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Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe
Belke, Ansgar; Schnabl, Gunther; Zemanek, Holger - 2009
The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...
Persistent link: https://www.econbiz.de/10010265796
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Current Account Balances and Structural Adjustment in the Euro Area
Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2010
In the past decade, a set of euro area countries has accumulated large current account deficits. After a brief relaxation of the euro area internal imbalances in the wake of the financial crisis, it appears as if this pattern arises anew when times normalize again and Germany still sticks to...
Persistent link: https://www.econbiz.de/10010269989
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State-of-Play in Implementing Macroeconomic Adjustment Programmes in the Euro Area
Gros, Daniel; Alcidi, Cinzia; Belke, Ansgar; Coutinho, … - 2014
Two of the four macroeconomic adjustment programmes, Portugal and Ireland's, can be considered a success in the sense that the initial expectations in terms of adjustment, both fiscal and external, were broadly fulfilled. A rebound based on exports has taken hold in these two countries, but a...
Persistent link: https://www.econbiz.de/10010352745
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Interest rate hysteresis in macroeconomic investment under uncertainty
Belke, Ansgar; Göcke, Matthias - 2019
important driver of macroeconomic investment. As an innovation, this paper derives the exact shape of the "hysteretic" impact of … changes in the interest rate on macroeconomic investment under the scenarios of certainty and uncertainty. We capture the … direct interest rate-hysteresis effects on investment and the capital stock and, explicitly, stochastic changes of the …
Persistent link: https://www.econbiz.de/10011994803
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Interest rate bands of inaction and play-hysteresis in domestic investment: Evidence for the euro area
Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability …. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank … impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate …
Persistent link: https://www.econbiz.de/10012036861
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State-of-Play in Implementing Macroeconomic Adjustment Programmes in the Euro Area
Gros, Daniel; Alcidi, Cinzia; Belke, Ansgar; Coutinho, … - Rheinisch-Westfälisches Institut für … - 2014
Two of the four macroeconomic adjustment programmes, Portugal and Ireland’s, can be considered a success in the sense that the initial expectations in terms of adjustment, both fiscal and external, were broadly fulfilled. A rebound based on exports has taken hold in these two countries, but a...
Persistent link: https://www.econbiz.de/10010778653