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Has Emu Had Any Impact on the Degree of Wage Restraint?
Posen, Adam S.; Popov Gould, Daniel - 2021
We find in cross-sectional investigations that wage restraint is either unchanged or increased following EMU in the …. In those, Germany would have been expected to display the greatest decline in wage restraint post-EMU, and we find no … indication of such a decline. The time-series evidence on Italy shows a significant increase in wage restraint after eurozone …
Persistent link: https://www.econbiz.de/10013317484
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Fiscal Spillovers in the Euro Area
Caporale, Guglielmo Maria - 2012
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of … VAR, or GVAR) using quarterly data for the EMU period suggests that euro-denominated government yields are strongly linked … imbalances in Italy and in other peripheral countries should be closely monitored by their EMU partners and the European …
Persistent link: https://www.econbiz.de/10013112600
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Unemployment Insurance in Unionized Labor Markets : Neither Ghent Nor Centralized
Saha, David - 2015
This paper analyzes unemployment insurance (UI) schemes in the presence of mobile workers and trade unions at industry or regional level that are capable of internalizing the effect of wage demands on UI contribution rates. We compare two types of existing UI systems. When UI is organized at...
Persistent link: https://www.econbiz.de/10013019042
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Macroeconomic Potentials of Transatlantic Free Trade : A High Resolution Perspective for Europe and the World
Felbermayr, Gabriel J. - 2014
The proposed Transatlantic Trade and Investment Partnership (TTIP) is the most significant trade policy initiative since the Uruguay Round (1986 to 1994). It would create a free trade zone covering 45% of world GDP. However, critics dismiss the possible welfare gains as small compared to the...
Persistent link: https://www.econbiz.de/10013044668
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Sovereign Rating News and Financial Markets Spillovers : Evidence from the European Debt Crisis
Arezki, Rabah - 2011
This paper examines the spillover effects of sovereign rating news on European financial markets during the period 2007-2010. Our main finding is that sovereign rating downgrades have statistically and economically significant spillover effects both across countries and financial markets. The...
Persistent link: https://www.econbiz.de/10013127179
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Volatility Transmission in Emerging European Foreign Exchange Markets
Bubak, Vit - 2013
This paper studies the dynamics of volatility transmission between Central European currencies and euro/dollar foreign exchange using model-free estimates of daily exchange rate volatility based on intraday data. We formulate a flexible yet parsimonious parametric model in which the daily...
Persistent link: https://www.econbiz.de/10013094673
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Inflation Expectations and Inflation Uncertainty in the Eurozone : Evidence from Survey Data
Arnold, Ivo J.M. - 2013
. Regarding inflation uncertainty, the data indicate a relationship with country size, suggesting that within EMU, inflation …
Persistent link: https://www.econbiz.de/10012754359
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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
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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
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Fiscal Federlism in a Monetary Union : The Cooperation Pitfall
Kempf, Hubert - 2018
Fiscal federalism may not be a panacea in a monetary union if it does not address the non-cooperative behaviour between fiscal policymakers. To prove this, we assess the relative merits of a fiscal federalism scheme in a monetary union and intergovernmental fiscal cooperation without such a...
Persistent link: https://www.econbiz.de/10012930695