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The Welfare Cost of the EMU for Transition Countries
Ferreira-Lopes, Alexandra - In: Prague Economic Papers 2014 (2014) 4, pp. 446-473
The Czech Republic, Hungary, and Poland are set to join the Economic and Monetary Union (EMU) in the near future. This … directly evaluate the effects of monetary policy in terms of welfare. Our findings suggest that the Czech Republic and Poland … may experience sizable welfare costs as a result of joining the EMU. Results for Hungary are less striking as welfare …
Persistent link: https://www.econbiz.de/10011195639
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The Costs of EMU for Transition Countries
Lopes, Alexandra - Society for Computational Economics - SCE - 2006
Czech Republic, Hungary and Poland will have to join the European and Monetary Union. Surprisingly, there is very …
Persistent link: https://www.econbiz.de/10005537413
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In or Out? The Welfare Costs of EMU Membership
Ferreira-Lopes, Alexandra - Unidade de Investigação em Desenvolvimento … - 2008
Denmark, Sweden, and the UK have repeatedly refused to join the European and Monetary Union (EMU). Surprisingly, there is very little work on the welfare consequences of the loss of monetary policy flexibility for these countries. This paper fills this void by providing a framework to evaluate...
Persistent link: https://www.econbiz.de/10010561305
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Do Central Banks Respond to Exchange Rate Movements? A Markow-Switching Structural Investigation
Alstadheim, Ragna; Bjørnland, Hilde Christiane; Maih, … - Centre for Applied Macro- and Petroleum economics … - 2013
Do central banks respond to exchange rate movements? According to Lubik and Schorfheide (2007) who estimate structural general equilibrium models with monetary policy rules, the answer is "Yes, some do". However, their analysis is based on a sample with multiple regime changes, which may bias...
Persistent link: https://www.econbiz.de/10010936722
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Do central banks respond to exchange rate movements? A Markov-switching structural investigation
Alstadheim, Ragna; Bjørnland, Hilde C.; Maih, Junior - Norges Bank - 2013
Do central banks respond to exchange rate movements? According to Lubik and Schorfheide (2007) who estimate structural general equilibrium models with monetary policy rules, the answer is "Yes, some do". However, their analysis is based on a sample with multiple regime changes, which may bias...
Persistent link: https://www.econbiz.de/10010787754
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Assessing Financial Vulnerability in Partially Dollarized Economies
Castro, Juan F. - 2004
The reduction of macroeconomic vulnerability in emerging markets is at the core of the research agenda. In this context, liability dollarization plays a vital role and its implications have been addressed in the literature via a quot;financial acceleratorquot; mechanism. After allowing for...
Persistent link: https://www.econbiz.de/10012738228
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Possible Effects of European Monetary Union on Switzerland : A Case Study of Policy Dilemmas Caused by Low Inflation and the Nominal Interest Rate Floor
Laxton, Douglas - 2006
This paper examines the possible effects on Switzerland of asset preference shifts in favor of Swiss-franc-denominated assets that could result from EMU. Alternative policy responses to temporary and persistent asset preference shifts and the consequent pressures for exchange rate appreciation...
Persistent link: https://www.econbiz.de/10012782356
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Measurement of Costs and Benefits of Accession to the European Union for Selected Countries in Central and Eastern Europe
Mortensen, Jorgen; Richter, Sandor - Wiener Institut für Internationale … - 2000
and benefits for the Czech Republic, Hungary, Poland and Slovenia of the envisaged accession to the European Union. The …
Persistent link: https://www.econbiz.de/10009649620
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Analysis of various shocks within the high-frequency versions of the baseline New-Keynesian model
Sacht, Stephen - Institut für Volkswirtschaftslehre, … - 2014
In this paper we analyze a hybrid small-scale New-Keynesian model with an arbitrary frequency of the agents' synchronized decision making. We study the impact of various demand and supply shocks on the dynamics of the model variables. We show that the corresponding impulse-response functions of...
Persistent link: https://www.econbiz.de/10010954813
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Monetary Policy Rules and Business Cycles
Kim, Soyoung - Banco de España - 1998
Business cycle properties under different monetary policy rules are examined in a variety of dynamic stochastic general equilibrium models (the real business cycle models, the nominal wage contract models with different length of contracts, and the monopolistic competition models with different...
Persistent link: https://www.econbiz.de/10005155288