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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

Monetary union, even higher integration, or back to national currencies?

Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; … - 2016

This paper quantifies the welfare differences among a monetary union, flexible exchange rates (economic disintegration) and a monetary plus fiscal transfer union (higher economic integration). The vehicle of analysis is a medium-scale New Keynesian DSGE model consisting of two heterogeneous...

Persistent link: https://www.econbiz.de/10011430977

EMU enlargement, policy uncertainty and economic reforms

Hefeker, Carsten (contributor) - 2006

Persistent link: https://www.econbiz.de/10003364637

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

Animal spirits and the international transmission of business cycles : presented at CESifo Area Conference on Macro, Money & International Finance, February 2016

De Grauwe, Paul; Ji, Yuemei - 2016

It is well-known that the high synchronization of the business cycles among industrial countries cannot easily be replicated in standard open economy macroeconomic models without assuming that the exogenous shocks hitting these countries are highly correlated. We develop a two-country behavioral...

Persistent link: https://www.econbiz.de/10011444133

On optimal currency areas and common cycles : are the acceding countries ready to join the euro?

Grimm, Louisa; Steinkamp, Sven; Westermann, Frank - 2021

The former EU president Jean-Claude Junker has proposed that all countries of the European Union should also adopt the euro as their currency and recent research has shown that countries currently pursuing this goal indeed fulfill the classical Optimal Currency Area (OCA) criterion of positively...

Persistent link: https://www.econbiz.de/10012506932

One size must fit all : national divergences in a monetary union

Gros, Daniel; Hefeker, Carsten - 2000

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 rates of inflation and growth? We find that a central bank that...

Persistent link: https://www.econbiz.de/10009781604

Euro area house prices and unconventional monetary policy surprises

Hülsewig, Oliver; Rottmann, Horst - 2021

This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. Using Jordà’s (2005) local projection method, we find that real house prices rise in response to expansionary monetary policy shocks that can be related...

Persistent link: https://www.econbiz.de/10012509392

The fragility of two monetary regimes : the European monetary system and the Eurozone

Ji, Yuemei; De Grauwe, Paul - 2013

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. This came at …

Persistent link: https://www.econbiz.de/10010210104

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

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