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Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2014

The welfare state was created after 1950 with counterproductive mechanisms and this caused high inflation and high unemployment and stagnating growth by 1970, called stagflation. Since 1970 governments redressed the welfare state but did not succeed in finding workable mechanisms. They rather...

Persistent link: https://www.econbiz.de/10011108214

High Noon at the EU corral. An economic plan for Europe, September 2011

Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2011

The 2007+ credit crunch and economic crisis put European governments in severe debt, with talk about a Greek partial default. It also put the European banks into a zombie condition, while under Basel III the capital requirement rises from 8% to 10.5% (which requirement does not cover public debt...

Persistent link: https://www.econbiz.de/10009294940

Money as gold versus money as water

Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2013

The rules of the Eurozone cause the euro to function as the gold standard. The US economy performs better in some respects, partly because of the advantages of fiat money. The treaty on the EMU has to be adapted in order not to become dependent upon current ad hoc measures, with the loss of...

Persistent link: https://www.econbiz.de/10011107257

Conditions for turning the ex ante risk premium into an ex post redemption for EU government debt

Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2011

differences not only because of liquidity but mainly because of the risk of default, as also reflected in credit default swaps … shorter maturities but at higher annual liquidity requirements meet with strong incentives to better manage their economies … credit default risk premium, the liquidity premium and a stigma factor. While much of the debate in the EU seems to be about …

Persistent link: https://www.econbiz.de/10009372590

Optimal monetary policy in an estimated DSGE for the euro area

Adjemian, Stéphane; Darracq Pariès, Matthieu; Moyen, … - European Central Bank - 2007

The objective of this paper is to examine the main features of optimal monetary policy within a micro-founded macroeconometric framework. First, using Bayesian techniques, we estimate a medium scale closed economy DSGE for the euro area. Then, we study the properties of the Ramsey allocation...

Persistent link: https://www.econbiz.de/10004969185

Monetary policy and inflationary shocks under imperfect credibility

Darracq Pariès, Matthieu; Moyen, Stéphane - European Central Bank - 2009

This paper quantifies the deterioration of achievable tabilization outcomes when monetary policy operates under imperfect credibility and weak anchoring of long-term expectations. Within a medium-scale DSGE model, we introduce through a simple signal extraction problem, an imperfect knowledge...

Persistent link: https://www.econbiz.de/10005002787

The retail bank interest rate pass-through: The case of the euro area during the financial and sovereign debt crisis

Darracq Pariès, Matthieu; Moccero, Diego; Krylova, … - European Central Bank - 2014

This paper analyses the cross-country heterogeneity in retail bank lending rates in the euro area and presents newly developed pass-through models that account for the riskiness of borrowers, the balance sheet constraints of lenders and sovereign debt tensions affecting interest rate-setting...

Persistent link: https://www.econbiz.de/10011115255