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Heterogeneity in money holdings across euro area countries : the role of housing

Setzer, Ralph; Noord, Paul Joseph van den; Wolff, Guntram B. - 2010

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show...

Persistent link: https://www.econbiz.de/10010208778

Fiscal institutions, fiscal policy and sovereign risk premia

Hallerberg, Mark (contributor); … - 2006

deficits on interest spreads contained in bond yields of the countries now belonging to the Eurozone. Deficits significantly …. The results are robust to controlling for country fixed effects and different estimation methodologies. …

Persistent link: https://www.econbiz.de/10003383604

Fiscal institutions, fiscal policy and sovereign risk premia in EMU

Hallerberg, Mark; Wolff, Guntram B. - In: Public choice 136 (2008) 3/4, pp. 379-396

Persistent link: https://www.econbiz.de/10003746526

Mere criticism of the ECB is no solution

Fratzscher, Marcel; Gropp, Reint; Kotz, Hans-Helmut; … - 2015

The eurozone remains in a deep, largely macro-economic crisis. A robust global economy and falling oil prices have … supported Europeś economy for some time, but by now it is clear that the eurozone will only be able to pull itself out of this …

Persistent link: https://www.econbiz.de/10011449399

Banking and sovereign risk in the euro area

Gerlach, Stefan; Schulz, Alexander; Wolff, Guntram B. - 2010

We study the determinants of sovereign bond spreads in the euro area since the introduction of the euro. We show that an aggregate risk factor is a main driver of spreads. This factor also plays an important indirect role for risk spreads through its interaction with the size and structure of...

Persistent link: https://www.econbiz.de/10003971081