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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

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

A speed limit monetary policy rule for the euro area

Stracca, Livio (contributor) - 2006

This paper estimates a hybrid New Keynesian model on euro area data and evaluates the performance of different simple policy rules and of the optimal unconstrained rule under commitment. The study reaches two main conclusions. First, inflation is found to be mainly forward-looking in the euro...

Persistent link: https://www.econbiz.de/10003310803

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

Housing, consumption and monetary policy : how different are the US and the euro area?

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/10003971203

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

Optimal monetary policy and the transmission of oil-supply shocks to the euro area under rational expectations

Adjemian, Stéphane; Darracq Pariès, Matthieu - 2008

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/10003803330

Does liquidity matter? : Properties of a synthetic divisia monetary aggregate in the euro area

Stracca, Livio - 2001

Persistent link: https://www.econbiz.de/10001636927