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Long Term Debt and the Political Support of a Monetary Union
Uhlig, Harald - C.E.P.R. Discussion Papers - 1997
eroded political support for actions aimed at enhancing EMU membership chances. …
Persistent link: https://www.econbiz.de/10005123670
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EMU in the Early Years: Differences and Credibility
Buti, Marco; Sapir, André - C.E.P.R. Discussion Papers - 2001
The main issue in the early years of EMU is one of credibility. On one hand, high exposure to asymmetric shocks and low … adaptability (be it in terms of stabilization or adjustment) to both symmetric and asymmetric shocks make the early years of EMU … potentially problematic. On the other hand, significant economic differences between EMU countries raise questions regarding the …
Persistent link: https://www.econbiz.de/10005123746
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On the Role of Conflicting National Interests in the ECB Council
Grüner, Hans Peter - C.E.P.R. Discussion Papers - 1999
This paper studies the strategic interaction of Euroland's national macroeconomic players and the ECB council under two alternative assumptions on central bank behavior: (i) all members of the ECB council are concerned about Euroland's macroeconomic aggregates and (ii) the ECB council is...
Persistent link: https://www.econbiz.de/10005504342
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One Money, but Many Fiscal Policies in Europe: What Are the Consequences?
Uhlig, Harald - C.E.P.R. Discussion Papers - 2002
rather than weakening. Furthermore, a solution for EMU-wide banking regulation needs to be found. …
Persistent link: https://www.econbiz.de/10005656196
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Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem?
De Grauwe, Paul; Piskorski, Tomasz - C.E.P.R. Discussion Papers - 2001
calibrated model of EMU indicate that the policy based on the union-wide aggregates yields stabilization performances that are …
Persistent link: https://www.econbiz.de/10005114262
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Asymmetries in Housing and Financial Market Institutions and EMU
Maclennan, Duncan; Muellbauer, John; Stephens, Mark - C.E.P.R. Discussion Papers - 1999
within EMU and the potential for instability in these economies entailed by EMU membership. …
Persistent link: https://www.econbiz.de/10005504528
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al. (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10009643503
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Supply-Side Policies and the Zero Lower Bound
Fernández-Villaverde, Jesús; Guerron-Quintana, Pablo A.; … - C.E.P.R. Discussion Papers - 2011
This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in mark-ups triggered by supply-side policies generate a wealth effect...
Persistent link: https://www.econbiz.de/10009367422
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Fiscal Policy in an Expectations Driven Liquidity Trap
Mertens, Karel; Ravn, Morten O - C.E.P.R. Discussion Papers - 2010
We examine the impact of fiscal policy interventions in an environment where the short term nominal interest rate is at the zero bound. In the basic New Keynesian model in which the monetary authority operates a Taylor rule, globally multiple equilibria arise, some of which display all the...
Persistent link: https://www.econbiz.de/10008554241
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Interpreting the Unconventional U.S. Monetary Policy of 2007-09
Reis, Ricardo - C.E.P.R. Discussion Papers - 2010
This paper reviews the unconventional U.S. monetary policy responses to the financial and real crises of 2007-09, divided into three groups: interest rate policy, quantitative policy, and credit policy. To interpret interest rate policy, it compares the Federal Reserve’s actions with the...
Persistent link: https://www.econbiz.de/10008468632