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Current account imbalances and structural adjustment in the Euro area : how to rebalance competitiveness

Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2009

Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...

Persistent link: https://www.econbiz.de/10003850175

A new two-pillar strategy for the ECB

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

Exports and capacity constraints : evidence for several euro area countries

Belke, Ansgar; Oeking, Anne; Setzer, Ralph - 2015

We argue that, under certain conditions, firms consider exports as a substitute for domestic demand. Our econometric model for six euro area countries suggests domestic demand and capacity constraints as additional variables for export equations. We apply the exponential and logistic variant of...

Persistent link: https://www.econbiz.de/10011300368

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