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The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity

Dubois, Robert - 2012

, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and …

Persistent link: https://www.econbiz.de/10010286538

Money and prices under uncertainty

Nakajima, Tomoyuki; Polemarchakis, Herakles - 2001

Monetary and fiscal policy do not determine the stochastic path of prices: in the absence of financial policy, there remains indeterminacy indexed by an arbitrary probability measure over the set of states of the world. With an interest rate policy, and only if the asset market is complete,...

Persistent link: https://www.econbiz.de/10010318888

Money and indeterminacy over an infinite horizon

Bloise, G.; Drèze, J. H.; Polemarchakis, H. M. - 2002

Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends over an infinite horizon under uncertainty and a complete asset market. Monetary policy sets the path of rates of interest and accommodates the demand for balances. Competitive...

Persistent link: https://www.econbiz.de/10010318994

Public Support for the Euro and Trust in the ECB. The First Two Decades of the Common Currency

Roth, Felix; Jonung, Lars - 2019

This chapter examines the evolution of public support for the euro and public trust in the European Central Bank (ECB) during the new currency's first two decades. Using a unique set of opinion poll data that is not available for any other currency, we find that a majority of citizens in every...

Persistent link: https://www.econbiz.de/10013208851

The euro debt crisis and Germany's euro trilemma

Bibow, Jörg - 2012

This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that the crisis is not primarily a sovereign debt crisis but rather a (twin) banking and balance of payments crisis. Intra-area competitiveness and current account imbalances, and the...

Persistent link: https://www.econbiz.de/10010318656

Germany and the euroland crisis: The making of a vulnerable haven

Bibow, Jörg - 2013

This paper investigates Germany's vulnerability to the ongoing Euroland crisis. In 2010-11, Germany experienced a strong rebound from the global financial crisis of 2008-09. The Euroland crisis then meant record low interest rates and a depressed euro that boosted German extra-area exports. But...

Persistent link: https://www.econbiz.de/10010318667

The euro and its guardian of stability: The fiction and reality of the 10th anniversary blast

Bibow, Jörg - 2009

This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks, pushed off track by reckless policies pursued elsewhere. It argues instead that Europe had not only...

Persistent link: https://www.econbiz.de/10010281711

Inference based on SVARs identified with sign and zero restrictions: Theory and applications

Arias, Jonas E.; Rubio-Ramírez, Juan F.; Waggoner, … - 2014

Are optimism shocks an important source of business cycle fluctuations? Are deficit-financed tax cuts better than deficit-financed spending to increase output? These questions have been previously studied using structural vector autoregressions (SVAR) identified with sign and zero restrictions...

Persistent link: https://www.econbiz.de/10010397712

Revisiting Public Support for the Euro, 1999-2017: Accounting for the Crisis and the Recovery

Roth, Felix; Baake, Edgar; Jonung, Lars; Nowak-Lehmann, … - 2018

This paper explores the evolution and determinants of public support for the euro since its creation in 1999 until the end of 2017, thereby covering the pre-crisis experience of the euro, the crisis years and the recent recovery. Using uniquely large macro and micro databases and applying...

Persistent link: https://www.econbiz.de/10013208809

Going forward from B to A? Proposals for the Eurozone crisis

Amato, Massimo; Fantacci, Luca; Papadimitriou, Dimitri B.; … - 2016

After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of … austerity measures in order to abide by their commitments to eurozone institutions and the International Monetary Fund. We show … that the introduction of fiscal currencies would speed up the recovery, without violating the rules of eurozone treaties …

Persistent link: https://www.econbiz.de/10011784656