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The Euro is good after all: Corporate evidence
Bris, Arturo; Koskinen, Yrjö - 2002
currency depreciations. The increase in investments has been financed mainly via debt issues. The evidence provided here …
Persistent link: https://www.econbiz.de/10010281234
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Rechtliche Vorgaben vs. wirtschaftliche Gesetzmäßigkeiten am Beispiel der europäischen Schuldenkrise
Weeber, Joachim - In: ifo Schnelldienst 64 (2011) 15, pp. 14-20
Zahlungsunfähigkeit von Mitgliedstaaten der Eurozone. Renditen von über 25% für die Anlage in kurzfristigen Staatsanleihen dieser Staaten … der Eurozone gesicherte Anleihen) waren vorher vornehmlich nur für Schwellen- oder Entwicklungsländer typisch. Die … aber vor allem die Saaten der Eurozone und mit ihr die mit rund zehn Jahren vergleichsweise junge Währung im Mittelpunkt …
Persistent link: https://www.econbiz.de/10011693212
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How important are foreign shocks in small open economy? The case of Slovakia
Horváth, Roman; Rusnák, Marek - 2008
In this paper, we provide evidence on the nature and the relative importance of domestic and foreign shocks in Slovak economy based on block-restriction vector autoregression model in 1999-2007. We document well-functioning monetary transmission mechanism in Slovakia. Subject to various...
Persistent link: https://www.econbiz.de/10010322189
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Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness
Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2009
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10010331421
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The performance and robustness of interest-rate rules in models of the euro area
Adalid, Ramón; Coenen, Günter; McAdam, Peter; … - 2005
In this paper, we examine the performance and robustness of optimised interest-rate rules in four models of the euro area which differ considerably in terms of size, degree of aggregation, relevance of forward-looking behavioural elements and adherence to micro-foundations. Our findings are...
Persistent link: https://www.econbiz.de/10011604525
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Insurance policies for monetary policy in the euro area
Kuester, Keith; Wieland, Volker - 2005
In this paper, we examine the cost of insurance against model uncertainty for the Euro area considering four alternative reference models, all of which are used for policy-analysis at the ECB. We find that maximal insurance across this model range in terms of a Minimax policy comes at moderate...
Persistent link: https://www.econbiz.de/10011604526
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Output and inflation responses to credit shocks: are there threshold effects in the euro area?
Calza, Alessandro; Sousa, João - 2005
This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The methodology, based on a non-linear VAR system, follows work by Balke (2000) for the US. The results reveal evidence of threshold effects related to credit conditions in the economy....
Persistent link: https://www.econbiz.de/10011604527
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Does government spending crowd in private consumption? Theory and empirical evidence for the euro area
Coenen, Günter; Straub, Roland - 2005
In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New-Keynesian DSGE model of the euro area featuring non-Ricardian households. Employing Bayesian inference methods, we show that the presence of non-Ricardian households is in general...
Persistent link: https://www.econbiz.de/10011604559
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The natural real interest rate and the output gap in the euro area: a joint estimation
Garnier, Julien; Wilhelmsen, Bjørn-Roger - 2005
The notion of a natural real rate of interest, due to Wicksell (1936), is widely used in current central bank research. The idea is that there exists a level at which the real interest rate would be compatible with output being at its potential and stationary inflation. This paper applies the...
Persistent link: https://www.econbiz.de/10011604592
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Non-linear dynamics in the euro area demand for M1
Calza, Alessandro; Zaghini, Andrea - 2006
This paper investigates possible non-linearities in the dynamics of the euro area demand for the narrow aggregate M1. A long-run money demand relationship is firstly estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there...
Persistent link: https://www.econbiz.de/10011604638