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Monetary Commitment, Institutional Constraints and Inflation : Empirical Evidence for OECD Countries Since the 1970s
Freytag, Andreas; Schneider, Friedrich - 2021
Central bank independence (CBI) is a very important precondition for price stability. However, the empirical evidence for a correlation between both is relatively weak. In this paper, this weakness is countered with a) an extended measure of monetary commitment, which includes well-known...
Persistent link: https://www.econbiz.de/10013317032
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Sectoral Okun's Law and Cross-Country Cyclical Differences
Goto, Eiji - 2020
We estimate Okun's law, the negative relationship between output and the unemployment rate, at the sector level for the … coefficients are proportional to the aggregate in all four countries. We also show that the standard deviation of unemployment is …
Persistent link: https://www.econbiz.de/10012841145
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On Optimal Currency Areas and Common Cycles : Are the Acceding Countries Ready to Join the Euro?
Grimm, Louisa; Steinkamp, Sven; Westermann, Frank - 2021
The former EU president Jean-Claude Junker has proposed that all countries of the European Union should also adopt the euro as their currency and recent research has shown that countries currently pursuing this goal indeed fulfill the classical Optimal Currency Area (OCA) criterion of positively...
Persistent link: https://www.econbiz.de/10013232406
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Risk Sharing in Currency Unions : The Migration Channel
Kohler, Wilhelm; Müller, Gernot J.; Wellmann, Susanne - 2021
Country-specific business cycle fluctuations are potentially very costly for member states of currency unions because they lack monetary autonomy. The actual costs depend on the extent to which consumption is shielded from these fluctuations and thus on the extent of risk sharing across member...
Persistent link: https://www.econbiz.de/10013235109
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Designing the Policy Mix in a Monetary Union
Kempf, Hubert - 2020
This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...
Persistent link: https://www.econbiz.de/10012832189
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Has the EMU reduced wage growth and unemployment? Testing a model of trade union behaviour
Mikosch, Heiner; Sturm, Jan-Egbert - 2011
(EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary … national business cycles which, in turn, leads to higher unemployment risk. In order to counter-balance this effect, trade … unions lower their claims for wage mark-ups resulting in lower wage growth and lower unemployment. This paper uses …
Persistent link: https://www.econbiz.de/10010274904
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The effect of monetary unification on public debt and its real return
Beetsma, Roel; Vermeylen, Koen - 2005
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10010261138
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Preferential Tax Regimes with Asymmetric Countries
Bucovetsky, Sam - 2006
Current policy initiatives taken by the EU and the OECD aim at abolishing preferential corporate tax regimes. This note extends Keen's (2001) analysis of symmetric capital tax competition under preferential (or discriminatory) and non-discriminatory tax regimes to allow for countries of...
Persistent link: https://www.econbiz.de/10012778991
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The Contribution of Human Capital and its Policies to Per Capita Income in Europe and the OECD
Égert, Balázs; Botev, Jarmila; Turner, David - 2021
This paper studies empirically the effect of education policies on human capital and per capita income. The results suggest for European and OECD countries that higher attendance at pre-primary education, greater autonomy of schools and universities, a lower student-to-teacher ratio, higher age...
Persistent link: https://www.econbiz.de/10013314766
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An Unemployment Re-Insurance Scheme for the Eurozone? Stabilizing and Redistributive Effects
Dolls, Mathias - 2020
unemployment re-insurance scheme for the euro area. Running counterfactual simulations based on household micro data for the period … asymmetries in labor market shocks would have raised the income insurance of a typical unemployment insurance scheme in the euro …
Persistent link: https://www.econbiz.de/10012836930