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supply-demand mismatches. While the results show that firms have passed on more than the nominal cost shock, and have fared …
Persistent link: https://www.econbiz.de/10014353730
ECB President Draghi's Jackson Hole speech in August 2014 arguably marked a new phase of unconventional monetary policies (UMPs) in the euro area. This paper examines the market impact and tranmission channels of this new wave of UMPs using a modified event study framework. They are found to...
Persistent link: https://www.econbiz.de/10012928015
This paper employs a two-country New Keynesian DSGE model to assess the macroeconomic impact of the changes in monetary policy frameworks and the fiscal support in the U.S. and euro area during the pandemic. Moving from a previous target of “below, but close to 2 percent” to a formal...
Persistent link: https://www.econbiz.de/10014237881
always increase the welfare of savers, but their effects on borrowers depend on the shock that hits the economy. In …
Persistent link: https://www.econbiz.de/10013073679
Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD) implemented as a revenue-neutral shift from employer's socialcontributions to the Value Added Tax. We find that a FD in 'Southern European countries' has a strong positive effect on...
Persistent link: https://www.econbiz.de/10013040409
This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios....
Persistent link: https://www.econbiz.de/10013098569
We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption,...
Persistent link: https://www.econbiz.de/10012828237
We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical evidence, we make the following three key assumptions. First, sovereign debt is held by domestic agents...
Persistent link: https://www.econbiz.de/10013059858
decrease in bank leverage, our results indicate a broad-based overall contraction of cross-border lending if the shock … originates in the US, and heterogenous effects across borrowing regions if the shock originates in the EA …
Persistent link: https://www.econbiz.de/10012859870
information campaigns ─ rather than stay-at-home requirements. Using past coronavirus outbreaks as an instrumental variable, we …
Persistent link: https://www.econbiz.de/10013305677