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Coherence of output gaps in the euro area : the impact of the Covid-19 shock
Haan, Jakob de; Jacobs, Jan; Zijm, Renske - 2022
Using the measures proposed by Mink et al. (2012), we reexamine the coherence of business cycles in the euro area using a long sample period. We also analyze the impact of the COVID-19 pandemic on business cycle coherence and examine whether our measures for business cycle coherence indicate a...
Persistent link: https://www.econbiz.de/10013168003
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Ordoliberalism, pragmatism and the Eurozone crisis : how the German tradition shaped economic policy in Europe
Feld, Lars P.; Köhler, Ekkehard A.; Nientiedt, Daniel - 2015 - This version: May 18, 2015
German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what … economic constitution for Europe in which several pillars supposedly aim at ensuring sound money in the Eurozone. The policies … the German government pushed during the Eurozone crisis have been informed by the ordoliberal tradition. In particular …
Persistent link: https://www.econbiz.de/10010528303
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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/10009743745
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The Eurozone needs exit rules
Fahrholz, Christian; Wójcik, Cezary - 2012
This paper argues that the key issue for defining and solving the Eurozone's (EZ) difficulties lies in readjusting the … strengthen the EZ through at least four channels. -- sovereign debt crisis ; Eurozone ; Euro ; exit rules ; bail-out ; political …
Persistent link: https://www.econbiz.de/10009570716
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Labor market policies and European crises
Bertola, Giuseppe - 2013
This paper studies theoretically and empirically why and how labor policies may reduce productivity and employment in order to stabilize labor incomes and redistribute resources. It proposes a specific stylized model where the tradeoffs facing labor policies are influenced by structural factors,...
Persistent link: https://www.econbiz.de/10010199422
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The Greek debt crisis : likely causes, mechanics and outcomes
Arghyrou, Michael Georgiou; Tsoukalas, John D. - 2010
We use insights from the literature on currency crises to offer an analytical treatment of the crisis in the market for Greek government bonds. We argue that the crisis itself and its escalating nature are very likely to be the result of: (a) steady deterioration of Greek macroeconomic...
Persistent link: https://www.econbiz.de/10008757569
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Loan supply shocks during the financial crisis : evidence for the Euro Area
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2011
This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, we seek to quantify the macroeconomic effects of adverse loan supply shocks, which...
Persistent link: https://www.econbiz.de/10009012054
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Trust in government and fiscal adjustments
Bursian, Dirk; Weichenrieder, Alfons J.; Zimmer, Jochen - 2013
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...
Persistent link: https://www.econbiz.de/10009764994
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Euro membership and fiscal reaction functions
Weichenrieder, Alfons J.; Zimmer, Jochen - 2013
The paper uses fiscal reaction functions for a panel of euro-area countries to investigate whether euro membership has reduced the responsiveness of countries to shocks in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a...
Persistent link: https://www.econbiz.de/10009748386
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Effectiveness and transmission of the ECB's balance sheet policies
Boeckx, Jef; Bossche, Maarten; Peersman, Gert - 2014
We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity...
Persistent link: https://www.econbiz.de/10010383862