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Kicking the Can Down the Road : Government Interventions in the European Banking Sector

Acharya, Viral V.; Borchert, Lea; Jager, Maximilian; … - 2022

We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector …, eventually, greater reliance on liquidity support from the European Central Bank …

Persistent link: https://www.econbiz.de/10013295279

The Ecb's Fiscal Policy

Sinn, Hans-Werner - 2018

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also...

Persistent link: https://www.econbiz.de/10012918640

Immigrants, Labor Market Dynamics and Adjustment to Shocks in the Euro Area

Basso, Gaetano - 2018

We analyze the role of labor mobility in cushioning labor demand shocks in the Euro Area. We find that foreign born workers' mobility is strongly cyclical, while this is not the case for natives. Foreigners' higher population to employment elasticity reduces the variation of overall employment...

Persistent link: https://www.econbiz.de/10012910312

The European Central Bank : A Bank or a Monetary Policy Rule

Folkerts-Landau, David F. I.; Garber, Peter M. - 2021

Monetary Union. The EC Committee of Central Bank Governors has recently produced a Draft Statute of the European System of … Central Banks and of the European Central Bank. The draft Statute mandates the maintenance of price stability as the explicit … large-volume wholesale payments system. Instead, the historically prevalent bank-intermediated financial system will have to …

Persistent link: https://www.econbiz.de/10013222223

International Implications of German Unification

Sinn, Hans-Werner - 2021

This paper advances the hypothesis that the EUS crisis was caused by German unification. The unification has implied a massive resource demand which parallels the US resource demand following Reagan's tax reforms in the eighties. The resource demand revised the German interest rates relative to...

Persistent link: https://www.econbiz.de/10013223325

Do Balanced Budget Rules Work? U.S. Experience and Possible Lessons for the Emu

Inman, Robert P. - 2021

The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...

Persistent link: https://www.econbiz.de/10013223574

Subsidiarity and the European Union

Inman, Robert P.; Rubinfeld, Daniel L. - 2021

The European Union is at a crossroads. At issue will be each of the three decisions which define a federal constitution: the number of participating governments, the assignment of policy responsibilities to the new EMU, and the representation of local interests in, and the decision-making rules...

Persistent link: https://www.econbiz.de/10013225568

The Immediate Challenges for the European Central Bank

Dornbusch, Rudiger; Favero, Carlo A.; Giavazzi, Francesco - 2021

This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability...

Persistent link: https://www.econbiz.de/10013226068

Tradable Deficit Permits : Efficient Implementation of the Stability Pacin the European Monetary Union

Casella, Alessandra - 2021

Borrowing from the experience of environmental markets, this paper proposes a system of tradable deficit permits as an efficient mechanism for implementing fiscal constraints in the European Monetary Union: having chosen an aggregate target for the Union and an initial distribution of permits,...

Persistent link: https://www.econbiz.de/10013226991

The First Year of the Eurosystem : Inflation Targeting or Not?

Svensson, Lars E. O. - 2021

This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy...

Persistent link: https://www.econbiz.de/10013234929