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Capital flows in the euro area and TARGET2 balances
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2019
We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...
Persistent link: https://www.econbiz.de/10012034705
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Monetary policy and unemployment in open economies
Engler, Philipp - 2011
account of this effect in an otherwise standard New Keynesian open economy model with unemployment as in Galí (2010) and find … economy literature that set off with Obstfeld and Rogoff's (1995) redux model. -- Open economy macroeconomics ; monetary …
Persistent link: https://www.econbiz.de/10009405109
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German wage moderation and European imbalances : feeding the global VAR with theory
Bettendorf, Timo; León-Ledesma, Miguel A. - 2015
economy New Keynesian model with search and matching frictions from which we derive robust sign restrictions for a wage …
Persistent link: https://www.econbiz.de/10011292316
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Fiscal devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013
Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...
Persistent link: https://www.econbiz.de/10010221275
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Global value chain participation and exchange rate pass-through
Georgiadis, Georgios; Gräb, Johannes; Khalil, Makram - 2020
greater GVCP can reduce ERPT to import prices. In the model, the sensitivity of an economy’s home-currency production costs to … sensitivity of the economy’s home-currency production costs to exchange rate changes translates into a higher sensitivity of its … home-currency export prices. The latter implies a reduction of the sensitivity of the economy’s foreign-currency export …
Persistent link: https://www.econbiz.de/10012406049
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International investment positions and exchange rate dynamics
Binder, Michael; Offermanns, Christian J. - 2014
We revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we make use of a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the...
Persistent link: https://www.econbiz.de/10010414236
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Asymmetric credit growth and current account imbalances in the euro area
Unger, Robert - 2015
The euro area crisis is often linked to the emergence of current account imbalances. As most of the deficit countries experienced pronounced credit booms at the same time that these imbalances were building up, this paper investigates the link between domestic credit developments and the current...
Persistent link: https://www.econbiz.de/10011373649
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Cyclical investment behavior across financial institutions
Timmer, Yannick - 2016
This paper examines the investment behavior in debt securities across financial institutions with a particular focus on how they respond to price changes. For identification, we use security-level data from the German Microdatabase Securities Holdings Statistics. Our results suggest that banks...
Persistent link: https://www.econbiz.de/10011456487
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International capital flows, external assets and output volatility
Hoffmann, Mathias; Krause, Michael; Tillmann, Peter - 2014
This paper proposes a new perspective on international capital flows and countries' long-run external asset position. Cross-sectional evidence for 84 developing countries shows that over the last three decades countries that have had on average higher volatility of output growth (1) accumulated...
Persistent link: https://www.econbiz.de/10010433418
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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