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Meta-Analysis of the Business Cycle Correlation between the Euro Area and the CEECs

Fidrmuc, Jarko; Korhonen, Iikka - CESifo - 2006

We review the literature on business cycle correlation between the euro area and the Central and Eastern European countries (CEECs), a topic that has gained attention as the newest EU members approach monetary union. Our meta-analysis of 35 identified publications suggests some CEECs already...

Persistent link: https://www.econbiz.de/10005405778

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

Policy Duration Effect under Zero Interest Rates: An Application of Wavelet Analysis

Okina, Kunio; Shiratsuka, Shigenori - CESifo - 2004

A major feature of recent monetary policy in Japan has been heavy reliance on the so-called policy duration effect. This policy employs a commitment to compensate for the central bank’s inability to lower the interest rate below zero by altering the anticipated course of monetary policy...

Persistent link: https://www.econbiz.de/10005405784

Fiscal Adjustments and Business Cycle Synchronization

Agnello, Luca; Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2013

Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of...

Persistent link: https://www.econbiz.de/10010721606

Whither China? Reform and Economic Integration among Chinese Regions

Fidrmuc, Jan; Fidrmuc, Jarko; Huang, Shuo - CESifo - 2013

This paper investigates the changing nature of economic integration in China. Specifically, we consider business-cycle synchronization (correlation of demand and supply shocks) among Chinese provinces during the period 1955-2007. We find that the symmetry of supply shocks has declined after the...

Persistent link: https://www.econbiz.de/10010643334

Uncertainty and Fiscal Policy in an Asymmetric Monetary Union

Hefeker, Carsten; Zimmer, Blandine - CESifo - 2008

The paper examines the monetary-fiscal interactions in a monetary union model with uncertainty due to imperfect central bank transparency. We first show that monetary uncertainty disciplines fiscal policymakers and thereby reduces taxes, average inflation and output distortions. However, as more...

Persistent link: https://www.econbiz.de/10005013047

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

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

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

Monetary Regimes and the Co-Ordination of Wage Setting

Holden, Steinar - CESifo - 2001

International comparisons show that countries with co-ordinated wage setting generally have lower unemployment than countries with less co-ordinated wage setting. This paper argues that the monetary regime may affect whether co-ordination among many wage setters is feasible. A strict monetary...

Persistent link: https://www.econbiz.de/10005765834

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