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Fiscal divergence and current account imbalances in Europe

Schnabl, Gunther; Wollmershäuser, Timo - 2013

Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

Persistent link: https://www.econbiz.de/10010291505

Macroeconomic stabilization policies in the EMU : spillovers, asymmetries, and institutions

Di Bartolomeo, Giovanni; Engwerda, Jacob; Plasmans, Joseph - 2005

game approach of the endogenous coalition formation literature. The specific policy recommendations in the EMU context …

Persistent link: https://www.econbiz.de/10010261121

Fiscal and monetary interaction : the role of asymmetries of the stability and growth pact in EMU

Governatori, Matteo; Eijffinger, Sylvester C. W. - 2004

policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the …

Persistent link: https://www.econbiz.de/10010272870

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 …. Although we come up with some weak evidence for increased business cycle amplitudes within the EMU, we neither find a … significant general effect of the EMU on wage growth nor on unemployment. …

Persistent link: https://www.econbiz.de/10010274904

What do we really know about fiscal sustainability in the EU?: a panel data diagnostic

Afonso, António; Rault, Christophe - 2008

We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by...

Persistent link: https://www.econbiz.de/10010264310

Pushing the limit? : fiscal policy in the European Monetary Union

Daniel, Betty Carolyn; Shiamptanis, Christos - In: Journal of economic dynamics & control 37 (2013) 11, pp. 2307-2321

Persistent link: https://www.econbiz.de/10010196884

The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis

Schnabl, Gunther - 2013

The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...

Persistent link: https://www.econbiz.de/10013081055

The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy

Hülsewig, Oliver - 2020

We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...

Persistent link: https://www.econbiz.de/10012843420

Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program

Hristov, Nikolay - 2014

This paper explores the potential effectiveness of the ECB's Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...

Persistent link: https://www.econbiz.de/10013057668

Regional Heterogeneity, the Rise of Public Debt and Monetary Policy in Post-Bubble Japan : Lessons for the EMU

Fischer, Raphael - 2016

Both Japan and parts of the European Monetary Union have experienced boom and bust in stock and real estate markets, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for public debt and monetary policy in the context of crisis....

Persistent link: https://www.econbiz.de/10012988893

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