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Optimal monetary-fiscal policy in the euro area liquidity crisis
Filiani, Pasquale - In: Journal of macroeconomics 70 (2021), pp. 1-19
Persistent link: https://www.econbiz.de/10013275458
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Structural Reforms in the Euro Area : Economic Impact and Role of Synchronization Across Markets and Countries
Everaert, Luc - 2006
Using the IMF''s Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most...
Persistent link: https://www.econbiz.de/10014402975
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The negative mean output gap
Aiyar, Shekhar; Voigts, Simon - 2019
We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns than they increase employment during expansions. This is demonstrated in a simple...
Persistent link: https://www.econbiz.de/10012103632
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How informative are real time output gap estimates in Europe?
Kangur, Alvar; Kirabaeva, Koralai; Natal, Jean-Marc; … - 2019
We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have...
Persistent link: https://www.econbiz.de/10012103755
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Labour market rigidity and expansionary austerity
Tafuro, Andrea - In: Journal of macroeconomics 75 (2023), pp. 1-18
Persistent link: https://www.econbiz.de/10014423933
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Liquidity ratios as monetary policy tools : some historical lessons for macroprudential policy
Monnet, Eric; Vari, Miklos - 2019
on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were … mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects …
Persistent link: https://www.econbiz.de/10012103606
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Excess liquidity and the money market in the euro area
Beaupain, Renaud; Durré, Alain - In: Journal of macroeconomics 47 (2016), pp. 33-44
Persistent link: https://www.econbiz.de/10011707476
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Does Global Liquidity Matter for Monetary Policy in the Euro Area?
Berger, Helge - 2009
Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …
Persistent link: https://www.econbiz.de/10014404266
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Comment on: "The Eurozone crisis : phoenix miracle or lost decade?"
Philippopulos, Apostolēs - In: Journal of macroeconomics 39 (2014) 2, pp. 309-312
Persistent link: https://www.econbiz.de/10010494049
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The European crisis and the role of the financial system
Constâncio, Vítor - In: Journal of macroeconomics 39 (2014) 2, pp. 250-259
Persistent link: https://www.econbiz.de/10010494076