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Cross-border banking and business cycles in asymmetric currency unions
Dräger, Lena; Proaño Acosta, Christian - 2016
Against the background of the emergence of macroeconomic imbalances within the European Monetary Union (EMU), we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard...
Persistent link: https://www.econbiz.de/10011414652
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The golden rule of public investment : a necessary and sufficient reform of the EU fiscal framework?
Truger, Achim - 2016
It is by now a widely shared insight that fiscal policy needs to be re-strengthened as a macroeconomic policy instrument within European macroeconomic policies: Recent experiences with austerity policies, new research regarding the size of the fiscal multiplier and the fact that monetary policy...
Persistent link: https://www.econbiz.de/10011477456
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Hysteresis and NAIRU in the Euro area
Logeay, Camille; Tober, Silke - 2005 - This version: July 2005
In diesem Arbeitspapier wird die NAIRU für den Euroraum und für Deutschland geschätzt. Dabei wird insbesondere der … Arbeitslosigkeit bzw. der Langzeitarbeitslosigkeit für den Euroraum und für Deutschland signifikant geschätzt wird. Das Vorliegen von …
Persistent link: https://www.econbiz.de/10003744523
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Disequilibrium macroeconomic dynamics, income distribution and wage-price Phillips curves : evidence from the US and the euro area
Proaño Acosta, Christian; Flaschel, Peter; Ernst, Ekkehard - 2006
The authors of this paper formulate a disequilibrium AS-AD model based on sticky wages and prices, perfect foresight of current inflation rates and adaptive expectations concerning the inflation climate in which the economy operates. The model consists of a wage and a price Phillips curves, a...
Persistent link: https://www.econbiz.de/10003744531
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Asset price bubbles and monetary policy : why central banks have been wrong and what should be done
Palley, Thomas I. - 2008
In den letzten Jahren drehte sich die geldpolitische Debatte vorrangig um Inflationssteuerung (inflation targeting) und Vermögenspreisblasen. Der vorliegende Text untersucht, wie solchen Blasen direkt begegnet werden kann, was die US-amerikanische Zentralbank, die Fed, bislang immer abgelehnt...
Persistent link: https://www.econbiz.de/10003744542
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Gradual wage-price adjustments, labour market frictions and monetary policy rules
Proaño Acosta, Christian - 2007
In a Post-Keynesian (PK) model we show that inflation targeting monetary policies, as the main stabilisation tool proposed by the New Consensus Model (NCM), in the short run are only adequate for certain values of the model parameters, but are either unnecessary, counterproductive, or limited in...
Persistent link: https://www.econbiz.de/10003747643
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Risk sharing revisited : empirics and concepts
Harms, Patrick Christian - 2021
The paper adds to the literature as follows: starting from the benchmark model of Asdrubali et al. (1996), we reproduce the original specification with a data set obtained from the authors as well as possible. In a second step, this specification is brought to euro area data. Again, the results...
Persistent link: https://www.econbiz.de/10012436572
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Spillover effects of Germany's final demand on Southern Europe
Schröder, Enno; Picek, Oliver - 2017
schätzen. Die Spillover-Effekte sind eher klein. Im Alleingang wird Deutschland keinen wesentlichen Beitrag zum externen …
Persistent link: https://www.econbiz.de/10011667875
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Driving forces behind the sectoral wage costs differentials in Europe
Logeay, Camille; Stephan, Sabine; Zwiener, Rudolf - 2011
intersektorale Analysen. Für Deutschland zeigt sich ein außergewöhnliches Phänomen: der Unterschied zwischen den Arbeitskostenniveaus … giving some explanations. According to theory, various explanations are possible. First, the neo-classical theory emphasizes … sector derived from theory and literature. A bivariate analysis (correlation) is then performed and conclusions are drawn. In …
Persistent link: https://www.econbiz.de/10009530389
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Squaring the circle in Euroland? : some remarks on the stability and convergence programmes 2010 - 2013
Brecht, Michael; Tober, Silke; Treeck, Till van; … - 2010
Analyse basiert im Wesentlichen auf einigen einfachen Identitätsgleichungen, und besonderes Augenmerk liegt auf Deutschland …
Persistent link: https://www.econbiz.de/10009305424