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China’s Dominance Hypothesis and the Emergence of a Tri-polar Global Currency System
Fratzscher, Marcel; Mehl, Arnaud - C.E.P.R. Discussion Papers - 2011
, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the …
Persistent link: https://www.econbiz.de/10009371469
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Global Monetary Policy Under a Dollar Standard
Devereux, Michael B; Shi, Kang; Xu, Juanyi - C.E.P.R. Discussion Papers - 2004
For the past four or five decades, the international monetary system has operated on a ’dollar standard’. Popular discussion suggests that this gives the US an advantage in the use of monetary policy. This Paper analyses the determination of monetary policy in a world with a dollar standard,...
Persistent link: https://www.econbiz.de/10005123745
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Has the Euro changed the Business Cycle?
Enders, Zeno; Jung, Philip; Müller, Gernot - C.E.P.R. Discussion Papers - 2012
before and after the introduction of the euro. Exceptions are a strong decline in real exchange rate volatility and a … EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the …
Persistent link: https://www.econbiz.de/10011084347
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Is the Euro Sustainable?
Wickens, Michael R. - C.E.P.R. Discussion Papers - 2007
It is widely recognised that the "one-size-fits-all" monetary policy of the euro-zone is a potential problem. How much … of a problem has not been much investigated. It is argued in this paper that it may result in the euro not being … competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to …
Persistent link: https://www.econbiz.de/10005789110
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U.S. Monetary Shocks and Global Stock Prices
Laeven, Luc; Tong, Hui - C.E.P.R. Discussion Papers - 2010
This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...
Persistent link: https://www.econbiz.de/10008692313
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Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - C.E.P.R. Discussion Papers - 2010
both equities and bonds. Yet such a monetary policy easing shock also induces a shift in portfolio composition out of …
Persistent link: https://www.econbiz.de/10008692318
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Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States
Smets, Frank; Tsatsaronis, Kostas - C.E.P.R. Discussion Papers - 1997
This paper investigates why the slope of the yield curve predicts future economic activity in Germany and the United States. A structural VAR is used to identify aggregate supply, aggregate demand, monetary policy and inflation scare shocks and to analyse their effects on the real, nominal and...
Persistent link: https://www.econbiz.de/10005123911
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A global monetary tsunami? On the spillovers of US Quantitative Easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - C.E.P.R. Discussion Papers - 2012
The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures since 2007. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets...
Persistent link: https://www.econbiz.de/10011083739
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Monnet's Error?
Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2015
Entering a currency union without any political union European countries have taken a gamble: will the needs of the currency union force a political integration (as anticipated by Monnet) or will the tensions create a backlash, as suggested by Kaldor, Friedman and many others? We try to answer...
Persistent link: https://www.econbiz.de/10011266537
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The Euro and Firm Restructuring
Bugamelli, Matteo; Schivardi, Fabiano; Zizza, Roberta - C.E.P.R. Discussion Papers - 2010
We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected … euro has been accompanied by a reallocation of activity within rather than across sectors. Since its adoption, productivity … since the adoption of the euro. Restructuring has entailed a shift of business focus from production to upstream and …
Persistent link: https://www.econbiz.de/10008468598