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Differences in Exchange Rate Pass-Through in the Euro Area
Campa, José Manuel; Mìnguez, González; Manuel, Jose - C.E.P.R. Discussion Papers - 2004
This Paper focuses on the pass-through of exchange rate changes into the prices of imports made by euro area countries … industry-specific rates of pass-through across and within countries for all euro members. In the short run, pass-through rates …-through rates across industries and countries can be rejected. Differences exist across euro area countries in the degree that a …
Persistent link: https://www.econbiz.de/10005067653
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Sovereign risk and belief-driven fluctuations in the euro area
Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - C.E.P.R. Discussion Papers - 2013
Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the … channel." The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region …
Persistent link: https://www.econbiz.de/10011084472
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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 … competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to … choice may lie between closer political union and a break-up of the euro-zone. …
Persistent link: https://www.econbiz.de/10005789110
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Fiscal Rules in the European Monetary Union: A No-Entry Clause
Giovannini, Alberto; Spaventa, Luigi - C.E.P.R. Discussion Papers - 1991
The paper examines the possible motivations behind the plea for fiscal rules in the Delors Report. We argue that coordination problems arising from aggregate demand spillovers cannot be solved by means of budget rules and that in any case they are not important in Europe. We then discuss the...
Persistent link: https://www.econbiz.de/10005661872
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Central Bank Constitutions for Monetary Unions
Süppel, Ralph; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1994
Historical experience suggests that the distribution of monetary policy authority among the members of a monetary union is a key aspect of the design of a central bank constitution. We analyse alternative institutional solutions to that problem with different degrees of centralization of...
Persistent link: https://www.econbiz.de/10005792300
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Heterogenous Wage Formation Under A Common Monetary Policy
Andersen, Torben M - C.E.P.R. Discussion Papers - 2004
How does a monetary union work when labour markets are heterogeneous? Since shocks are transmitted via both trade links and the common monetary policy and propagated via labour market responses, it follows that labour market institutions may have not only national but also union-wide...
Persistent link: https://www.econbiz.de/10005123873
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Will EMU Increase Eurosclerosis?
Bentolila, Samuel; Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2000
In this paper we study the relationship between labour market institutions and monetary policy. We use a simple macroeconomic framework to show how optimal monetary policy rules depend on labour institutions (labour adjustment costs, and nominal and real wage rigidity) and social preferences...
Persistent link: https://www.econbiz.de/10005124134
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Costs and Benefits of Monetary Union
Eichengreen, Barry - C.E.P.R. Discussion Papers - 1990
This paper analyses the costs and benefits of European monetary unification. The benefits take the form of the reduction in exchange risk, equalization of interest rates, decline in relative price variability and general increase in economic efficiency likely to accompany unification. The costs...
Persistent link: https://www.econbiz.de/10005504417
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International Costs and Benefits from EMU
Alogoskoufis, George; Portes, Richard - C.E.P.R. Discussion Papers - 1990
In this paper we examine the international implications of monetary union in the European Community (EMU) and the associated international costs and benefits. We consider prospective changes in international institutions, the potential role of the ecu as an international currency, and the...
Persistent link: https://www.econbiz.de/10005281300