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A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area
Adjemian, Stephane - 2008
The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric frame-work. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and...
Persistent link: https://www.econbiz.de/10012772411
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Environmental Regulation and Productivity Growth in the Euro Area : Testing the Porter Hypothesis
Benatti, Nicola; Groiss, Martin; Kelly, Petra; … - 2023
This paper analyses the impact of changes in environmental regulations on productivity growth at country- and firm-level. We exploit several data sources and the environmen-tal policy stringency index, to evaluate the Porter hypothesis, according to which firms’ productivity can benefit from...
Persistent link: https://www.econbiz.de/10014356434
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Trade with Central and Eastern Europe : Is it Really a Threat to Wages in the West?
Polgar, Eva Katalin - 2010
This paper analyses the relationship between openness to trade and wages at the industry level (15 manufacturing industries) in 25 EU countries over the period from 1995 to 2005. By applying a cross-country and industry-specific approach, it is possible to control for unobserved heterogeneity at...
Persistent link: https://www.econbiz.de/10013138239
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Trade Integration of Central and Eastern European Countries : Lessons from a Gravity Model
Bussière, Matthieu; Fidrmuc, Jarko; Schnatz, Bernd - 2021
This paper analyses the rapid trade integration of the Central and Eastern European countries (CEEC's) with the euro area in the past ten years and draws implications for further integration. We use as benchmark an enhanced gravity model estimated for a large sample of bilateral trade flows...
Persistent link: https://www.econbiz.de/10013318195
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Limited Liability, Strategic Default and Bargaining Power
Balatti, Mirco; López-Quiles, Carolina - 2021
In this paper we examine the effects of limited liability on mortgage dynamics. While the literature has focused on default rates, renegotiation, or loan rates individually, we study them together as equilibrium outcomes of the strategic interaction between lenders and borrowers. We present a...
Persistent link: https://www.econbiz.de/10013243789
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Modelling Intra- and Extra-Area Trade Substitution and Exchange Rate Pass-Through in the Euro Area
Dieppe, Alistair; Warmedinger, Thomas - 2021
The paper proposes a modelling approach for euro area goods and services trade volumes and prices on the basis of a break-down of trade data into their intra- and extra-area components. Using the evidence from the newly estimated trade equations, the paper gives new insights into two important...
Persistent link: https://www.econbiz.de/10013317054
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No Country is an Island : International Cooperation and Climate Change
Ferrari, Massimo Minesso; Pagliari, Maria Sole - 2021
In this paper we explore the cross-country implications of climate-related mitigation policies. Specifically, we set up a two-country, two-sector (brown vs green) DSGE model with negative production externalities stemming from carbon-dioxide emissions. We estimate the model using US and euro...
Persistent link: https://www.econbiz.de/10013222709
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Statistical Decision Functions with Judgment
Manganelli, Simone - 2021
A decision maker tests whether the gradient of the loss function evaluated at a judgmental decision is zero. If the … test does not reject, the action is the judgmental decision. If the test rejects, the action sets the gradient equal to the … boundary of the rejection region. This statistical decision rule is admissible and conditions on the sample realization. The …
Persistent link: https://www.econbiz.de/10013243823
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Whatever it Takes to Save the Planet? Central Banks and Unconventional Green Policy
Ferrari, Alessandro; Landi, Valerio Nispi - 2021
We study the effects of a temporary Green QE, defined as a policy that temporarily tilts the central bank’s balance sheet toward green bonds, i.e. bonds issued by firms in non-polluting sectors. To this purpose, we merge a standard DSGE framework with an environmental model. In our model,...
Persistent link: https://www.econbiz.de/10013314815
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How should central banks communicate?
Ehrmann, Michael; Fratzscher, Marcel - 2005
The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of England and the ECB since 1999, we find that...
Persistent link: https://www.econbiz.de/10011604603