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Automatic Stabilizers and Economic Crisis : Us vs. Europe

Dolls, Mathias - 2010

income shock in the EU, compared to 32 per cent in the US. In the case of an unemployment shock 47 percent of the shock are … absorbed in the EU, compared to 34 per cent in the US. This cushioning of disposable income leads to a demand stabilization of … up to 30 per cent in the EU and up to 20 per cent in the US. There is large heterogeneity within the EU. Automatic …

Persistent link: https://www.econbiz.de/10013139144

Fiscal and Migration Competition

Razin, Assaf - 2010

voter.The paper models the host country stylistically as a member of the core of an economic union (i.e., a core EU welfare …. The source country is modeled as an accession country to an economic union (i.e., through the EU enlargement treaty), with …

Persistent link: https://www.econbiz.de/10013139888

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?

Canzoneri, Matthew B. - 2012

Formation of the Euro area raises new questions about the coordination of monetary and fiscal policy. Using a New Neoclassical Synthesis (NNS) model, we show that a common monetary policy, responding to area-wide aggregates, has asymmetric effects on countries within the union, depending on...

Persistent link: https://www.econbiz.de/10013100660

Monetary Policy in Europe vs the Us : What Explains the Difference?

Uhlig, Harald - 2010

This paper compares monetary policy in the US and EMU during the last decade, employing an estimated hybrid New Keynesian cash-in-advance model, driven by five shocks. It appears that the difference between the two monetary policies between 1998 and 2006 is due to both surprises in productivity...

Persistent link: https://www.econbiz.de/10013152671

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds

Cassola, Nuno - 2009

In this paper we study European banks' demand for short-term funds (liquidity) during the summer 2007 subprime market crisis. We use bidding data from the European Central Bank's auctions for one-week loans, their main channel of monetary policy implementation. Through a model of bidding, we...

Persistent link: https://www.econbiz.de/10013157928

Shocks, Structures or Monetary Policies? The Euro Area and Us after 2001

Christiano, Lawrence J. - 2008

The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...

Persistent link: https://www.econbiz.de/10012773305

Monetary Policy and Performance in the U.S., Japan and Europe, 1973-86

Fischer, Stanley - 2007

Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and evaluated, with the aim of drawing lessons for monetary policy from the recent historical record. All four countries shifted during this period to money targeting, though with...

Persistent link: https://www.econbiz.de/10012777224

Vying for Foreign Direct Investment : A Eu-Type Model of Tax Competition

Razin, Assaf - 2006

among the EU 15 and EU 10 in the enlarged European Union, as of 2004. We also demonstrate that the notion that the mere …

Persistent link: https://www.econbiz.de/10012782945

Three Current Account Balances : A "Semi-Structuralist" Interpretation

Chinn, Menzie David - 2006

Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area) -- are subjected to a minimalist structural interpretation. Though simple, this interpretation enables us to assess how much of each of the imbalances require a real exchange...

Persistent link: https://www.econbiz.de/10012783481

Trade Invoicing in the Accession Countries : Are They Suited to the Euro?

Goldberg, Linda S. - 2006

The accession countries to the euro area are increasingly binding their economic activity, external and internal, to the euro area countries. One aspect of this phenomenon concerns the currency invoicing of international trade transactions, where accession countries have reduced their use of the...

Persistent link: https://www.econbiz.de/10012783660