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Monitoring Fiscal Adjustments in the European Union and Emu

Strauch, Rolf - 2016

The international monitoring of public finances in EMU member states is an essential element of the Stability and Growth Pact. Part of evaluating government budgets involves determining the sustainability of the envisaged consolidation measures. The academic and political debate on this topic...

Persistent link: https://www.econbiz.de/10012990906

Output Sensitivity of Inflation in the Euro Area : Indirect Evidence from Disaggregated Consumer Prices

Fröhling, Annette - 2016

We investigate output sensitivity of inflation in the euro area through a disaggregated analysis using price indices at the COICOP 4-digit level and compare cyclical sensitivity of a newly created index of cyclically sensitive items (ICSP) with that of headline HICP and core price indices. We...

Persistent link: https://www.econbiz.de/10012991013

Monetary Transmission Right from the Start : On the Information Content of the Eurosystem's Main Refinancing Operations

Abbassi, Puriya - 2016

The Eurosystem's main refinancing operations (MRO) are key for the interbank money market and the monetary transmission process in the euro area. This paper investigates how money market rates respond to the information revealed by various aspects of an MRO auction outcome. Our results confirm...

Persistent link: https://www.econbiz.de/10012991019

Do We Really Know that Flexible Exchange Rates Facilitate Current Account Adjustment? Some New Empirical Evidence for CEE Countries

Herrmann, Sabine - 2016

This paper examines the relationship between the exchange rate regime and the pace of current account adjustment. The panel data set we refer to includes 11 catching-up countries from central, eastern and south-eastern Europe between 1994 and 2007. The exchange rate regime is measured by a...

Persistent link: https://www.econbiz.de/10012991023

Money and Monetary Policy Transmission in the Euro Area : Evidence from Favar- and VAR Approaches

Blaes, Barno - 2016

This paper investigates the transmission of monetary policy in the euro area based on the factor augmented vector autoregressive approach of Bernanke, Boivin and Eliasz (2005) as well as on a standard VAR model. We focus on the reaction of monetary aggregates to a one-off monetary policy shock....

Persistent link: https://www.econbiz.de/10012991032

Portfolio Holdings in the Euro Area - Home Bias and the Role of International, Domestic and Sector-Specific Factors

Jochem, Axel - 2016

This paper aims to identify the determinants of portfolio restructuring in EMU member states since the introduction of the euro and especially during the financial turbulence of the past years. We find that, besides exchange rate volatility and traditional indicators of information and...

Persistent link: https://www.econbiz.de/10012991045

Price Convergence in the Emu? Evidence from Micro Data

Fischer, Christoph A. - 2016

The establishment of European monetary union (EMU) was widely expected to cause price convergence among member states. In an investigation of this claim, the present study avoids problems of comparability and representativeness by using an extremely detailed and comprehensive scanner database on...

Persistent link: https://www.econbiz.de/10012991062

Midas Versus Mixed-Frequency VAR : Nowcasting GDP in the Euro Area

Kuzin, Vladimir - 2016

This paper compares the mixed-data sampling (MIDAS) and mixed-frequency VAR (MF-VAR) approaches to model speci…cation in the presence of mixed-frequency data, e.g., monthly and quarterly series. MIDAS leads to parsimonious models based on exponential lag polynomials for the coe¢ cients,...

Persistent link: https://www.econbiz.de/10012991063

Fiscal Sustainability and Policy Implications for the Euro Area

Balassone, Fabrizio - 2016

critically assess the widely used projections of the Working Group on Ageing Populations (AWG) of the EU's Economic Policy …

Persistent link: https://www.econbiz.de/10012991065

Extraordinary Measures in Extraordinary Times : Public Measures in Support of the Financial Sector in the EU and the United States

Stolz, Stéphanie - 2016

preliminary assessment of the effectiveness of such measures. The geographical focus of the paper is on the European Union (EU …, not only between the EU and the United States (e.g. with regard to the involvement of the central bank), but also within … the EU (e.g. asset relief schemes) …

Persistent link: https://www.econbiz.de/10012991088