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Structural econometric approach to bidding in the main refinancing operations of the Eurosystem

Cassola, Nuno (contributor); Ewerhart, Christian (contributor) - 2007

This paper contributes to the existing literature on central bank repo auctions. It is based on a structural econometric approach, whereby the primitives of bidding behavior (individual bid schedules and bid-shading components) are directly estimated. With the estimated parameters we calibrate a...

Persistent link: https://www.econbiz.de/10003516661

The Maastricht convergence criteria and optimal monetary policy for the EMU accession Countries

Lipińska, Anna (contributor) - 2008

The EMU accession countries are obliged to fulfill the Maastrich convergence criteria prior to entering the EMU. This paper uses a DSGE model of a two-sector small open economy, to address the following question: How do the Maastricht convergence criteria modify optimal monetary policy in an...

Persistent link: https://www.econbiz.de/10003778818

Fiscal and monetary policy in the enlarged European Union (forthcoming)

Pogorelec, Sabina (contributor) - 2006

I build a quantitative two-country DSGE model of the European Union (EU) and investigate whether there are welfare … gains from fiscal policy cooperation between the new EU members and the euro area (EMU). Fiscal cooperation is defined in … firms in the new EU countries. When there is no foreign ownership in the new EU countries, the euro area is indifferent …

Persistent link: https://www.econbiz.de/10003358603

The political economy under monetary union: has the euro made a difference?

Fratzscher, Marcel; Stracca, Livio - 2008

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Persistent link: https://www.econbiz.de/10003794175

The admission of accession countries to an enlarged monetary union : a tentative assessment

Ca'Zorzi, Michele (contributor); … - 2003

Persistent link: https://www.econbiz.de/10001762876

Monetary policy, bank capital and credit supply : a role for discouraged and informally rejected firms

Popov, Alexander - 2013

Persistent link: https://www.econbiz.de/10010195383

Implications of monetary union for catching-up member states

Sánchez, Marcelo (contributor) - 2006

We examine the implications of monetary union for macroeconomic stabilisation in catching up participating countries. We allow member states’supply conditions to differ inside the union, especially with regard to sectoral characteristics. Sectoral productivity shocks on balance hamper the...

Persistent link: https://www.econbiz.de/10003337166

The European Monetary Union as a commitment device for new EU member states

Ravenna, Federico (contributor) - 2005

This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy. When the central bank enjoys only limited credibility a pegged exchange rate regime yields a...

Persistent link: https://www.econbiz.de/10003057319

International transmission and monetary policy cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10003636288

Euro area money demand and international portfolio allocation : a contribution to assessing risks to price stability

De Santis, Roberto A. (contributor); … - 2008

The long-run relationship between money and prices in the euro area embedded in traditional money demand models with income and interest rates broke down after 2001. We develop an money demand model where investors hold a diversified portfolio with money, domestic and foreign stocks and...

Persistent link: https://www.econbiz.de/10003789419

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