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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
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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
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The macroeconomics of the credit crisis : in search of externalities for macro-prudential supervision
Butter, Frank A. G. den - 2010
In the analysis of the credit crisis of 2007-2010 a clear distinction should be made between (i) the initial shock; (ii) the propagation and amplification of the initial shock to the systemic crisis of the financial markets; and (iii) the transmission of the credit crisis to the real economic...
Persistent link: https://www.econbiz.de/10011380729
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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
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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
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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
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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
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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
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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
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Default risk premia on government bonds in a quantitative macroeconomic model
Jüßen, Falko; Linnemann, Ludger; Schabert, Andreas - 2009
This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...
Persistent link: https://www.econbiz.de/10011379436