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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 …

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

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

Testing mundell's intuition of endogenous OCA theory

Warin, Thierry (contributor); … - 2008

This paper presents an empirical assessment of the endogenous optimum currency area theory. Frankel and Rose (1998 …'s model by using FDI flows to test the original theory developed by Mundell in 1973. A gravity model is used to empirically …

Persistent link: https://www.econbiz.de/10003760087

Labour mobility : an adjustment mechanism in Euroland? ; empirical evidence for Western Germany, France, and Italy

Puhani, Patrick A. - 1999

highest in Germany, followed by France, and Italy. However, even in Germany, the accommodation of a shock to unemployment by …

Persistent link: https://www.econbiz.de/10011294709

Modelling volatilities and conditional correlations in futures markets with a multivariate t distribution

Pesaran, Bahram (contributor); … - 2007

than by GARCH type volatility estimates. The t-DCC estimation procedure is applied to a portfolio of daily returns on …-DCC specification. The t-DCC model also passes a number of VaR diagnostic tests over an evaluation sample. The estimation results … correlations in most markets; possibly reflecting the advent of euro in 1999 and increased interdependence of financial markets. …

Persistent link: https://www.econbiz.de/10003586562

Southern African economic integration : evidence from an augmented gravity model

Warin, Thierry; Wunnava, Phanindra V.; Tengia, Optat; … - 2009

. -- Optimum currency area ; gravity model ; Southern African integration ; endogenous optimum currency area theory …

Persistent link: https://www.econbiz.de/10003879350

The role of the exchange rate regime in the process of real and nominal convergence

D'Adamo, Gaetano; Rovelli, Riccardo - 2013

-S type of regression for each regime. Our results show that, for countries which pegged to or adopted the euro, the effect of … conclude that, in a catching-up country, premature euro adoption may foster excess inflation, beyond that which is to be …

Persistent link: https://www.econbiz.de/10010191206

Evolving wage cyclicality in Latin America

Gambetti, Luca; Messina, Julián - 2017

Examines the evolution of the cyclicality of real wages and employment in four Latin American economies: Brazil, Chile, Colombia and Mexico, during the period 1980-2010. Wages are highly pro-cyclical during the 1980s and early 1990s, a period characterized by high inflation. As inflation...

Persistent link: https://www.econbiz.de/10011636567

On the relationship between public and private investment in the euro area

Dreger, Christian; Reimers, Hans-Eggert - 2014

This paper explores the long run relationship between public and private investment in the euro area in terms of … investment might have restricted private investment and GDP growth in the euro area. The results have strong implications for the … future direction of fiscal austerity programs to combat the euro area debt crisis. …

Persistent link: https://www.econbiz.de/10010252646

Real wage cyclicality in the Eurozone before and during the Great Recession : evidence from micro data

Verdugo, Gregory - 2015

We study the response of real wages to the business cycle in eight major Eurozone countries before and during the Great …

Persistent link: https://www.econbiz.de/10011386663