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Fiscal and monetary policy in the aftermath of the financial crisis. Summary of the BDF/EABCN/EJ/PSE conference on 8-9 December 2011
M. Bussière.; P. Towbin. - In: Quarterly selection of articles - Bulletin de la Banque … (2011) 24, pp. 145-154
A conference about fiscal and monetary policy in the aftermath of the financial crisis was organised on 8-9 December in Paris by the Banque de France together with the Paris School of Economics, the Euro Area Business Cycle Network and The Economic Journal. It brought together prominent...
Persistent link: https://www.econbiz.de/10010575139
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Revisiting business cycles in the Eurozone: A fuzzy clustering and discriminant approach
Quah, Chee-Heong - In: Acta Oeconomica 64 (2014) June, pp. 161-180
The first part of analysis draws out homogenous clusters of countries out of the 27 EU states based on their business cycle synchronicities with the euro area (EA) 12, quantified by correlations of cycles between the 27 countries’ GDP components and the EA12’s GDP1. The purpose is to compare...
Persistent link: https://www.econbiz.de/10011094472
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Sovereign risk and belief-driven fluctuations in the euro area
Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - C.E.P.R. Discussion Papers - 2013
Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this "sovereign risk channel." The model is calibrated to the euro area...
Persistent link: https://www.econbiz.de/10011084472
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Euro Crises and Euro Scams: Trade not Debt and Deficits Tell the Tale
Weeks, John - In: Ensayos Económicos 1 (2013) 69, pp. 7-36
The euro crisis was typically presented as excessive fiscal deficits leading to the accumulation of unsustainable public debts. This diagnosis applied most notably in Greece and Italy, but also Portugal and Spain. Implicit in much of the analysis, and occasionally explicit, was the suggestion...
Persistent link: https://www.econbiz.de/10010849649
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Fiscal spillovers in the Euro area
Caporale, Guglielmo Maria; Girardi, Alessandro - In: Journal of International Money and Finance 38 (2013) C, pp. 1-84
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of … VAR, or GVAR) using quarterly data for the EMU period suggests that euro-denominated government yields are strongly linked … imbalances in Italy and in other peripheral countries should be closely monitored by their EMU partners and the European …
Persistent link: https://www.econbiz.de/10010869458
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Fiscal Spillovers in the Euro Area
Caporale, Guglielmo Maria; Girardi, Alessandro - Dipartimento di Economia e Finanza (DEF), Libera … - 2013
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of … VAR, or GVAR) using quarterly data for the EMU period suggests that euro-denominated government yields are strongly linked … imbalances in Italy and in other peripheral countries should be closely monitored by their EMU partners and the European …
Persistent link: https://www.econbiz.de/10010791302
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European Integration and Employment: A New Role for Active Fiscal Policies?
Gatti, Donatella - Institute for the Study of Labor (IZA) - 2002
than the marginal benefit for the community. This result stresses one source of coordination failure within the EMU. …
Persistent link: https://www.econbiz.de/10005566365
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Partisanship and fiscal policy co-ordination in a monetary union
Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2001
Hibbs’ partisanship theory with the literature of fiscal policies international co- ordination. Furthermore, by considering …
Persistent link: https://www.econbiz.de/10005076746
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Wage and public expenditure setting in a monetary union
Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2001
European countries have progressively integrated from the point of view of trade and investment and have a common currency now. However, labour market and fiscal institutions have largely retained their national status. The aim of this paper is to examine: a) the possibility for trade unions of...
Persistent link: https://www.econbiz.de/10005076748
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The Optimality of a Monetary Union Without a Fiscal Union
Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 1998
The paper explores the case for monetary and fiscal unification. Monetary policy suffers from an inflation bias because the monetary authorities are not able to commit. With international risk-sharing in a fiscal union, fiscal discipline suffers from moral hazard. An inflation target alleviates...
Persistent link: https://www.econbiz.de/10005123736