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Bordo, Michael D. - 2008

This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...

Persistent link: https://www.econbiz.de/10012772728

Measuring Sovereign Contagion in Europe

Caporin, Massimiliano - 2020

eurozone countries. By emphasizing several econometric approaches (nonlinear regression, quantile regression and Bayesian … quantile regression with heteroskedasticity) we show that propagation of shocks in Europe's CDS has been remarkably constant … their sovereign debt and fiscal situations. Thus, the integration among the different eurozone countries is stable, and the …

Persistent link: https://www.econbiz.de/10012823085

Seigniorage in Europe

Grilli, Vittorio - 2021

In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the recent past, and we speculate about their importance in the near future. We find that the members of the European community differ widely in the way they manage monetary...

Persistent link: https://www.econbiz.de/10013248704

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

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

ECB Policies Involving Government Bond Purchases : Impact and Channels

Krishnamurthy, Arvind - 2017

We evaluate the effects of three ECB policies (the Securities Markets Programme, the Outright Monetary Transactions, and the Long-Term Refinancing Operations) on government bond yields. We use a novel Kalman-filter augmented event-study approach and yields on euro-denominated sovereign bonds,...

Persistent link: https://www.econbiz.de/10012944157

Stability First : Reflections Inspired by Otmar Issing's Success as the Ecb's Chief Economist

Gaspar, Vitor - 2010

questions, relevant for the future of central banking in Europe that Issing may want to consider in case leisure allows …

Persistent link: https://www.econbiz.de/10012761403

Establishing Credibility : Evolving Perceptions of the European Central Bank

Goldberg, Linda S. - 2010

The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high frequency data to test for persistent variation in market perceptions of...

Persistent link: https://www.econbiz.de/10012761892

The Ecb's Fiscal Policy

Sinn, Hans-Werner - 2018

spiral resulting from its bid to manage the crisis. It also outlines ongoing competitiveness problems in southern Europe … development of Europe …

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

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

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

A European central banking institution will be an essential feature of the final stage of the European Economic and 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...

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

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