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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
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The negative mean output gap
Aiyar, Shekhar; Voigts, Simon - 2019
We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns than they increase employment during expansions. This is demonstrated in a simple...
Persistent link: https://www.econbiz.de/10012103632
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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
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Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy
Monnet, Eric; Vari, Miklos - 2019
on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were … mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects …
Persistent link: https://www.econbiz.de/10012103606
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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
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Financial assistance in the euro zone : why and how? ; institutions for fiscal stability in Europe (Forum)
De Grauwe, Paul - In: CESifo DICE report : journal for institutional comparisons 9 (2011) 3, pp. 26-30
Persistent link: https://www.econbiz.de/10009422155
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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
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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
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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
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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