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Pensions, debt and inflation risk in a monetary union

Adema, Yvonne - 2010

This paper investigates the international spillovers of government debt and the associated risk of inflation within a … inflation at the cost of the funded country. In response to these conflicting interests about inflation, inflation risk may rise … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …

Persistent link: https://www.econbiz.de/10011382085

Regional price adjustment in a monetary union

Berk, Jan Marc; Swank, Job - 2002

, notwithstanding that inflation in some countries tends to converge towards the euro area level. Overa11, inflation persistence has …

Persistent link: https://www.econbiz.de/10011327545

Inflation stabilization, fiscal deficits and public debt management in Poland

Wijnbergen, Sweder van; Budina, Nina - 1999

Poland edged towards hyperinflation towards the latter half of 1989,but inflation fell dramatically after drastic … reformswere enacted in January of 1990. We analyse the consistency betweenfiscal deficits and inflation targets and assess Poland … fiscal deficits and inflation. We also assessthe impact of financial sector measures on seignioragerevenue and the …

Persistent link: https://www.econbiz.de/10011301167

Identifying the weights in exchange market pressure

Klaassen, Franc - 2011

Exchange market pressure (EMP) measures the pressure on a currency to depreciate. It adds to the actual depreciation a weighted combination of policy instruments used to ward off depreciation, such as interest rates and foreign exchange interventions, where the weights are their effectiveness....

Persistent link: https://www.econbiz.de/10011383120

Unsecured and secured funding

Di Filippo, Mario; Ranaldo, Angelo; Wrampelmeyer, Jan - 2018

We empirically investigate why wholesale funding is fragile by providing the first study of how individual banks borrow and lend in the euro unsecured and secured interbank market. Consistent with theories in which lenders enforce market discipline by monitoring counterparty credit risk and...

Persistent link: https://www.econbiz.de/10011818292

Asymmetric gradualism in US monetary policy

Aastveit, Knut Are; Cross, Jamie; Furlanetto, Francesco; … - 2024

regime. Notably, the estimate of the inflation coefficient satisfies the Taylor principle in both regimes. These results are …

Persistent link: https://www.econbiz.de/10015149505

Taylor rules with endogenous regimes

Aastveit, Knut Are; Cross, Jamie; Furlanetto, Francesco; … - 2024

gap coefficient is higher in the recessionary regime than in the normal one. The estimate of the inflation coefficient …

Persistent link: https://www.econbiz.de/10014529386

Bankruptcy codes and risk sharing of currency unions

Wang, Xuan - 2021

Since the Eurozone Crisis of 2010-12, a critical debate on the viability of a currency union has focused on the role of a fiscal union in adjusting for country heterogeneity. However, a fully-fledged fiscal union may not be politically feasible. This paper develops a two-country general...

Persistent link: https://www.econbiz.de/10012421007

Monetary policy under a fiscal theory of sovereign default

Schabert, Andreas - 2009

This paper examines equilibrium determination under different monetary policy regimes when the government might default on its debt. We apply a cash-in-advance model where the government does not have access to non-distortionary taxation and does not account for initial outstanding debt when it...

Persistent link: https://www.econbiz.de/10011379355

Financial fragility, sovereign default risk and the limits to commercial bank bail-outs

Wijnbergen, Sweder van; Kwaak, Christiaan van der - 2013

We analyse the poisonous interaction between bank rescues, financial fragility and sovereign debt discounts. In our model balance sheet constrained financial intermediaries finance both capital expenditure of intermediate goods producers and government deficits. The financial intermediaries face...

Persistent link: https://www.econbiz.de/10010224776