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Pitfalls in the European Enlargement Process: Financial Instability and Real Divergence
Wagner, Helmut - Deutsche Bundesbank - 2002
Many of the EU accession countries have announced that they will not only try to enter the EU as quickly as possible but also to adopt the euro at an early date. This is justified by the effort to avoid the danger of financial instability in the period prior to euro-introduction. However, by...
Persistent link: https://www.econbiz.de/10005059015
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Imperfect Competition, Monetary Policy and Welfare in a Currency Area
Lombardo, Giovanni - Deutsche Bundesbank - 2002
auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die … intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor …
Persistent link: https://www.econbiz.de/10005083139
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Inflation targeting rules and welfare in an asymmetric currency area
Lombardo, Giovanni - Deutsche Bundesbank - 2004
This paper studies the effect on monetary policy of a non-homogeneous degree of competition across the (two) members of a monetary union. In particular, we assess the welfare loss brought about by the use of a simple interest rate rule that does not take into account such structural differences....
Persistent link: https://www.econbiz.de/10005083325
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Monetary policy, housing booms and financial (im)balances
Eickmeier, Sandra; Hofmann, Boris - Deutsche Bundesbank - 2010
This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...
Persistent link: https://www.econbiz.de/10008595899
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Geld und Geldpolitik
2015 - Stand: Frühjahr 2015
Persistent link: https://www.econbiz.de/10011343102
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Foreign direct investment in the enlarged EU: do taxes matter and to what extent?
Wolff, Guntram B. - Deutsche Bundesbank - 2006
Foreign direct investment is of increasing importance in the European Union. This paper estimates the effect of taxes on foreign direct investment (FDI) flows and on three sub-components of these flows for the countries of the en- larged European Union. The model in the spirit of gravity...
Persistent link: https://www.econbiz.de/10005083069
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An estimated DSGE model for the German economy within the euro area
Pytlarczyk, Ernest - Deutsche Bundesbank - 2005
This paper presents an estimated DSGE model for the European Monetary Union. Our approach, contrary to the previous studies, accounts for heterogeneity within the euro area. We advance the empirical literature by estimating an open-economy model with unfiltered data, which is a much more...
Persistent link: https://www.econbiz.de/10005083098
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The changing international transmission of financial shocks: evidence from a classical time-varying FAVAR
Eickmeier, Sandra; Lemke, Wolfgang; Marcellino, Massimiliano - Deutsche Bundesbank - 2011
financial crisis shock' being very large by historical standards and explaining 30 percent of the variation in GDP growth on …
Persistent link: https://www.econbiz.de/10009643168
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Analyse der Übertragung US-amerikanischer Schocks auf Deutschland auf Basis eines FAVAR
Eickmeier, Sandra - Deutsche Bundesbank - 2009
Die vorliegende Arbeit untersucht, wie sich Angebots-, Nachfrage- und geldpolitische Schocks aus den Vereinigten Staaten auf Deutschland übertragen. Dabei wird ein so genanntes factor-augmented vector autoregressive model (FAVAR) auf einen neu zusammengestellten Datensatz mit mehr als 200...
Persistent link: https://www.econbiz.de/10008474653
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Time variation in macro-financial linkages
Prieto, Esteban; Eickmeier, Sandra; Marcellino, Massimiliano - Deutsche Bundesbank - 2013
We analyze the contribution of credit spread, house and stock price shocks to GDP growth in the US based on a Bayesian VAR with time-varying parameters estimated over 1958-2012. Our main findings are: (i) The contribution of financial shocks to GDP growth fluctuates from about 20 percent in...
Persistent link: https://www.econbiz.de/10010957086