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Persistent link: https://www.econbiz.de/10000647269
This paper studies the causes of price dispersion in the euro area emerging in response to a shock that hits all member countries symmetrically. We use a panel VAR model which is estimated over the period 1996 - 2007 to generate impulse responses of a range of price and wage variables to an oil...
Persistent link: https://www.econbiz.de/10003871916
Persistent link: https://www.econbiz.de/10008663160
This paper evaluates short-term forecasts of real GDP in the Euro area derived from the CESifo Economic Climate indicator (WES) in terms of forecast accuracy. We compare the forecast properties of the WES with those of monthly composite indicators. Considering the WES is interesting because (i)...
Persistent link: https://www.econbiz.de/10008858942
banking crisis. Other EU countries, above all France, were indirectly affected by this crisis, and some eastern European … countries are also endangered. Although the EU has tried to contain the euro crisis with extensive rescue operations that have … switch that will shift the forces of growth back from the periphery to the center, although the EU rescue measures counteract …
Persistent link: https://www.econbiz.de/10008647425
This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
Persistent link: https://www.econbiz.de/10011398903
Persistent link: https://www.econbiz.de/10010530278
Persistent link: https://www.econbiz.de/10009723600
This paper explores the potential effectiveness of the ECBś Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...
Persistent link: https://www.econbiz.de/10010246072
Persistent link: https://www.econbiz.de/10009783987