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Wealth inequality and homeownership in Europe

Kaas, Leo; Kocharkov, Georgi; Preugschat, Edgar - 2015

The recently published Household Finance and Consumption Survey has revealed large differences in wealth inequality between the countries of the Euro area. We find a strong negative correlation between wealth inequality and homeownership rates across countries. We use two decomposition methods...

Persistent link: https://www.econbiz.de/10011334237

Debt stabilization and debt mutualization in a monetary union with endogenous risk premia

Engwerda, Jacob Christiaan; Aarle, Bas van; Weeren, … - 2015

In this paper we analyse debt stabilization in a monetary union that features endogenous risk premia. In particular, we analyse debt stabilization in two diametrically opposed regimes. In the first regime, the "national fiscal discipline regime", financial markets impose sovereign risk premia...

Persistent link: https://www.econbiz.de/10011350136

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

Explosive target balances

Potrafke, Niklas; Reischmann, Markus - 2013

Spain), and the Target claims of the German Bundesbank increased significantly. If the Eurozone collapses, the German …

Persistent link: https://www.econbiz.de/10009764406

The impact of macro news and central bank communication on emerging European forex markets

Égert, Balázs; Kočenda, Evžen - 2013

We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on the exchange rates of three Central and Eastern European (CEE) currencies against the euro. First we estimate the nominal equilibrium exchange rate based on a monetary model....

Persistent link: https://www.econbiz.de/10009764449

What is European integration really about? : a political guide for economists

Spolaore, Enrico - 2013

Europe's monetary union is part of a broader process of integration that started in the aftermath of World War II. In this "political guide for economists" we look at the creation of the euro within the bigger picture of European integration. How and why were European institutions established?...

Persistent link: https://www.econbiz.de/10009754523

Reforming an asymmetric union : on the virtues of dual tier capital taxation

Haufler, Andreas; Lülfesmann, Christoph - 2013

The tax competition for mobile capital, in particular the reluctance of small countries to agree on measures of tax coordination, has ongoing political and economic fallouts within Europe. We analyse the effects of introducing a two tier structure of capital taxation, where the asymmetric member...

Persistent link: https://www.econbiz.de/10009691695

Fiscal divergence and current account imbalances in Europe

Schnabl, Gunther; Wollmershäuser, Timo - 2013

Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

Persistent link: https://www.econbiz.de/10009702880

Institutionalizing Eurozone exit : a modified NEWNEY approach

Huck, Steffen; Valasek, Justin Mattias - 2013

In this note, we argue that the Eurozone needs an institutional exit mechanism to enhance Eurozone stability, and … incentives for intra-Eurozone capital flight and maintaining Eurozone price stability. Our modifications eliminate moral hazard … strong country. -- Eurozone ; Eurozone exit ; price stability …

Persistent link: https://www.econbiz.de/10009707621

Assessing the macroeconomic forecasting performance of boosting : evidence for the United States, the Euro Area, and Germany

Buchen, Teresa; Wohlrabe, Klaus - 2013

The use of large datasets for macroeconomic forecasting has received a great deal of interest recently. Boosting is one possible method of using high-dimensional data for this purpose. It is a stage-wise additive modelling procedure, which, in a linear specification, becomes a variable selection...

Persistent link: https://www.econbiz.de/10009721997