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Comparing fiscal multipliers across models and countries in Europe

Kilponen, Juha; Pisani, Massimiliano; Schmidt, Sebastian; … - 2015

Persistent link: https://www.econbiz.de/10010516590

Euro area government bonds : integration and fragmentation during the sovereign debt crisis

Ehrmann, Michael; Fratzscher, Marcel - 2015

The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting...

Persistent link: https://www.econbiz.de/10010519824

Financial systems and the role of banks in monetary policy transmission in the euro area

Ehrmann, Michael; Gambacorta, Leonardo; Martínez … - 2001

This paper offers a comprehensive comparison of the structure of banking and financial markets in the euro area. Based on this, several hypotheses about the role of banks in monetary policy transmission are developed. Many of the predictions that have been proposed for the U.S. are deemed...

Persistent link: https://www.econbiz.de/10011419463

The economics of investor protection : ISDS versus national treatment : presented at CESifo Area Conference on Global Economy, May 2015

Kohler, Wilhelm; Stähler, Frank - 2016 - Version of February 16, 2016

This paper scrutinizes the effects of investor-state dispute settlements (ISDS) and national treatment provisions in a two-period model where foreign investment is subject to domestic regulation and a holdup problem. It shows that ISDS can mitigate the holdup problem and increases aggregate...

Persistent link: https://www.econbiz.de/10011431559

Reconciling insurance with market discipline : a blueprint for a European fiscal union

Dolls, Mathias; Fuest, Clemens; Heinemann, Friedrich; … - 2016

This contribution develops a blueprint for a European fiscal union. We argue that a viable European fiscal union can be constructed without joint liability for public debt or a centralized government with a large common budget. Such a fiscal union should combine elements of market discipline...

Persistent link: https://www.econbiz.de/10011431564

An unemployment insurance scheme for the euro area? : a comparison of different alternatives using micro data

Dolls, Mathias; Fuest, Clemens; Neumann, Dirk; Peichl, … - 2015

We analyze different options for the design of a common unemployment insurance system for the euro area (EA). We assess their effectiveness to act as an insurance device in the presence of asymmetric macroeconomic shocks. Running counterfactual simulations based on micro data for the period...

Persistent link: https://www.econbiz.de/10011375679

Institutions and creative destruction in CEECs : determinants of inefficient use of assets

Fidrmuc, Jarko; Siddiquiy, Martin - 2015

We analyze the relationship between institutional quality and firm efficiency. Using rich data on firms in the European Union between 2005 and 2012, we show that high institutional quality lowers the share of persistently inefficiently used assets. The adverse effect of low institutional quality...

Persistent link: https://www.econbiz.de/10011375699

Reconciling insurance with market discipline : a blueprint for a European fiscal union

Dolls, Mathias; Fuest, Clemens; Heinemann, Friedrich; … - 2015

This contribution develops a blueprint for a European fiscal union. The proposal addresses the shortcomings of most other reform designs which do not offer a solution for insolvent or noncooperative euro countries. We suggest a design which combines fiscal insurance with an orderly procedure to...

Persistent link: https://www.econbiz.de/10011300749

The euro exchange rate during the European sovereign debt crisis : dancing to its own tune?

Ehrmann, Michael; Osbat, Chiara; Strasky, Jan; … - 2013

Persistent link: https://www.econbiz.de/10009766449

Eastern enlargement of the EU : a comprehensive welfare assessment

Kohler, Wilhelm - 2003

This paper takes a welfare-view on eastern enlargement of the EU, focusing on incumbent countries. Enlargement is … decomposed into three elements: Single-market integration on commodity markets, budgetary costs from EU-expenditure policies, and … characteristic inter-country pattern of enlargement-induced welfare effects for all EU15 countries. Aggregating these across …

Persistent link: https://www.econbiz.de/10009749616