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Structural Reforms in the Euro Area : Economic Impact and Role of Synchronization Across Markets and Countries

Everaert, Luc - 2006

Using the IMF''s Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most...

Persistent link: https://www.econbiz.de/10014402975

How informative are real time output gap estimates in Europe?

Kangur, Alvar; Kirabaeva, Koralai; Natal, Jean-Marc; … - 2019

We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have...

Persistent link: https://www.econbiz.de/10012103755

Does Global Liquidity Matter for Monetary Policy in the Euro Area?

Berger, Helge - 2009

Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …

Persistent link: https://www.econbiz.de/10014404266

Economic and Monetary Union in Europe and Constraintson National Budgetary Policies

International Monetary Fund - 1990

This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity...

Persistent link: https://www.econbiz.de/10014396369

The Fiscal Abuse of Central Banks

Fry, Maxwell J. - 1993

This paper reviews the fiscal activities that governments in a sample of 26 developing countries have obliged their central banks to undertake. In the main, these activities fall under five categories: (1) collecting seigniorage; (2) imposing financial restriction; (3) implementing selective...

Persistent link: https://www.econbiz.de/10014396498

Financial Stability and Fiscal Crises in a Monetary Union

Jahjah, Samir - 2001

The main tasks of central banks are to secure price and financial stability. These objectives can, in times of crises, conflict with one another, and the central bank may have to renounce one of them in order to secure the other. In a monetary union, this trade-off can be exacerbated by the...

Persistent link: https://www.econbiz.de/10014401150

COVID-19 and SME failures

Kalemli-Ozcan, Sebnem; Gourinchas, Pierre-Olivier; … - 2020

measure each firm's liquidity shortfall during and after COVID-19. Our framework allows for a rich combination of sectoral and …

Persistent link: https://www.econbiz.de/10012391969

Successful Austerity in the United States, Europe and Japan

Callegari, Giovanni - 2012

, Europe and Japan allowing for fiscal multipliers to vary across recessions and booms. We also estimate ex ante probabilities …

Persistent link: https://www.econbiz.de/10014395687

Successful austerity in the United States, Europe and Japan

Batini, Nicoletta; Callegari, Giovanni; Melina, Giovanni - 2012

Persistent link: https://www.econbiz.de/10009620965

Dealing with Private Debt Distress in the Wake of the European Financial Crisis : A Review of the Economics and Legal Toolbox

Liu, Yan - 2013

The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some...

Persistent link: https://www.econbiz.de/10014395387