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Oil price shocks, monetary policy and current account imbalances within a currency union

Baas, Timo; Belke, Ansgar - 2017

For more than two decades now, current-account imbalances are a crucial issue in the international policy debate as they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows that internal current account imbalances inside a currency...

Persistent link: https://www.econbiz.de/10011785688

Labor market reforms and current account imbalances : beggar-thy-neighbor policies in a currency union?

Baas, Timo; Belke, Ansgar - 2014

Member countries of the European Monetary Union (EMU) initiated wide-ranging labor market reforms in the last decade. This process is ongoing as countries that are faced with serious labor market imbalances perceive reforms as the fastest way to restore competitiveness within a currency union....

Persistent link: https://www.econbiz.de/10010403902

Equipping immigrants : migration flows and capital movements

Lange, Fabian (contributor); Gollin, Douglas (contributor) - 2007

Both policy makers and researchers have devoted considerable attention in recent years to the large current account and capital account imbalances among OECD countries. In particular, the size of the United States current account deficit has attracted intense attention and spawned numerous...

Persistent link: https://www.econbiz.de/10003583929

Aggregate savings and external imbalances in China

Yang, Dennis Tao - 2012

Over the last decade, the internal and external macroeconomic imbalances in China have risen to unprecedented levels. In 2008, China's national savings rate soared to over 53 percent of its GDP, whereas its current account surplus exceeded 9 percent of GDP. The current paper presents a unified...

Persistent link: https://www.econbiz.de/10009656609

Cognitive ability, character skills, and learning to play equilibrium : a level-k analysis

Gill, David; Prowse, Victoria L. - 2014

of play towards Nash equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment …

Persistent link: https://www.econbiz.de/10010364492

Instability of the Eurozone? : On monetary policy, house prices and labor market reforms

Belke, Ansgar (contributor); Gros, Daniel (contributor) - 2007

"This paper deals with potential instabilities in the Eurozone stemming from an insufficient interplay between monetary …

Persistent link: https://www.econbiz.de/10003429626

Fiscal multipliers and the labour market in the open economy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2010

Several contributions have recently assessed the size of fiscal multipliers both in RBC models and New Keynesian models. None of the studies considers a model with frictional labour markets which is a crucial element, particularly at times in which much of the fiscal stimulus has been directed...

Persistent link: https://www.econbiz.de/10003945992

Macroeconomic volatilities and the labor market : first results from the euro experiment

Merkl, Christian; Schmitz, Tom - 2010

This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone … offers an unprecedented experiment for this exercise: since 1999, no national monetary policies have been implemented that … theory. While labor market institutions have a large effect on output volatility, they do not seem to have much of an effect …

Persistent link: https://www.econbiz.de/10003961662

European integration and employment : a new role for active policies?

Gatti, Donatella - 2002

This paper theoretically investigates the impact of European integration on employment by developing a new-keynesian model where fiscal policy effectively reduces firms' market power. Stronger product market competition is shown to reduce the marginal ability of governments to improve employment...

Persistent link: https://www.econbiz.de/10011411427

Asymmetric labor market institutions in the EMU and the volatility of inflation and unemployment differentials

Abbritti, Mirko; Müller, Andreas - 2012

How does the asymmetry of labor market institutions affect the adjustment of a currency union to shocks? To answer this question, this paper sets up a dynamic currency union model with monopolistic competition and sticky prices, hiring frictions and real wage rigidities. In our analysis, we...

Persistent link: https://www.econbiz.de/10009536516

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