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Real Convergence, Price Level Convergence and Inflation Differentials in Europe

Égert, Balázs - Oesterreichische Nationalbank - 2007

This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors influencing market and non-market-based service, house...

Persistent link: https://www.econbiz.de/10005802617

Euroization: What Factors drive its Persistence?

Stix, Helmut - Oesterreichische Nationalbank - 2008

The question asked in this paper is why people continue to use foreign currencies even after their economies have stabilized. Survey data for Croatia, Slovenia and Slovakia are employed to provide an answer. The results confirm the role of network effects and of remittances. Furthermore, the...

Persistent link: https://www.econbiz.de/10005802637

Bank-Lending Standards, the Cost Channel and Inflation Dynamics

Kaufmann, Sylvia; Scharler, Johann - Oesterreichische Nationalbank - 2010

If firms borrow working capital to finance production, then nominal interest rates have a direct influence on in inflation dynamics, which appears to be the case empirically. However, interest rates may only partly mirror the cost of working capital. In this paper we explore the role of bank...

Persistent link: https://www.econbiz.de/10008615093

Euroization in Central, Eastern and Southeastern Europe – New Evidence On Its Extent and Some Evidence On Its Causes

Scheiber, Thomas; Stix, Helmut - Oesterreichische Nationalbank - 2009

We present new evidence on de facto euroization in eleven Central, Eastern and Southeastern European countries. Estimates of the extent of foreign currency cash holdings are derived from survey data. Furthermore, we define overall euroization indices, relating both assets and cash holdings....

Persistent link: https://www.econbiz.de/10008568443

Financial Systems and the Cost Channel Transmission of Monetary Policy Shocks

Kaufmann, Sylvia; Scharler, Johann - Oesterreichische Nationalbank - 2007

In this paper we study the role of financial systems for the cost channel transmission of monetary policy in a calibrated business cycle model. We analyze the different effects that monetary policy has on the economy, in particular on output and inflation, which are due to differences in...

Persistent link: https://www.econbiz.de/10005273268

Wage Formation in Open Economies and the Role of Monetary and Wage-Setting Institutions

Knell, Markus - Oesterreichische Nationalbank - 2002

The paper studies the determinants of unemployment in a two-country model, where real wages are the outcome of the strategic interaction between various institutional players (firms, unions, central banks). We show that: (i) the results derived in the recent literature on this topic are not...

Persistent link: https://www.econbiz.de/10005627600

Regional Currency Arrangements: Insights from Europe

Christl, Josef - Oesterreichische Nationalbank - 2006

framework of the European Economic and Monetary Union (EMU). The analysis suggests that monetary union is contingent upon high …

Persistent link: https://www.econbiz.de/10005839455

One Money, One Cycle? The EMU Experience

Gächter, Martin; Riedl, Aleksandra - Oesterreichische Nationalbank - 2013

cycles among members of Economic and Monetary Union (EMU) which might arise due to the lack of country-specific monetary …

Persistent link: https://www.econbiz.de/10011015322

Working Paper 162

MÃ¼ller, Gernot J.; Enders, Zeno - Oesterreichische Nationalbank - 2010

In this paper we analyze European business cycles before and under EMU. Across the two periods we find 1) a significant … able to replicate key features of the data prior to and under EMU.We find that the euro has a strong bearing on the … transmission mechanism as cross-country spillovers increase substantially under EMU. As a result, foreign shocks become more and …

Persistent link: https://www.econbiz.de/10010727661

EU and EMU Entry: A Monetary Policy Regime Change for Austria?

Kwapil, Claudia; Valderrama, Maria Teresa; Gnan, Ernest - Oesterreichische Nationalbank

Economic and Monetary Union (EMU) has changed the monetary policy regime applicable in Austria in many respects, but … the stability orientation of Austria's monetary policy has been maintained. EMU's institutional framework and the actual … policymakers or institutions, an approach Austria had already followed under the hard currency regime, was maintained under EMU …

Persistent link: https://www.econbiz.de/10010727671