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distribution; and a permanent positive effect on full-time employment. …
Persistent link: https://www.econbiz.de/10012821802
Persistent link: https://www.econbiz.de/10012604343
Our paper deals with the welfare and employment effects of green tax reforms. In the first part we develop a flexible … emission quotas and quantify welfare and employment effects. He or she can choose between different model variants, e. g …ur paper deals with the welfare and employment effects of green tax reforms. In the first part we develop a flexible …
Persistent link: https://www.econbiz.de/10013428403
Persistent link: https://www.econbiz.de/10003649884
This paper uses the European Monetary Union (EMU) as a natural experiment to investigate whether more effective monetary policy reduces the persistence of inflation. Taking into account the fractional integration of inflation, we confirm that inflation dynamics differed considerably across Euro...
Persistent link: https://www.econbiz.de/10003875991
We propose an algorithm to model contagion in the interbank market via what we term the credit quality channel. In existing models on contagion via interbank credit, external shocks to banks often spread to other banks only in case of a default. In contrast, shocks are transmitted via asset...
Persistent link: https://www.econbiz.de/10011381702
This paper uses sovereign CDS spread changes and their volatilities as a proxy for the informational efficiency of the sovereign markets and persistency of country risks. Specifically, we apply semi-parametric and parametric methods to the sovereign CDSs of 10 eurozone countries to test the...
Persistent link: https://www.econbiz.de/10009731982
Several studies have analyzed the trade and output effects of the Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union, but our paper is the first attempt to study its welfare effects. We measure the welfare effect of TTIP as the percentage of...
Persistent link: https://www.econbiz.de/10011527321
The paper analyses how the IMF brought its experience gained in emerging market sovereign debt crises in the troika’s handling of the euro crisis. We link models of multiple equilibria with the IMF's experience made in Latin American crises in the 2000s. We examine subsequent changes in the...
Persistent link: https://www.econbiz.de/10011548057
During the European financial crisis, the European Central Bank implemented a series of unconventional monetary policy measures. We argue that these unconventional monetary policy measures created soft budget constraints for the Eurozone countries by lowering their bond yield spreads. This...
Persistent link: https://www.econbiz.de/10011456884