Narrow search
Showing 1 - 10 of 443
Cover Image
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 … of claims of domestic banks on debtors in other euro-area countries, and an increase is expected to lead to higher …
Persistent link: https://www.econbiz.de/10011373649
Cover Image
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 … evolution of aggregate economic activity in euro area member countries in the period 2008-2014. Our results suggest that the …
Persistent link: https://www.econbiz.de/10012034705
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
The expectations-driven US current account
Hoffmann, Mathias; Krause, Michael; Laubach, Thomas - 2013
Since 1991, survey expectations of long-run output growth for the U.S. relative to the rest of the world exhibit a pattern strikingly similar to that of the U.S. current account, and thus also to global imbalances. We show that this finding can to a large extent be rationalized in a two-region...
Persistent link: https://www.econbiz.de/10009732995
Cover Image
Current account deficits during heightened risk : menacing or mitigating?
Forbes, Kristin; Hjortsoe, Ida; Nenova, Tsvetelina - 2016
Large current account deficits, and the corresponding reliance on capital flows from abroad, can increase a country's vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It highlights the central importance of two...
Persistent link: https://www.econbiz.de/10011477292
Cover Image
Monetary policy and the current account : theory and evidence
Hjortsoe, Ida; Weale, Martin; Wieladek, Tomasz - 2016
Does the current account improve or deteriorate following a monetary policy expansion? We examine this issue theoretically and empirically. We show that a standard open economy DSGE model predicts that the current account response to a monetary policy shock depends on the degree of economic...
Persistent link: https://www.econbiz.de/10011436615
Cover Image
Labor market reforms, precautionary savings, and global imbalances
Hochmuth, Brigitte; Moyen, Stephane; Stähler, Nikolai - 2019
How do labor market reforms affect international competitiveness and net foreign assets? To answer this question, we build a two-region RBC model with labor market frictions, idiosyncratic consumption risk, and limited cross-sectional heterogeneity to establish a direct link between labor market...
Persistent link: https://www.econbiz.de/10011995060