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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …
Persistent link: https://www.econbiz.de/10008727289
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Structural Reforms and the Enlargement of Monetary Union
Hefeker, Carsten - CESifo - 2000
The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural refoms in the (low distortion) member countries and the (high distortion) candidate country. While monetary union lowers reforms in the candidate country, members of the monetary...
Persistent link: https://www.econbiz.de/10005196338
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Structural Reforms and the Enlargement of Monetary Union
Hefeker, Carsten - CESifo - 2003
The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural reforms in the (low distortion) member countries and the (high distortion) candidate countries. While monetary union lowers reforms in the candidate countries, members of the...
Persistent link: https://www.econbiz.de/10005405838
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Uncertainty and Fiscal Policy in an Asymmetric Monetary Union
Hefeker, Carsten; Zimmer, Blandine - CESifo - 2008
, average inflation and output distortions. However, as more members enter the monetary union, the fiscal disciplining effect of …
Persistent link: https://www.econbiz.de/10005013047
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The Fragility of two Monetary Regimes: The European Monetary System and the Eurozone
Ji, Yuemei; Grauwe, Paul De - CESifo - 2013
We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...
Persistent link: https://www.econbiz.de/10010877906
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Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis
Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2012
As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...
Persistent link: https://www.econbiz.de/10010814462
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What is European Integration Really About? A Political Guide for Economists
Spolaore, Enrico - CESifo - 2013
Europe’s monetary union is part of a broader process of integration that started in the aftermath of World War II. In this “political guide for economists” we look at the creation of the euro within the bigger picture of European integration. How and why were European institutions...
Persistent link: https://www.econbiz.de/10010668470
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Monetary Regimes and the Co-Ordination of Wage Setting
Holden, Steinar - CESifo - 2001
many wage setters is feasible. A strict monetary regime, like a country-specific inflation target, to some extent …
Persistent link: https://www.econbiz.de/10005765834
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Structural Distortions and Decentralized Fiscal Policies in EMU
Beetsma, Roel; Bovenberg, Lans - CESifo - 2001
inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an … inflation target eliminates this inflation bias, it creates a conflict between monetary policy and discretionary fiscal policy …
Persistent link: https://www.econbiz.de/10005765964
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Federal Monetary Policy
Hefeker, Carsten - CESifo - 2001
What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...
Persistent link: https://www.econbiz.de/10005766079