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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 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

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

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 … theory. While labor market institutions have a large effect on output volatility, they do not seem to have much of an effect … and inflation volatility ; labor turnover costs ; unemployment benefits ; unemployment ; eurozone …

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

Outsourcing, public input provision and policy cooperation

Aronsson, Thomas; Koskela, Erkki - 2009

This paper concerns public input provision as an instrument for redistribution under international outsourcing by using a model-economy comprising two countries, North and South, where firms in the North may outsource part of their low-skilled labor intensive production to the South. We consider...

Persistent link: https://www.econbiz.de/10003932133

Brain drain, fiscal competition, and public education expenditure

Egger, Hartmut (contributor); Falkinger, Josef (contributor) - 2007

This paper uses a two-country model with integrated markets for high-skilled labor to analyze the opportunities and incentives for national governments to provide higher education. Countries can differ in productivity, and education is financed through a wage tax, so that brain drain affects the...

Persistent link: https://www.econbiz.de/10003583931

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 policy, sovereign default, and bailouts

Jüßen, Falko; Schabert, Andreas - 2013

This paper examines fiscal policy without commitment and the effects of conditional bailout loans. The government relies on distortionary taxation and decides between full debt repayment and costly default. It tends to overborrow due to myopia, which induces default to be a relevant policy...

Persistent link: https://www.econbiz.de/10010225902

Government debt as insurance against macroeconomic risk

Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - 2001

Is there a role for debt beyond curing overaccumulation of capital? Does dynamic efficiency and the infeasibility of debt Ponzi schemes eliminate any Pareto-improving role for a government in a competitive economy with complete markets? Is there an optimal maturity structure of public debt?...

Persistent link: https://www.econbiz.de/10011405711

Government deficit shocks and Okun's coefficient volatility : new insights on the austerity versus growth debate

Binh Thai Pham; Sala, Hector - 2019

This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...

Persistent link: https://www.econbiz.de/10012054782

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