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Financial Frictions and Inflation Differentials in a Monetary Union

Hristov, Nikolay - 2010

This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...

Persistent link: https://www.econbiz.de/10013136243

The Interest Rate Pass-Through in the Euro Area During the Global Financial Crisis

Hristov, Nikolay - 2013

This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro–area banks to the global financial crisis. We focus on their interest–rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding...

Persistent link: https://www.econbiz.de/10013089850

Subsidies for Wages and Infrastructure : How to Restrain Undesired Immigration

Meier, Volker - 2006

investment subsidies in the EU …

Persistent link: https://www.econbiz.de/10012779814

Investigating First-Stage Exchange Rate Pass-Through : Sectoral and Macro Evidence from Euro Area Countries

Ben Cheikh, Nidhaleddine - 2017

In this paper, we evaluate the first-stage pass-through, namely the responsiveness of import prices to the exchange rate changes, for a sample of euro area (EA) countries. Our study aims to shed further light on the role of microeconomic factors vs. macroeconomic factors in influencing the...

Persistent link: https://www.econbiz.de/10012960112

Going NUTS : The Effect of EU Structural Funds on Regional Performance

Becker, Sascha O. - 2009

The European Union (EU) provides grants to disadvantaged regions of member states to allow them to catch up with the EU … average. Under the Objective 1 scheme, NUTS2 regions with a GDP per capita level below 75% of the EU average qualify for … structural funds transfers from the central EU budget. This rule gives rise to a regression-discontinuity design that exploits …

Persistent link: https://www.econbiz.de/10012765692

Unexpected Loan Losses and Bank Capital in an Estimated DSGE Model of the Euro Area

Hristov, Nikolay - 2016

We develop a stylized DSGE model in which banks face capital regulation and their loan portfolios are subject to non-diversifiable losses due to aggregate shocks. The framework is used to explore the importance of the interaction between macroeconomic conditions, credit default and bank...

Persistent link: https://www.econbiz.de/10012978077

The Pass-Through of Exchange Rate in the Context of the European Sovereign Debt Crisis

Ben Cheikh, Nidhaleddine - 2015

This paper investigates whether exchange rate pass-through (ERPT) into import prices is a nonlinear phenomenon for five heavily indebted Euro area countries, namely the so-called GIIPS group (Greece, Ireland, Italy, Portugal, and Spain). Using logistic smooth transition models, we explore the...

Persistent link: https://www.econbiz.de/10013012532

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

Recent Estimates of Exchange Rate Pass-Through to Import Prices in the Euro Area

Ben Cheikh, Nidhaleddine - 2015

This paper provides an update on the exchange rate pass-through (ERPT) estimates for 12 Euro area (EA) countries. First, based on quarterly data over the 1990-2012 period, our study does not find a significant heterogeneity in the degree of pass-through across the monetary union members, in...

Persistent link: https://www.econbiz.de/10013022505

Capital Flows in the Euro Area and TARGET2 Balances

Hristov, Nikolay - 2018

We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the propagation of different types of structural economic shocks as well as to the historical evolution of aggregate economic activity in euro area member countries. Our results...

Persistent link: https://www.econbiz.de/10012922834