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Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area : a structural model-based approach
Jacquinot, Pascal; Lozej, Matija; Pisani, Massimiliano - 2018
We evaluate the effects of permanently reducing labour tax rates in the euro area (EA) by simulating a large-scale open economy dynamic general equilibrium model. The model features the EA as a monetary union, split in two regions (Home and the rest of the EA - REA), the US, and the rest of the...
Persistent link: https://www.econbiz.de/10011792134
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Shocks and labour cost adjustment : evidence from a survey of European firms
Mathä, Thomas; Millard, Stephen Patrick; Rõõm, Tairi; … - 2019
shock (demand shock, access-to-finance shock, "availability of supplies" shock), but differs according to the direction of … the shock (positive or negative), its size and persistence. In 2010-13, firms responding to negative shocks were most … likely to reduce employment, then hourly wages and then hours worked, regardless of the source of the shock. Results for the …
Persistent link: https://www.econbiz.de/10011997513
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Is time ripe for a currency union in emerging East Asia? : The role of monetary stabilisation
Sánchez, Marcelo (contributor) - 2005
This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. Our empirical analysis is based on a simple analytical framework for currency unions of small open economies, with a focus on the conduct of monetary policy in the presence of different types...
Persistent link: https://www.econbiz.de/10003290654
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Stabilization policy in a two country model and the role of financial frictions
Faia, Ester - 2001
Persistent link: https://www.econbiz.de/10001590832
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Policy spillovers and synergies in a monetary union
Arce, Óscar; Hurtado, Samuel; Thomas, Carlos - Task Force on Low Inflation (LIFT) - 2016
Persistent link: https://www.econbiz.de/10011618779
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A new optimum currency area index for the euro area
Kunovac, Davor; Rodriguez Palenzuela, Diego; Sun, Yiqiao - 2022
We propose a new and time-varying optimum currency area (OCA) index for the euro area in assessing the evolution of the OCA properties of the monetary union from an international business cycle perspective. It is derived from the relative importance of symmetric vs. asymmetric shocks that result...
Persistent link: https://www.econbiz.de/10013375123
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The international dimension of an incomplete EMU
Ioannou, Demosthenes; Pagliari, Maria Sole; Stracca, Livio - 2020
This paper quantifies the economic influence that shocks to EMU cohesion, which in turn reflect the incomplete nature of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion shocks based on a combination of sign, magnitude and...
Persistent link: https://www.econbiz.de/10012263010
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Labor adjustment and productivity in the OECD
Dossche, Maarten; Gazzani, Andrea; Lewis, Vivien - 2021
Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in our model with variable effort, greater labor market...
Persistent link: https://www.econbiz.de/10012547644
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Euro's influence upon trade : Rose effect versus border effect
Cafiso, Gianluca (contributor) - 2008
This paper assesses the Euro's influence upon European trade by estimating two different indicators. The first is the so-called "Rose Effect", while the second is the "Border Effect". The former measures how much a country within a currency union trades more with its partners than with...
Persistent link: https://www.econbiz.de/10003790947
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International risk-sharing and the transmission of productivity shocks
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2004
A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset markets and a low price elasticity of tradables can account...
Persistent link: https://www.econbiz.de/10009636531