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Incentive-Compatible Unemployment Reinsurance for the Euro Area
Karajvanov, Alexander K.; Mojon, Benoît; Silva, Luiz … - National Bureau of Economic Research - 2024
We model a reinsurance mechanism for the national unemployment insurance programs of euro area member states. The risk-sharing scheme we analyze is designed to smooth country-level unemployment risk and expenditures around each country's median level, so that participation and contributions...
Persistent link: https://www.econbiz.de/10014544675
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COVID-19 and SME Failures
Gourinchas, Pierre-Olivier - 2020
estimate only moderate effects on the financial sector: the share of Non Performing Loans on bank balance sheets would increase …
Persistent link: https://www.econbiz.de/10012481180
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Political Credit Cycles : The Case of the Euro Zone
Fernandez-Villaverde, Jesus - 2013
process in Greece, Spain, Ireland, and Portugal and, by way of contrast, in Germany, a country that did experience a reform …
Persistent link: https://www.econbiz.de/10012459762
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MPC Heterogeneity in Europe : Sources and Policy Implications
Ampudia, Miguel - 2018
. The estimation of key parameters uses a simulated method of moments approach to match moments related to asset market … estimation are used to characterize the distributions of the marginal propensity to consume across households for each of the … policy-induced variations in stock returns. Finally, monetary contractions have a larger impact on consumption in Germany and …
Persistent link: https://www.econbiz.de/10012480733
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Contagion in the European Sovereign Debt Crisis
Glover, Brent - 2014
We use a network model of credit risk to measure market expectations of the potential spillovers from a sovereign default. Specifically, we develop an empirical model, based on the recent theoretical literature on contagion in financial networks, and estimate it with data on sovereign credit...
Persistent link: https://www.econbiz.de/10012458098
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Regional Nonadjustment and Fiscal Policy : Lessons for EMU
Obstfeld, Maurice - 1999
pattern of the United States. In this paper we compare the US with Germany, Italy, the United Kingdom, and also with Canada …
Persistent link: https://www.econbiz.de/10012471641
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Household Balance Sheet Channels of Monetary Policy : A Back of the Envelope Calculation for the Euro Area
Slacalek, Jiri - 2020
This paper formulates a back of the envelope approach to study the effects of monetary policy on household consumption expenditures. We analyze several transmission mechanisms operating through direct, partial equilibrium channels--intertemporal substitution and net interest rate exposure--and...
Persistent link: https://www.econbiz.de/10012479154
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The Breakup of the Euro Area
Eichengreen, Barry - 2007
member states led politicians to blame the European Central Bank for disappointing economic performance. Highly …
Persistent link: https://www.econbiz.de/10012465257
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ECB Policies Involving Government Bond Purchases : Impact and Channels
Krishnamurthy, Arvind - 2017
rates to understand the channels through which policies reduced sovereign bond yields. On average across Italy, Spain and …
Persistent link: https://www.econbiz.de/10012453728
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Jump Starting the Euro Area Recovery : Would a Rise in Core Fiscal Spending Help the Periphery?
Blanchard, Olivier - 2015
We show that a fiscal expansion by the core economies of the euro area would have a large and positive impact on periphery GDP assuming that policy rates remain low for a prolonged period. Under our preferred model specification, an expansion of core government spending equal to one percent of...
Persistent link: https://www.econbiz.de/10012457242