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Euro Area: Single Currency - National Money Creation

Kooths, Stefan; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2012

The Eurosystem has been pursuing a crisis management policy for more than four years now. This policy aims primarily at maintaining financial stability in the euro area by providing vast liquidity support to commercial banks that are operating in nationally segmented banking systems. As a side...

Persistent link: https://www.econbiz.de/10010886947

The International Transmission of Euro Area Monetary Policy Shocks

Jannsen, Nils; Klein, Melanie - Institut für Weltwirtschaft (IfW) - 2011

This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western European countries, namely the United Kingdom, Sweden, Switzerland, Denmark, and Norway. For this purpose, we use a structural VAR model of the euro area and augment it...

Persistent link: https://www.econbiz.de/10009216278

National and International Business Cycle Effects of Housing Crises

Jannsen, Nils - Institut für Weltwirtschaft (IfW) - 2009

Housing crises usually go hand in hand with a long lasting recession and a considerable loss in output. We first re-examine the effects of a housing crises on the business cycle based on historical crises. Then we estimate the international spill-over-effects if several huge industrial countries...

Persistent link: https://www.econbiz.de/10005818914

Unemployment benefits and financial factors in an agent-based macroeconomic model

Riccetti, Luca; Russo, Alberto; Gallegati, Mauro - Institut für Weltwirtschaft (IfW) - 2013

This paper is aimed at investigating the effects of government intervention through unemployment benefits on macroeconomic dynamics in an agent-based decentralized matching framework. The major result is that the presence of such a public intervention in the economy stabilizes the aggregate...

Persistent link: https://www.econbiz.de/10010956079

Italy's ACE tax and its effect on a firm's leverage

Panteghini, Paolo; Parisi, Maria Laura; Pighetti, Francesca - Institut für Weltwirtschaft (IfW) - 2012

and its gradual implementation, the ACE relief is estimated to reduce significantly leverage. By decreasing default risk …

Persistent link: https://www.econbiz.de/10010956098

Debt deleveraging and business cycles: An agent-based perspective

Raberto, Marco; Teglio, Andrea; Cincotti, Silvano - Institut für Weltwirtschaft (IfW) - 2011

The recent financial crises pointed out the central role of public and private debt in modern economies. However, even if debt is a recurring topic in discussions about the current economic situation, economic modelling does not take into account debt as one of the crucial determinants of...

Persistent link: https://www.econbiz.de/10009246869

A Tale of Two Policies: Prudential Regulation and Monetary Policy with Fragile Banks

Angeloni, Ignazio; Faia, Ester - Institut für Weltwirtschaft (IfW) - 2009

runs, and the interplay between monetary policy and Basel-like capital ratios. In equilibrium, bank leverage depends … rates. A monetary restriction reduces leverage, while a productivity or asset price boom increases it. Procyclical capital … anticyclical capital ratios and a response of monetary policy to asset prices or leverage …

Persistent link: https://www.econbiz.de/10008555345

Financial stress and economic dynamics: an application to France

Aboura, Sofiane; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013

In this paper, we develop a financial stress index for France that can be used as a real-time composite indicator for the state of financial stability in France. We take 17 financial variables from different market segments and extract a common stress component using a dynamic approximate factor...

Persistent link: https://www.econbiz.de/10010886871

Macroeconomic Shocks and Foreign Bank Assets

Buch, Claudia M.; Carstensen, Kai; Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2005

Changes in foreign asset holdings are one channel through which agents adjust to macroeconomic shocks. In this paper, we test whether foreign bank assets change as a result of domestic and foreign macroeconomic shocks. We frame our empirical analysis in a standard new open economy macro model in...

Persistent link: https://www.econbiz.de/10010886927

Exchange rate pass-through and inflation dynamics in Tunisia: A Markov-Switching approach

Khemiri, Rim; Ali, Mohamed Sami Ben - Institut für Weltwirtschaft (IfW) - 2012

This paper studies the effect of exchange rate pass-through on inflation in Tunisia over the period 2001-2009. The authors' objective is to track inflation regimes for the Tunisian economy and to forecast its determinants. Using a Markov-switching approach, the authors identified two main...

Persistent link: https://www.econbiz.de/10010956150