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Cross-border banking and transmission mechanisms : the case of Europe
Buch, Claudia M. - 2001
International activities of commercial banks are a potential source for the transmission of shocks across countries. In Europe, bank finance plays a relatively important role, and efforts have been made at creating a level playing field for financial institutions. This paper reviews the stylized...
Persistent link: https://www.econbiz.de/10011476387
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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 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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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 are specific to each sector in each country pair, control...
Persistent link: https://www.econbiz.de/10003976871
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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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The link of the monetary indicator to future inflation in the euro area : a simulation experiment
Gottschalk, Jan; Stolz, Stéphanie Marie - 2001
We examine the indicator property of the monetary indicator for inflation. Using a P*-model, Svensson shows theoretically in a recent paper that the relationship between these two variables is rather tenuous. The present study employs empirical evidence on the relations in his model to quantify...
Persistent link: https://www.econbiz.de/10011476494
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Weshalb die Europäische Währungsunion den Stabilitätspakt braucht
Siebert, Horst - 2002
Der Stabilitätspakt hat die Aufgabe, der nationalen Finanzpolitik bei der Verschuldung die Hände zu binden und damit den Euro als vergemeinschaftete Währung abzusichern. Denn ob Geld stabil ist, hängt auch davon ab, wie solide die Staatsfinanzen sind. Den Pakt aufzuweichen wird später einen...
Persistent link: https://www.econbiz.de/10011495492
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Measures of the output gap in the Euro-zone : an empirical assessment of selected methods
Chagny, Odile; Döpke, Jörg - 2001
die Euro-Zone. Obwohl die Methoden einige wichtige gemeinsame Eigenschaften aufweisen, zeigen sie auch erhebliche …The paper discusses some widely used methods for estimating output gaps based on aggregated data for the eurozone … methods commonly used have only limited information content for inflation forecasting in the euro-zone. Conclusions for …
Persistent link: https://www.econbiz.de/10011473858
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Monetary conditions in the euro area : useful indicators of aggregate demand conditions?
Gottschalk, Jan - 2001
This paper reviews the usefulness of monetary conditions in the euro area as leading indicators for aggregate demand conditions. Monetary conditions are measured with the MCI concept proposed by the Bank of Canada, and with the yield spread. A central result is that causality runs in both ways...
Persistent link: https://www.econbiz.de/10011474154