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Foreign-Law Bonds : Can They Reduce Sovereign Borrowing Costs?

Chamon, Marcos - 2018

Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds trade at a premium compared to domestic-law bonds. We use...

Persistent link: https://www.econbiz.de/10012912664

Testing for Convergence in Stock Markets : A Non-Linear Factor Approach

Caporale, Guglielmo Maria - 2013

This paper applies the Phillips and Sul (2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US over the period 1973-2008. We carry out the...

Persistent link: https://www.econbiz.de/10013095490

Tax-Benefit Systems in Europe and the US : Between Equity and Efficiency

Bargain, Olivier - 2011

Whether observed differences in redistributive policies across countries are the result of differences in social preferences or efficiency constraints is an important question that paves the debate about the optimality of welfare regimes. To shed new light on this question, we estimate labor...

Persistent link: https://www.econbiz.de/10013121865

Fiscal Policies and Business Cycles in an Enlarged Euro Area

Stæhr, Karsten - 2008

This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future … counter-cyclical in Central and Eastern European countries than in members of the eurozone. The main differences arise from … the revenue side. Differences in the formation of fiscal policy between current and future eurozone countries decrease …

Persistent link: https://www.econbiz.de/10012773620

The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area

Altavilla, Carlo - 2013

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10012753184

Forecasting Euro Area Real GDP : Optimal Pooling of Information

Hülsewig, Oliver - 2013

This paper proposes a new method of forecasting euro area quarterly real GDP that uses areawide indicators, which are derived by optimally pooling the information contained in national indicator series. Following the ideas of predictive modeling, we construct the area-wide indicators by...

Persistent link: https://www.econbiz.de/10012753479

Catching-Up, Inflation Differentials and Credit Booms in a Heterogeneous Monetary Union : Some Implications for Emu and New EU Member States

MacDonald, Ronald - 2013

In this paper we propose an alternative explanation for the nature, sources and consequences of inflation rate differentials in a monetary union, such as EMU. To achieve this, we build on the new neoclassical synthesis (NNS) framework, recently advanced by Goodfriend (2002) and Goodfriend and...

Persistent link: https://www.econbiz.de/10012754168

Inflation Expectations and Inflation Uncertainty in the Eurozone : Evidence from Survey Data

Arnold, Ivo J. M. - 2013

This paper uses the European Commission's Consumer Survey to assess whether inflation expectations have converged and whether inflation uncertainty has diminished following the introduction of the Euro in Europe. Consumers' responses to the survey suggest that inflation expectations depend more...

Persistent link: https://www.econbiz.de/10012754359

Measuring Synchronicity and Co-Movement of Business Cycles with an Application to the Euro Area

Mink, Mark - 2011

We develop multivariate measures of synchronicity and co-movement of business cycles. In addition to synchronicity, the co-movement measure takes differences between cycle amplitudes into account that have been overlooked in most previous studies. We apply the new measures to the euro area....

Persistent link: https://www.econbiz.de/10012756787

Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission

Hintermaier, Thomas - 2019

This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a liquid financial asset...

Persistent link: https://www.econbiz.de/10012898763