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Baldwin, Richard E. (contributor); … - 2006

This paper reviews reassesses the methodology and principal findings of the "Rose effect", i.e. the trade effects of currency union, looking at both EMU and non-EMU currency unions. The consensus estimate suggests that the euro has already boosted intra-euro area trade by five to ten percent....

Persistent link: https://www.econbiz.de/10003290336

Real exchange rate misalignments in the euro area

Fidora, Michael; Giordano, Claire; Schmitz, Martin - 2017

Building upon a Behavioural Equilibrium Exchange Rate (BEER) model, estimated at a quarterly frequency since 1999 on a broad sample of 57 countries, this paper assesses whether both the size and the persistence of real effective exchange rate misalignments from the levels implied by economic...

Persistent link: https://www.econbiz.de/10011745793

Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area : a structural model-based approach

Jacquinot, Pascal; Lozej, Matija; Pisani, Massimiliano - 2018

rest of the EA - REA), the US, and the rest of the world, region-specific labour markets with search and matching frictions …

Persistent link: https://www.econbiz.de/10011792134

Global models for a global pandemic: the impact of COVID-19 on small euro area economies

García, Pablo; Jacquinot, Pascal; Lenarcic, Crt; … - 2021

This paper analyses the effects of the COVID-19 pandemic shock on small open economies in a monetary union with an application to the euro area. Accounting for a high degree of openness and a strong dependence on intra and extra union trade, we focus on the size and the direction of...

Persistent link: https://www.econbiz.de/10012643287

What drives investors' behaviour in different FX market segments? : a VAR-based return decomposition analysis

Castrén, Olli (contributor); Osbat, Chiara (contributor); … - 2006

We apply the Campbell-Shiller return decomposition to exchange rate returns and fundamentals in a stationary panel vector autoregression framework. The return decomposition is then used to analyse how different investor segments react to news as captured by the different return components. The...

Persistent link: https://www.econbiz.de/10003398004

A single monetary policy for heterogeneous labour markets : the case of the euro area

Gomes, Sandra; Jacquinot, Pascal; Lozej, Matija - 2023

Differences in labour market institutions and regulations between countries of the monetary union can cause divergent responses even to a common shock. We augment a multi-country model of the euro area with search and matching framework that differs across Ricardian and hand-to-mouth households....

Persistent link: https://www.econbiz.de/10013492935

Monetary policy and local industry structure

Popov, Alexander; Steininger, Lea - 2023

We study how monetary policy affects local market competition in a union of countries experiencing different economic conditions: the euro area. We find that when monetary conditions tighten (loosen), from the point of view of an individual economy, market concentration increases (declines)....

Persistent link: https://www.econbiz.de/10013552619

Completing the monetary union of Europe as mid-term solution of the Euro crisis

Fischer, Justina A. V.; Pastore, Francesco - 2015

This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....

Persistent link: https://www.econbiz.de/10011308548

Reverse causality in global current accounts

Schnabl, Gunther; Freitag, Stephan - 2010

The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and … current account balance of the euro area has been by and large balanced. The paper finds that changes of world current account … Imbalances ; Asymmetric World Monetary System ; Twin Deficit ; Twin Surplus ; International Currency ; Sterilization ; Granger …

Persistent link: https://www.econbiz.de/10003973544

The impact of monetary union on trade prices

Anderton, Robert; Baldwin, Richard E.; Taglioni, Daria - 2003

Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...

Persistent link: https://www.econbiz.de/10009635969