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This paper analyses the effects of the COVID-19 pandemic shock on small open economies in a monetary union with an … focus on the size and the direction of international spillovers both from the shock itself and from the ensuing fiscal …
Persistent link: https://www.econbiz.de/10012643287
rest of the EA - REA), the US, and the rest of the world, region-specific labour markets with search and matching frictions …
Persistent link: https://www.econbiz.de/10011792134
We analyse the interaction between monetary and macroprudential policies in the euro area by means of a two-country DSGE model with financial frictions and cross-border spillover effects. We calibrate the model for the four largest euro area countries (i.e. Germany, France, Italy, and Spain),...
Persistent link: https://www.econbiz.de/10011996735
responses even to a common shock. We augment a multi-country model of the euro area with search and matching framework that … expansionary demand shock and to an inflationary supply shock under the Taylor rule, asymmetric unemployment targeting, and average …
Persistent link: https://www.econbiz.de/10013492935
We identify a novel dimension of monetary policy from high-frequency changes in asset prices around ECB policy events, orthogonal to surprises extracted from risk-free interest rates. We find that it is present in policy events that were interpreted by real-time market commentaries as containing...
Persistent link: https://www.econbiz.de/10012818740
of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion … area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic activity … in the rest of the world, as well as a fall in imports/exports of both the euro area and the rest of the world. A …
Persistent link: https://www.econbiz.de/10012263010
We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB's New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...
Persistent link: https://www.econbiz.de/10014315252
We estimate a modified version of the "Financial Business Cycles" model originally developed by Iacoviello (2015) in order to investigate the role played by financial factors in driving the business cycle in the euro area. In the model, financial shocks such as borrower defaults, collateral...
Persistent link: https://www.econbiz.de/10012299080
Persistent link: https://www.econbiz.de/10011618779
We decompose euro area sovereign bond yields into five distinct components: i) expected future short-term risk-free rates and a term premium, ii) default risk premium, iii) redenomination risk premium, iv) liquidity risk premium, and a v) segmentation (convenience) premium. Iden- tification is...
Persistent link: https://www.econbiz.de/10012519519