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De Grauwe, Paul; Gros, Daniel - 2009

The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and...

Persistent link: https://www.econbiz.de/10003888991

Self-fulfilling crises in the Eurozone : an empirical test

De Grauwe, Paul; Ji, Yuemei - 2012

Persistent link: https://www.econbiz.de/10009575314

Carbon pricing in the EU : evaluation of different EU ETS reform options

Brink, Corjan; Vollebergh, Herman R. J.; Van der Werf, Edwin - 2015 - This version: November 24, 2015

This paper studies various options to support allowance prices in the EU Emissions Trading System (ETS), such as … adjusting the cap, an auction reserve price, and fixed and variable carbon taxes in addition to EU ETS. We use a dynamic … at the EU Member State level. We find that both a variable carbon tax and an auction reserve price support effective …

Persistent link: https://www.econbiz.de/10011392634

Reforming the EU energy tax directive : assessing the options

Parry, Ian W. H.; Vollebergh, Herman R. J. - 2016

The efficiency case for raising fuel tax minima under the EU Energy Tax Directive (ETD) appears nuanced. Some fuels may … potentially much larger gains from extending tax minima to fuels (especially coal) covered by the EU Emissions Trading System (if …

Persistent link: https://www.econbiz.de/10011422569

Fiscal rules, financial stability and optimal currency areas

De Grauwe, Paul; Foresti, Pasquale - 2015

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...

Persistent link: https://www.econbiz.de/10010533078

Tax competition under minimum rates : the case of European diesel excises

Evers, Michiel; Mooij, Ruud A. de; Vollebergh, Herman R. J. - 2004

robust for alternative specifications. By imposing restrictions on excise levels, EU harmonization of excises in 1987 and the … introduction of a minimum in 1992 exerted a positive impact on the excise level in a number of EU countries. It has not, however …

Persistent link: https://www.econbiz.de/10011335209

The interest rate pass-through in the euro area during the sovereign debt crisis

Borstel, Julia von; Eickmeier, Sandra; Krippner, Leo - 2015

Persistent link: https://www.econbiz.de/10011342420

Has the financial crisis eroded citizens’ trust in the European Central Bank? : panel data evidence for the euro area ; 1999-2011

Roth, Felix; Gros, Daniel; Nowak-Lehmann D., Felicitas - 2012 - Revised Version: March 2012

In the aftermath of the financial crisis trust, in the European Central Bank (ECB) has reached an historical low. Taking panel data and using a fixed effects DFGLS estimation for a 12–country sample over the time period 1999 to 2011 with a total of 312 observations, this paper detects a...

Persistent link: https://www.econbiz.de/10009711914

Carbon content of electricity futures in phase II of the EU ETS

Fell, Harrison; Hintermann, Beat; Vollebergh, Herman R. J. - 2013

physical settlement during the second market phase of the EU ETS. We employ a series of estimation methods that allow for an …

Persistent link: https://www.econbiz.de/10009786078

What's in a second opinion? : shadowing the ECB and the Bank of England

Neuenkirch, Matthias; Siklos, Pierre L. - 2013

Persistent link: https://www.econbiz.de/10009788857