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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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Should the Euro Area be Run as a Closed Economy?
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2008
(ECB) to study optimal monetary policy in the Euro area (for instance Smets and Wouters, 2004a, 2004b) typically assume … fluctuations and their international comovements. This paper studies monetary policy in the Euro area looking at the variable most … remained true for the ECB, at least so far. Using closed economy models to analyze monetary policy in the Euro is thus …
Persistent link: https://www.econbiz.de/10005136545
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The bond yield conundrum: alternative hypotheses and the state of the economy
Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2010
We study the bond yield conundrum in a macro-finance framework. Building upon a flexible and non-structural macro-finance model, we test the hypothesis that the bond yield conundrum is connected to various sources of uncertainty in the financial markets. Moreover we explicitly test for the role...
Persistent link: https://www.econbiz.de/10008682889
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The Political Economy of Financial Fragility
Feijen, Erik; Perotti, Enrico C - C.E.P.R. Discussion Papers - 2005
While financial liberalization has in general favourable effects, reforms in countries with poor regulation is often followed by financial crises. We explain this variation as the outcome of lobbying interests capturing the reform process. Even after liberalization, market investors must rely on...
Persistent link: https://www.econbiz.de/10005666751
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Spain's Capital Account Shock
Viñals, José - C.E.P.R. Discussion Papers - 1990
The purpose of this paper is twofold: it analyses how far the external opening-up process of the Spanish economy that started with its integration into the EEC in 1986 has led to a higher effective degree of capital mobility; and it examines what kind of capital flows, exchange-rate pressures...
Persistent link: https://www.econbiz.de/10005281411
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Vehicle Currencies, Bank Debt and the Asset Market Approach to Exchange Rate Determination: The US Dollar, 1980-1985
Thomas, Stephen H; Wickens, Michael R. - C.E.P.R. Discussion Papers - 1987
This paper examines the appreciation of the dollar over the period 1980-85. The standard theories try to explain the increased demand for dollar assets by differential rates of return on bonds or by "safe-haven" arguments associated with the lower riskiness of United States assets. Neither of...
Persistent link: https://www.econbiz.de/10005662155
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Public Confidence and Debt Management: A Model and a Case Study of Italy
Alesina, Alberto F; Prati, Alessandro; Tabellini, Guido - C.E.P.R. Discussion Papers - 1989
High-debt countries may face the risk of self-fulfilling debt crises. If the public expects that in the future the government will be unable to roll over the maturing debt, they may refuse to buy debt today and choose to hold foreign assets. This lack of confidence may then be self-fulfilling....
Persistent link: https://www.econbiz.de/10005497997
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A Cultural Clash View of the EU Crisis
Guiso, Luigi; Herrera, Helios; Morelli, Massimo - C.E.P.R. Discussion Papers - 2013
If voters of different countries adhere to different and deeply rooted cultural norms, when these countries interact their leaders may find it impossible to agree on effcient policies especially in hard times. Political leaders’actions are bound by a “conformity constraint”that requires...
Persistent link: https://www.econbiz.de/10011083748
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Three Sisters: The Interlinkage between Sovereign Debt, Currency and Banking Crises
Eijffinger, Sylvester C W; Karatas, Bilge - C.E.P.R. Discussion Papers - 2013
The sovereign debt default and the linkages from banking and currency crisis have been rarely explored in the crisis literature. This study attempts to dive into this unexplored area by applying panel data binary choice model on a sample with 20 emerging countries having monthly observations for...
Persistent link: https://www.econbiz.de/10011084100