Similar Search Results

Quantitative Sovereign Default Models and the European Debt Crisis

Bocola, Luigi - 2018

A large literature has developed quantitative versions of the Eaton and Gersovitz (1981) model to analyze default episodes on external debt. In this paper, we study whether the same framework can be applied to the analysis of debt crises in which domestic public debt plays a prominent role. We...

Persistent link: https://www.econbiz.de/10012480634

Is It Too Late to Bail Out the Troubled Countries in the Eurozone?

Conesa, Juan Carlos - 2014

Central Bank, and International Monetary Fund) organize similar bailouts for the troubled countries in the Eurozone? Our … analysis suggests that debt levels are so high that bailouts with penalty interest rates could induce the Eurozone governments … to default rather than reduce their debt. A resumption of economic growth is one of the few ways that the Eurozone crises …

Persistent link: https://www.econbiz.de/10012458755

The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis

Reis, Ricardo - 2013

In spite of the mystique behind a central bank's balance sheet, its resource constraint bounds the dividends it can distribute by the present value of seignorage, which is a modest share of GDP. Moreover, the statutes of the Federal Reserve or the ECB make it difficult for it to redistribute...

Persistent link: https://www.econbiz.de/10012459932

Exchange Rate Pass-Through and the Welfare Effects of the Euro

Devereux, Michael B. - 1999

This paper explores the implications of the European single currency within a simple sticky price intertemporal model. The main issue we focus on is how the euro may alter the responsiveness of consumer prices to exchange rate changes. Our central conjectures is that the acceptance of the euro...

Persistent link: https://www.econbiz.de/10012471402

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

Casella, Alessandra - 1999

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/10012471505

EMU : Ready, or Not?

Obstfeld, Maurice - 1999

In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...

Persistent link: https://www.econbiz.de/10012471509

A Phillips Curve for the Euro Area

Ball, Laurence M. - 2019

This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which is less volatile than the common measure of inflation...

Persistent link: https://www.econbiz.de/10012480393

MPC Heterogeneity in Europe : Sources and Policy Implications

Ampudia, Miguel - 2018

This paper studies household financial choices in four euro area countries. The goal of the analysis is to understand the sources of the differences in these choices and their implications for the impact of monetary policy on consumption. The estimation of key parameters uses a simulated method...

Persistent link: https://www.econbiz.de/10012480733

Exchange-Rate Pass-Through to Import Prices in the Euro Area

Campa, José Manuel - 2005

This paper presents an empirical analysis of transmission rates from exchange rate movements to import prices, across countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of exchange rate changes to import prices in the short run...

Persistent link: https://www.econbiz.de/10012467045

Long-Run Determinants of Inflation Differentials in a Monetary Union

Altissimo, Filippo - 2005

some stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main components of the consumer price index. We find that a relatively large proportion of it occurs in the Service category of the EU's harmonized consumer price index (HICP). We...

Persistent link: https://www.econbiz.de/10012467206

1
2
3
4
5
6
7
8
9
10
Next
Last