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between the countries that participated in the European Exchange Mechanism I and which are now members states of the Eurozone …
Persistent link: https://www.econbiz.de/10005835532
There are problems with using probability quantification methods when the scaling factor applied in those methods becomes non-positive. The way of adjusting them proposed in this note and verified empirically allows using them in such circumstances. The results for the euro area and Ireland...
Persistent link: https://www.econbiz.de/10011108122
In this paper, we empirically examine a heterogenous bounded rationality version of a hybrid New-Keynesian model. The model is estimated via the simulated method of moments using Euro Area data from 1975Q1 to 2009Q4. It is generally assumed that agents' beliefs display waves of optimism and...
Persistent link: https://www.econbiz.de/10011111739
This study examines the key drivers of sovereign default risk in five euro area periphery countries and three euro-candidates that are currently pursuing independent monetary policies. We argue that the recent proliferation of sovereign risk premiums stems from both domestic and international...
Persistent link: https://www.econbiz.de/10011257986
This paper examines the presence of nonlinear mechanisms in the exchange rate pass-through (ERPT) to CPI inflation for 12 euro area (EA) countries. Using smooth transition models, we explore the existence of non-linearities with respect to three macroeconomic factors, namely inflation rate,...
Persistent link: https://www.econbiz.de/10011258090
The relative merits of direct vs. indirect taxes have been largely debated since the advent of public finance theory. The current phase of the discussion concerns the relative ability of these two kinds of taxes to creating a more growth-friendly environment. The prevailing view favours indirect...
Persistent link: https://www.econbiz.de/10011259065
In the present work we propose an original analytical model of coopetitive game. We shall apply this analytical model of coopetition (based on normal form game theory) to the Greek crisis, while conceiving this game theory model at a macro level. We construct two realizations of such model,...
Persistent link: https://www.econbiz.de/10011259553
Lack of coordination between the monetary and fiscal authorities will result in inferior overall economic performance. This paper studies the interactions between monetary and fiscal policies and its effect on the economic performance by using al cointegration tests in the case of Euro Area....
Persistent link: https://www.econbiz.de/10011114139
In this paper I assess the ability of Bayesian vector autoregressions (BVARs) and dynamic stochastic general equilibrium (DSGE) models of different size to forecast comovements of major macroeconomic series in the euro area. Both approaches are compared to unrestricted VARs in terms of...
Persistent link: https://www.econbiz.de/10011185694
This paper investigates the speed of institutional development induced by European integration. The hypotheses are the following. The prospect for European countries to join the EU disposes them to strengthen their institutions, so that the speed of institutional development is high....
Persistent link: https://www.econbiz.de/10011234840