Showing 1 - 10 of 825
Persistent link: https://www.econbiz.de/10001590832
This paper addresses the question of the joint conduct of fiscal and monetary policy in a currency union. The problem is studied using a two-country DSGE framework with staggered price setting, monopolistic competition in the goods market, distortionary taxation and nominal debt. The two...
Persistent link: https://www.econbiz.de/10003023461
This paper presents first the estimation of a two-country DSGE model for the euro area and the rest-of-the-world including relevant oil-price channels. We then investigate the optimal resolution of the policy tradeoffs emanating from oil-price disturbances. Our simulations show that the...
Persistent link: https://www.econbiz.de/10003803330
This paper studies stabilisation in a multi-country currency union of small open economies. It abstracts from key factors favouring currency union formation, such as reduced transaction costs and enhanced credibility, which are exogenous to the factors studied here. Demand-side shocks hamper...
Persistent link: https://www.econbiz.de/10003789427
Persistent link: https://www.econbiz.de/10011349866
Recent debate has focused on the introduction of a central stabilisation capacity as a completing element of the Economic and Monetary Union. Its main objective would be to contribute cushioning country-specific economic shocks, especially when national fiscal stabilisers are run down. There are...
Persistent link: https://www.econbiz.de/10011810026
In this paper we use a medium-scale DSGE model to quantitatively assess the macroeconomic stabilisation properties of a supranational unemployment insurance scheme. The model is calibrated to the euro area's core and periphery and features a rich fiscal sector, sovereign risk premia and labour...
Persistent link: https://www.econbiz.de/10012241162
The objective of this paper is to investigate which factors ] macroeconomic, policy ]related or institutional ] foster the implementation of structural reforms. To this objective, we look at episodes of structural reforms over three decades across 40 OECD and EU countries and link them to such...
Persistent link: https://www.econbiz.de/10011662947
Persistent link: https://www.econbiz.de/10002555033
Persistent link: https://www.econbiz.de/10011288650