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Monetary policy in EMU when the transmission is asymmetric and uncertain

De Grauwe, Paul; Sénégas, Marc-Alexandre - 2003

In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data. We find that the uncertainty about the transmission process increases the need to take into account information about...

Persistent link: https://www.econbiz.de/10001753567

The impact of FX central bank intervention in a noise trading framework

Beine, Michel (contributor); De Grauwe, Paul (contributor); … - 2005

In this paper we investigate the effects of central bank interventions (CBI) in a noise trading model with chartists and fundamentalists. We first estimate a model in which chartists extrapolate past returns and fundamentalists forecast a mean reverting dynamics of the exchange rate towards a...

Persistent link: https://www.econbiz.de/10003113337

Does the economic integration of China affect growth and inflation in industrial countries?

Dreger, Christian; Zhang, Yanqun - 2013

Persistent link: https://www.econbiz.de/10009785443

Is monetary policy in the eurozone less effective than in the US?

De Grauwe, Paul (contributor); Costa, Cláudia (contributor) - 2005

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the ECB's monetary policies. In order to test this "ECB-handicap" hypothesis, we perform a meta-analysis of the effects of monetary policies in the US and the Eurozone countries....

Persistent link: https://www.econbiz.de/10003297484

Common and spatial drivers in regional business cycles

Artis, Michael J.; Dreger, Christian; Kholodilin, Konstantin - 2009

We examine real business cycle convergence for 41 euro area regions and 48 US states. Results obtained by a panel model with spatial correlation indicate that the relevance of common business cycle factors is rather stable over the past two decades in the euro area and the US. Ongoing business...

Persistent link: https://www.econbiz.de/10003807457

Liquidity and asset prices : how strong are the linkages?

Dreger, Christian; Wolters, Jürgen - 2009

The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the...

Persistent link: https://www.econbiz.de/10003807460

Common and spatial drivers in regional business cycles

Artis, Michael J.; Dreger, Christian; Kholodilin, Konstantin - 2009

Persistent link: https://www.econbiz.de/10003828182

Common and spatial drivers in regional business cycles

Artis, Michael J.; Dreger, Christian; Kholodilin, Konstantin - 2009

Persistent link: https://www.econbiz.de/10003830434

Non-linearities in the relation between the exchange rate and its fundamentals

Altavilla, Carlo (contributor); De Grauwe, Paul (contributor) - 2005

This paper investigates the relationship between the euro-dollar exchange rate and its underlying fundamentals. First, we develop a simple theoretical model in which chartists and fundamentalists interact. This model predicts the existence of different regimes, and thus nonlinearities in the...

Persistent link: https://www.econbiz.de/10003202226

Hysteresis and persistence in the course of unemployment : the EU and US experience

Dreger, Christian (contributor); … - 2006

We investigate hysteresis and persistence behaviour in the course of unemployment in EU countries and US states by …. Hysteresis in EU unemployment is attributed to the idiosyncratic, but not to the common component. In contrast, idiosyncratic … component. These findings might reflect a lower degree of migration of the unemployed in the EU from starving into prosperous …

Persistent link: https://www.econbiz.de/10003304447