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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/10003794175

Macroprudential policy in a monetary union with cross-border banking

Darracq Pariès, Matthieu; Kok Sørensen, Christoffer; … - 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/10011996735

The timing of central bank communication

Ehrmann, Michael (contributor); … - 2005

This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...

Persistent link: https://www.econbiz.de/10003230443

Exchange rates and fundamentals : new evidence from real-time data

Ehrmann, Michael (contributor); … - 2004

Persistent link: https://www.econbiz.de/10002125231

ECB-BASIR: a primer on the macroeconomic implications of the Covid-19 pandemic

Angelini, Elena; Damjanović, Milan; Darracq Pariès, … - 2020

This paper studies the macroeconomic consequences of the COVID-19 pandemic and makes a first step in adapting the central bank modelling apparatus to the new economic landscape. We augment the ECB-BASE model with the predictive dynamics of the SIR model in order to assess the interplay between...

Persistent link: https://www.econbiz.de/10012241217

Monetary policy and housing prices in an estimated DSGE for the US and the euro area

Darracq Pariès, Matthieu; Notarpietro, Alessandro - 2008

We estimate a two-country Dynamic Stochastic General Equilibrium model for the US and the euro area including relevant housing market features and examine the monetary policy implications of housing-related disturbances. In particular, we derive the optimal monetary policy cooperation consistent...

Persistent link: https://www.econbiz.de/10003825943

Monetary policy in the media

Berger, Helge (contributor); Ehrmann, Michael (contributor); … - 2006

Media coverage of monetary policy actions is a central channel of a central bank's communication with the wider public, and thus an important factor for its credibility and policy effectiveness. This paper analyses the coverage which ECB monetary policy decisions receive in the print media, and...

Persistent link: https://www.econbiz.de/10003375096

Convergence and anchoring of yield curves in the euro area

Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007

We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU) has led to substantial convergence in euro area sovereign...

Persistent link: https://www.econbiz.de/10003554986

A non-standard monetary policy shock : the ECB’s 3-year LTROs and the shift in credit supply

Darracq Pariès, Matthieu; De Santis, Roberto A. - 2013

Persistent link: https://www.econbiz.de/10009765558

A quantitative perspective on optimal monetary policy cooperation between the US and the euro area

Adjemian, Stéphane (contributor); … - 2008

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

Persistent link: https://www.econbiz.de/10003750046