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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 … external demand and an improvement in the current account. Using a panel error correction specification, the estimation results …
Persistent link: https://www.econbiz.de/10011373649
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Current account adjustment in EU countries : does euro-area membership make a difference?
Herrmann, Sabine; Jochem, Axel - 2013
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10010211960
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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 …
Persistent link: https://www.econbiz.de/10012034705
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Fiscal devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013
of current account imbalances. Given that exchange rate devaluations are no longer available in a monetary union, one … 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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Fiscal devaluation in a monetary union : conference paper
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014
of current account imbalances. Given that exchange rate devaluations are no longer available in a monetary union, one … 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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Cross-border liquidity, relationships and monetary policy : evidence from the Euro area interbank crisis
Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - 2014 - This version: November 2014
We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...
Persistent link: https://www.econbiz.de/10010471858
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The (ir)relevance of the nominal lower bound for real yield curve analysis
Schupp, Fabian - 2020
I propose a new term structure model for euro area real and nominal interest rates which explicitly incorporates a time-varying lower bound for nominal interest rates. Results suggest that the lower bound is of importance in structural analyses implying time-varying impulse responses of yield...
Persistent link: https://www.econbiz.de/10012222610
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With a little help from my friends : survey-based derivation of euro area short rate expectations at the effective lower bound
Geiger, Felix; Schupp, Fabian - 2018
The estimation of dynamic term structure models (DTSMs) turns out to be challenging in the presence of a small sample. It is exacerbated if the sample is characterized by a prolonged period of low interest rates near a time-varying effective lower bound. These challenges all weigh heavily when...
Persistent link: https://www.econbiz.de/10011888340
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Rebalancing the euro area : is wage adjustment in Germany the answer?
Hoffmann, Mathias; Kliem, Martin; Krause, Michael; … - 2020
We assess to what extent wage inflation policies in Germany could contribute to an economic rebalancing in the euro area and the rest of the world. We find that a rise in nominal wage inflation has positive short-run effects on inflation and output in Germany and the rest of the euro area. The...
Persistent link: https://www.econbiz.de/10012184056
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Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic
Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021 - This version: June 2021
We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU fiscal level - has been more crucial for the stabilization of...
Persistent link: https://www.econbiz.de/10012534642