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The term structure of interest rates in a heterogeneous monetary union

Costain, James; Nuño, Galo; Thomas, Carlos - 2022

We build a no-arbitrage model of the yield curves in a heterogeneous monetary union with sovereign default risk, which can account for the asymmetric shifts in euro area yields during the Covid-19 pandemic. We derive an affine term structure solution, and decompose yields into term premium and...

Persistent link: https://www.econbiz.de/10013285648

Fiscal transfers in a monetary union with exit option

Hefeker, Carsten; Neugart, Michael - 2015

It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...

Persistent link: https://www.econbiz.de/10010492336

Common monetary policy with asymmetric shocks

Gros, Daniel; Hefeker, Carsten - 2002

What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare losses based on national rates of inflation and growth?...

Persistent link: https://www.econbiz.de/10011409772

The spillover of euro area shocks to the Maltese economy

Gatt, William; Ruisi, Germano - 2022

the Maltese economy. The model focuses on five broad macroeconomic shocks hitting the euro area; an aggregate demand shock … global market for oil, a generic monetary policy shock encompassing both conventional and unconventional interventions, and a … financial stress shock. The model is estimated using Bayesian methods over a sample that goes from 2003Q1 to 2019Q4 and …

Persistent link: https://www.econbiz.de/10012818649

Structural reforms and the enlargement of monetary union

Hefeker, Carsten - 2000

The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural refoms in the (low distortion) member countries and the (high distortion) candidate country. While monetary union lowers reforms in the candidate country, members of the monetary...

Persistent link: https://www.econbiz.de/10009781545

The ECB's pandemic emergency purchase programme and fiscal policy : synergies or conflict?

Afonso, António; Ferreira, Jorge Braga - 2025

Eurozone countries. We consider the PEPP net purchases by country, and the fiscal policy is measured through changes in debt …

Persistent link: https://www.econbiz.de/10015397021

The failure of ECB monetary policy from a Mises-Hayek perspective

Schnabl, Gunther - 2017

The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...

Persistent link: https://www.econbiz.de/10011619626

The European Monetary Union after Covid-19 : towards fiscal integration aligned with monetary policy

Riet, Ad van - 2020

Persistent link: https://www.econbiz.de/10013286686

Covid 19: a new challenge for the EMU?

Delatte, Anne-Laure; Guillaume, Alexis - 2020

Persistent link: https://www.econbiz.de/10012437118

The existential trilemma of the EMU in a fiscal target-zone model

Della Posta, Pompeo; Tamborini, Roberto - 2021

Persistent link: https://www.econbiz.de/10013170849