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Real unit labor costs differentials in EMU : how big, how benign and how reversible?

Lebrun, Igor; Pérez Ruiz, Esther - 2011

Persistent link: https://www.econbiz.de/10009425645

Inflation news and euro area inflation expectations

Garcia, Juan Angel; Werner, Sebastian - 2018

Do euro area inflation expectations remain well-anchored? This paper finds that the protracted period of low (and below-target) inflation in the euro area since 2013 has weakened their anchoring. Testing their sensitivity to inflation and macroeconomic news, this paper expands existing results...

Persistent link: https://www.econbiz.de/10011878736

Bunching at 3 percent : the Maastricht fiscal criterion and government deficits

Caselli, Francesca; Wingender, Philippe - 2018

This paper estimates the effects of the Maastricht treaty's fiscal criterion on EU countries' general government … deficits and surpluses. After the rule is adopted, the distribution of government deficits among EU countries displays 20 … significant. Finally, we derive country-specific impacts under a rank invariance assumption and find that all EU countries have …

Persistent link: https://www.econbiz.de/10011905895

Understanding euro area inflation dynamics : why so low for so long?

Abdih, Yasser; Lin, Li; Paret, Anne-Charlotte - 2018

Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an augmented Phillips Curve framework, we find that this phenomenon-sometimes attributed to low global inflation-has been primarily caused by a remarkable persistence of inflation,...

Persistent link: https://www.econbiz.de/10011905915

Are non-euro area EU countries importing low inflation from the euro area?

Iossifov, Plamen; Podpiera, Jiří - 2014

Persistent link: https://www.econbiz.de/10010441921

CoMap : mapping contagion in the euro area banking sector

Covi, Giovanni; Gorpe, Mehmet Ziya; Kok Sørensen, … - 2019

This paper presents a novel approach to investigate and model the network of euro area banks' large exposures within the global banking system. Drawing on a unique dataset, the paper documents the degree of interconnectedness and systemic risk of the euro area banking system based on bilateral...

Persistent link: https://www.econbiz.de/10012102210

Reducing risk while sharing it : a fiscal recipe for the EU at the time of COVID-19

Batini, Nicoletta; Lamperti, Francesco; Roventini, Andrea - 2020

space. We build on the model by Berger and others (2019) to compare gains from alternative mechanisms of EU fiscal … integration in the presence of moral hazard. We show that any EU response strategy to the COVID-19 crisis excluding mutual … in presence of increasing sovereign default risk of some EU member countries. The moral hazard created by risk sharing …

Persistent link: https://www.econbiz.de/10012302037

Optimal simple objectives for monetary policy when banks matter

Laureys, Lien; Meeks, Roland; Wanengkirtyo, Boromeus - 2020

We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and allow for effective accountability. We show that a flexible inflation targeting...

Persistent link: https://www.econbiz.de/10012392579

Unemployment surges in the EU : the role of risk premium shocks

Bakker, Bas B.; Korczak, Marta; Krogulski, Krzysztof - 2019

In the last decade, over half of the EU countries in the euro area or with currencies pegged to the euro were hit by …

Persistent link: https://www.econbiz.de/10012009587

Breaking the bank? : a probabilistic assessment of euro area bank profitability

Elekdaǧ, Selim Ali; Malik, Sheheryar; Mitra, Srobona - 2019

This paper explores the determinants of profitability across large euro area banks using a novel approach based on conditional profitability distributions. Real GDP growth and the NPL ratio are shown to be the most reliable determinants of bank profitability. However, the estimated conditional...

Persistent link: https://www.econbiz.de/10012154822