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The euro’s trade effect under cross-sectional heterogeneity and stochastic resistance
Herwartz, Helmut; Weber, Henning - 2010
This paper investigates if the euro's effect on euro-area trade differs across trade sectors and across country pairs …, and to what degree heterogeneity matters for estimating the aggregate euro effect. Time-varying latent variables, which …, aggregate exports within the euro area increase between 2000 and 2002 by 15 to 25 percent compared with aggregate exports …
Persistent link: https://www.econbiz.de/10003976871
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Revisiting the euro's trade cost and welfare effects
Felbermayr, Gabriel; Steininger, Marina - 2019
When, about twenty years ago, the Euro was created, one objective was to facilitate intra‐European trade by reducing … transaction costs. Has the Euro delivered? Using sectoral trade data from 1995 to 2014 and applying structural gravity modeling …
Persistent link: https://www.econbiz.de/10011987554
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Consumer’s willingness to pay for green electricity : a meta-analysis of the literature
Sundt, Swantje; Rehdanz, Katrin - 2014
The number of studies published focusing on people’s preferences for green electricity has increased steadily, making it more and more difficult to identify key explanatory factors that determine people’s willingness-to-pay (WTP). Based on results of a meta-regression our results indicate...
Persistent link: https://www.econbiz.de/10010362834
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The inherent benefit of monetary unions
Groll, Dominik; Monacelli, Tommaso - 2016
The desirability of flexible exchange rates is a central tenet in international macroeconomics. We show that, with forward-looking staggered pricing, this result crucially depends on the monetary authority's ability to commit. Under full commitment, flexible exchange rates generally dominate a...
Persistent link: https://www.econbiz.de/10011525534
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Monetary union and macroeconomic stabilization
Groll, Dominik - 2013
It is conventionally held that countries are worse off by forming a monetary union when it comes to macroeconomic stabilization. However, this conventional view relies on assuming that monetary policy is conducted optimally. Relaxing the assumption of optimal monetary policy not only uncovers...
Persistent link: https://www.econbiz.de/10010202935
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Monetary policy as an optimum currency area criterion
Groll, Dominik - 2014
Whether countries benefit from forming a monetary union depends critically on the way monetary policy is conducted. This is mainly because monetary policy determines whether and to what extent a flexible nominal exchange rate fosters or hampers macroeconomic stabilization, even if monetary...
Persistent link: https://www.econbiz.de/10010427958
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Financial market integration and business cycle volatility in a monetary union
Pierdzioch, Christian - 2002
This paper uses a dynamic general equilibrium two-country optimizing sticky-price model to analyze the consequences of international financial market integration for the propagation of asymmetric productivity shocks in a monetary union. The model implies that business cycle volatility is higher...
Persistent link: https://www.econbiz.de/10011475042
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Monetary union and macroeconomic stabilization
Groll, Dominik - 2014 - This version: February 14, 2014
It is conventionally held that countries are worse off by forming a monetary union when it comes to macroeconomic stabilization. However, this conventional view relies on assuming that monetary policy is conducted optimally. Relaxing the assumption of optimal monetary policy not only uncovers...
Persistent link: https://www.econbiz.de/10011415479
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Assessing the advantages of EMU-enlargement for the EU and the accession countries : a comparative indicator approach
Schweickert, Rainer - 2001
The paper takes into account both the concerns of the EU, arguing that convergence is incomplete, and the demands from accession countries, claiming that monetary integration is optimal. Indicators are developed which measure convergence and optimality in comparison with a reference group of the...
Persistent link: https://www.econbiz.de/10011490871
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Alternative paths towards EMU : lessons from an expanded Mundell-Fleming model for the accession countries
Vinhas de Souza, Lúcio; Ledrut, Elisabeth - 2002
A small expectations-expanded "Mundell-Fleming" model is built for the European Union Accession Countries and estimated to assess the optimality of different exchange rate regimes (a peg and a float) through a simple welfare function. Floating appears as the best option for most of the countries...
Persistent link: https://www.econbiz.de/10011475894