

Persistent link: https://www.econbiz.de/10011604548

Debt stabilizing fiscal rules

Michel, Philippe; von Thadden, Leopold; Vidal, Jean-Pierre - 2006

targeting rules which link stabilizing budgetary adjustments around a target level of long-run debt to the state of the economy … deficit developments as a function of the state of the economy and the unrestricted choice of fiscal policy instruments at the …

Persistent link: https://www.econbiz.de/10011604622