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Monetary and Fiscal policy Interaction in the Euro Area with Different Assumptions on the Phillips Curve
Bofinger, Peter; Mayer, Eric - C.E.P.R. Discussion Papers - 2004
In this Paper we carry over a static version of a New Keynesian Macromodel a la Clarida Gali Gertler (1999) to a monetary union. We will show in particular that a harmonious functioning of a monetary union critically depends on the correlation of shocks that hit the currency area. Additionally a...
Persistent link: https://www.econbiz.de/10005661571
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The Stability and Growth Pact Time to Rebuild!
Bofinger, Peter; Mayer, Eric - Wirtschaftswissenschaftliche Fakultät, Bayerische … - 2004
Within this paper we specify a symmetric two country model for the euro area to evaluate monetary and fiscal policy interaction with decentralized fiscal authorities. Obviously this calls for rules which neatly balance the chances and perils. Thereby we show that stringent rules are a...
Persistent link: https://www.econbiz.de/10009226082
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Animal spirits and credit spreads in a model with a cost channel
Bofinger, Peter; Debes, Sebastian; Gareis, Johannes; … - Verein für Socialpolitik - VfS - 2011
Shocks in the financial sector caused the great recession of 2008 and pulled down the real economy. To implement …
Persistent link: https://www.econbiz.de/10010957277
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The EMU after Three Years: Lessons and Challenges
Bofinger, Peter - Economic Commission for Europe (UN-ECE), United Nations - 2002
The paper provides an analysis of the first three years of the European Monetary Union. It discusses the changeover to Euro notes, the performance of monetary policy in terms of price stability and real growth, the establishment of credibility for the ECB, and the two pillar strategy. The...
Persistent link: https://www.econbiz.de/10005087086
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Managed floating: Understanding the new international monetary order
Bofinger, Peter; Wollmershäuser, Timo - Wirtschaftswissenschaftliche Fakultät, Bayerische … - 2001
economy macro model in which the uncovered interest parity condition and the Monetary Conditions Index play a central role. …
Persistent link: https://www.econbiz.de/10009226053
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The BMW model: A new framework for teaching monetary macroeconomics in closed and open economies
Bofinger, Peter; Mayer, Eric; Wollmershäuser, Timo; … - Wirtschaftswissenschaftliche Fakultät, Bayerische … - 2003
targeting, monetary policy rules, and central bank credibility. Our open-economy version is a powerful alternative to the IS …/LM-based Mundell-Fleming (MF) model. The main advantage of the open-economy BMW model is its ability to discuss the role of inflation …
Persistent link: https://www.econbiz.de/10009226100
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The EMU after three years: Lessons and challenges
Bofinger, Peter - Wirtschaftswissenschaftliche Fakultät, Bayerische … - 2002
The first three years of European Monetary Union provide a good basis for a comprehensive analysis of this unprecedented and controversial monetary arrangement. The paper starts with a short discussion of the recent changeover to Euro notes and coins and the general difficulties with the...
Persistent link: https://www.econbiz.de/10009226103
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The BMW model: simple macroeconomics for closed and open economies a requiem for the IS/LM-AS/AD and the Mundell-Fleming model
Bofinger, Peter; Mayer, Eric; Wollmershäuser, Timo - Wirtschaftswissenschaftliche Fakultät, Bayerische … - 2002
like inflation targeting, monetary policy rules, and central bank credibility. We extend the model to an open-economy … version as a powerful alternative to the IS/LM-based Mundell-Fleming (MF) model. The main advantage of the open-economy BMW … functions more in detail, it also discusses simple interest rate rules in an open economy as well as a strategy of managed …
Persistent link: https://www.econbiz.de/10009226109
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Managed Floating as a Monetary Policy Strategy
Bofinger, Peter; Wollmershäuser, Timo - In: Economic Change and Restructuring 36 (2003) 2, pp. 81-109
the monetary policy rules for the two operating targets from a simple open economy macro model in which the uncovered …
Persistent link: https://www.econbiz.de/10005673993
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The BMW Model: A New Framework for Teaching Monetary Economics
Bofinger, Peter; Mayer, Eric; Timo Wollmershäuser - In: Journal of Economic Education 37 (2006) 1, pp. 98-117
Although the IS/LM-AS/AD model is still the central tool of macroeconomic teaching in most macroeconomic textbooks, it has been criticized by several economists. Colander (1995) demonstrated that the framework is logically inconsistent, Romer (2000) showed that it is unable to deal with a...
Persistent link: https://www.econbiz.de/10005464534