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Cross-Country Linkages in Europe; A Global VAR Analysis
Sun, Yan; Heinz, Frigyes F; Ho, Giang - International Monetary Fund (IMF) - 2013
weaker linkages bewteen inflation and real credit growth within Europe. While the euro area is the dominant source of …
Persistent link: https://www.econbiz.de/10011242313
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Deciding to Enter a Monetary Union; TheRole of Trade and Financial Linkages
Lama, Ruy; Rabanal, Pau - International Monetary Fund (IMF) - 2012
This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios....
Persistent link: https://www.econbiz.de/10011242323
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Inflation and Output Comovement in the Euro Area; Love at Second Sight?
Andrle, Michal; Bruha, Jan; Solmaz, Serhat - International Monetary Fund (IMF) - 2013
This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not … frequency, the output and core inflation comovement is high and stable, and that inflation lags the cycle in output with roughly … half of its variance. The strong relationship of output and inflation hints at the importance of demand shocks for the euro …
Persistent link: https://www.econbiz.de/10011242325
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Euro Area Policies: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director
International Monetary Fund (IMF); International … - 2014
This 2014 Article IV Consultation highlights that the euro area recovery is taking hold. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. Complementary policy actions have supported demand, boosted investor confidence, and eased...
Persistent link: https://www.econbiz.de/10011243699
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Managing Financial Crises; Recent Experience and Lessons for Latin America
Kincaid, G. Russell; Collyns, Charles - International Monetary Fund (IMF) - 2003
This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...
Persistent link: https://www.econbiz.de/10005824823
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Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits
Laxton, Douglas; Muir, Dirk; Kumhof, Michael; Mursula, … - International Monetary Fund (IMF) - 2009
This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary...
Persistent link: https://www.econbiz.de/10008497609
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The Dynamics of the Term Structure of Interest Rates in the United States in Light of the Financial Crisis of 2007-2010
Waldo, Marco Rodriguez; Medeiros, Carlos I. - International Monetary Fund (IMF) - 2011
This paper assesses the dynamics of the term structure of interest rates in the United States in light of the financial crisis in 2007-10. In particular, this paper assesses the dynamics of the term structure of U.S. Treasury security yields in light of economic and financial events and the...
Persistent link: https://www.econbiz.de/10009019574
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Das Public Kapital: How Much Would Higher German Public Investment Help Germany and the Euro Area?
Elekdag, Selim; Muir, Dirk - International Monetary Fund (IMF) - 2014
Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but would also raise output over the longer-run as well as generate beneficial regional...
Persistent link: https://www.econbiz.de/10011123846
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The Effects of Unconventional Monetary Policies on Bank Soundness
Lambert, Frederic; Ueda, Kenichi - International Monetary Fund (IMF) - 2014
Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, in an event study using a novel instrument for monetary policy surprises, we do not detect clear effects of...
Persistent link: https://www.econbiz.de/10011142163
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SMEs’ Access to Finance in the Euro Area: What Helps or Hampers?
Öztürk, Bahar; Mrkaic, Mico - International Monetary Fund (IMF) - 2014
The monetary transmission mechanism in the euro area has been adversely affected by the recent crises. Using survey data on thousands of euro area firms, we study factors that affect the access to finance of SMEs. We find that changes in bank funding costs and borrower leverage matter for...
Persistent link: https://www.econbiz.de/10011142188