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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 … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. This came at …
Persistent link: https://www.econbiz.de/10010877906
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Fiscal Transfers in a Monetary Union with Exit Option
Hefeker, Carsten; Neugart, Michael - CESifo - 2015
It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...
Persistent link: https://www.econbiz.de/10011202966
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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
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One Size Must Fit All. National Divergences in a Monetary Union
Gros, Daniel; Hefeker, Carsten - CESifo - 2000
What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national rates of inflation and growth? We find that a central bank that...
Persistent link: https://www.econbiz.de/10005094223
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Common Monetary Policy with Asymmetric Shocks
Gros, Daniel; Hefeker, Carsten - CESifo - 2002
What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare losses based on national rates of inflation and growth?...
Persistent link: https://www.econbiz.de/10005051499
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One Country, One Vote? Labor Market Structure and Voting Rights in the ECB
Berger, Helge; Hefeker, Carsten - CESifo - 2004
The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a...
Persistent link: https://www.econbiz.de/10005766246
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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 differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...
Persistent link: https://www.econbiz.de/10008727289
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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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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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Inter-temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Schnabl, Gunther; Zemanek, Holger - CESifo - 2010
In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public spending, Germany is urged to reduce its current account...
Persistent link: https://www.econbiz.de/10008833919