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(How) do the ECB and the fed react to financial market uncertainty? : the Taylor rule in times of crisis

Belke, Ansgar; Klose, Jens - 2010

We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...

Persistent link: https://www.econbiz.de/10010208788

Fiscal integration in the eurozone : economic effects of two key scenarios

Dolls, Mathias; Fuest, Clemens; Neumann, Dirk; Peichl, … - 2013

The 2008-09 crisis has shown that some euro area member countries were unable to sufficiently stabilize their economies which has given rise to a debate about deeper fiscal integration in Europe. In this paper, we analyze the redistributive and stabilizing effects of two scenarios of fiscal...

Persistent link: https://www.econbiz.de/10010211947

EU enlargement and the future of the welfare state

Sinn, Hans-Werner - 2000

The eastern expansion of the EU resembles German unification in its mometousness. Whereas the latter led to a 26 …% increase in the population of the Federal Republic, the former will increase the population of the EU by 28% if all ten entry … and western Eurpean countries, a massive westward migration can be expected after EU expansion. A temporary east …

Persistent link: https://www.econbiz.de/10009781584

Seignorage wealth in the Eurosystem : eurowinners and eurolosers revisited

Sinn, Hans-Werner; Feist, Holger - 2000

The rules laid down in Article 32 of the Protocol No. 18 on the Statute of the European System of Central Banks and of the European Central Bank of the Maastricht Treaty will significantly redistribute European seignorage income and hence the implicit entitlement to the 352 billion stock of...

Persistent link: https://www.econbiz.de/10009781634

EU enlargement, migration, and lessons from German unification

Sinn, Hans-Werner - 1999

The paper studies the role of international implications after EU enlargement. Based on a formal model with migration … costs for both capital and labor, it predicts a two-sided migration from the new to the old EU countries which is later …

Persistent link: https://www.econbiz.de/10009781677

Tax-benefit systems in Europe and the US : between equity and efficiency

Bargain, Olivier; Dolls, Mathias; Neumann, Dirk; … - 2011

approach to characterize the redistributive preferences embodied in the welfare systems of 17 EU countries and the US. Implicit …

Persistent link: https://www.econbiz.de/10009124584

Fiscal consolidation and automatic stabilization : new results

Dolls, Mathias; Fuest, Clemens; Peichl, Andreas; … - 2020

affected the cushioning of income shocks in the Euro zone and the EU-27 in the period 2007-2014. We propose a new summary …

Persistent link: https://www.econbiz.de/10012438995

Risk sharing in currency unions : the migration channel

Kohler, Wilhelm; Müller, Gernot J.; Wellmann, Susanne - 2021

Country-specific business cycle fluctuations are potentially very costly for member states of currency unions because they lack monetary autonomy. The actual costs depend on the extent to which consumption is shielded from these fluctuations and thus on the extent of risk sharing across member...

Persistent link: https://www.econbiz.de/10012494920

Forecasting ECB policy rates with different monetary policy rules

Belke, Ansgar; Klose, Jens - 2019

This article compares two types of monetary policy rules - the Taylor-Rule and the Orphanides-Rule - with respect to their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results from estimated models and augmented rules are compared....

Persistent link: https://www.econbiz.de/10012063951

COVID-19 and financial markets : a panel analysis for European countries

Klose, Jens; Tillmann, Peter - 2020

In order to fight the economic consequences of the COVID-19 pandemic, monetary and fiscal policy announced a large variety of support packages which are often unprecedented in size. In this paper, we provide an empirical analysis of the responses of European financial markets to these policy...

Persistent link: https://www.econbiz.de/10012224892