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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 measures : macroeconomic impact and interaction with monetary policy

Cozzi, Guido; Darracq Pariès, Matthieu; Karadi, Peter; … - 2020

transmission mechanism. Higher bank leverage increases the economy's vulnerability to shocks but also monetary policy's ability to …

Persistent link: https://www.econbiz.de/10012165315

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

Reversal interest rate and macroprudential policy

Darracq Pariès, Matthieu; Kok Sørensen, Christoffer; … - 2020

capitalization of the banking sector by using a non-linear macroeconomic model calibrated to the euro area economy. The framework …

Persistent link: https://www.econbiz.de/10012312177

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

Myopic loss aversion, disappointment aversion, and the equity premium puzzle

Fielding, David; Stracca, Livio - 2003

This paper takes a close look at the 'behavioural finance' explanations of the equity premium puzzle, namely myopic loss aversion (Benartzi and Thaler, 1995) and disappointment aversion (Ang, Bekaert and Liu, 2000). The paper proposes a simple specification of loss and disappointment aversion...

Persistent link: https://www.econbiz.de/10009639864

A decade (and a global financial crisis) after Blinder

Bussière, Matthieu; Stracca, Livio - 2010

Periods of economic and financial stress traditionally give rise to profound changes in economic theory and in the way policy decisions are taken. Motivated by the recent interest in renewing macroeconomics after the global financial crisis, we collected the views of senior central bank staff in...

Persistent link: https://www.econbiz.de/10009640280

Is the New Keynesian IS curve structural?

Stracca, Livio - 2010

There is already a small literature emphasising the empirical failure of the New Keynesian IS curve, but it is not yet known if this failure reflects empirical problems associated with small samples or is rather a structural weakness of the underlying model. To address this question, in this...

Persistent link: https://www.econbiz.de/10009640304

Epstein-Zin preferences and their use in macro-finance models

Darracq Pariès, Matthieu; Loublier, Alexis - 2010

Epstein-Zin preferences have attracted significant attention within the macro-finance literature based on DSGE models as they allow to substantially increase risk aversion, and consequently generate non-trivial risk premia, without compromising the ability of standard models to achieve...

Persistent link: https://www.econbiz.de/10009640331

Housing, consumption and monetary policy

Musso, Alberto; Neri, Stefano; Stracca, Livio - 2010

, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that …

Persistent link: https://www.econbiz.de/10009640398