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Transmission of global financial shocks to EMU member states : the role of monetary policy and national factors
Gelman, Maria; Jochem, Axel; Reitz, Stefan - 2016
The paper analyses the transmission of global financial shocks to individual member states of the European Monetary Union (EMU), in which monetary policy is delegated to the ECB and financial markets are fully integrated. Using a panel VAR model, we show that the asymmetric effects of global...
Persistent link: https://www.econbiz.de/10011495568
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Currency unions, trade and heterogeneity
Chen, Natalie; Novy, Dennis - 2018
Persistent link: https://www.econbiz.de/10011883779
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Business cycles in EU member states
Buscher, Herbert S. - 1999
The paper investigates the business cycle relationships between the EU-15, the EU-11, as well as the EU-core countries for the period 1971 to 1997. Emphasis is put on the question whether there is a synchronization in the national business cycles or not. Using One-way- and Twoway-Anova...
Persistent link: https://www.econbiz.de/10013428213
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The synchronization of European credit cycles
Meller, Barbara; Metiu, Norbert - 2015
We study the synchronization of credit booms and busts among 12 major European economies and the United States between 1972-2011. We propose a regression-based procedure to test whether boom-bust phases of credit cycles coincide across countries and to cluster countries with positively...
Persistent link: https://www.econbiz.de/10011299045
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Cross-border banking and business cycles in asymmetric currency unions
Dräger, Lena; Proaño Acosta, Christian - 2015
this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this … productivity shocks or on the productivity shock from one dominating region. Thereby, we demonstrate a channel through which the … financial sector may have exacerbated the emergence of macroeconomic imbalances within the euro area. Additionally, we show the …
Persistent link: https://www.econbiz.de/10011299044
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Is it really more dispersed? : measuring and comparing the stress from the common monetary policy in the euro area
Quint, Dominic - 2014
The ECB's one size monetary policy is unlikely to fit all euro area members at all times, which raises the question of … within the euro area has been steadily decreasing prior to the recent financial crisis. Current stress levels are not only … lower today than in the late 1990s, they are also in line with what is commonly observed among U.S. states or pre-euro …
Persistent link: https://www.econbiz.de/10010349426
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Fiscal devaluation in a monetary union : conference paper
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014
Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …
Persistent link: https://www.econbiz.de/10010487256
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Fiscal devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013
Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …
Persistent link: https://www.econbiz.de/10010221275
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Die Theorie der optimalen Währungsräume und die politische Reformfähigkeit - ein vernachlässigtes Kriterium
Heinemann, Friedrich - 1998
In this paper, a short survey is given on the contents and some problems of the theory of optimal currency areas. In addition, a new criterion for the assessment of the optimality of a currency area is proposed: the ability of member states of a monetary union to adjust their economic system to...
Persistent link: https://www.econbiz.de/10013428120
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Thoughts on a fiscal union in EMU
Gadatsch, Niklas; Hollmayr, Josef; Stähler, Nikolai - 2016
Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...
Persistent link: https://www.econbiz.de/10011546743