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The Euro crisis and the new impossible trinity
Pisani-Ferry, Jean - 2012
The search for solutions to the euro crisis is based on a partial diagnosis that overemphasises the lack of enforcement of existing fiscal rules. Europe's leaders should rather address the euro area's inherent weaknesses revealed by the crisis. At the core of euro-area vulnerability is an...
Persistent link: https://www.econbiz.de/10010293578
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Monetary policy and its impact on stock market liquidity: Evidence from the euro zone
Fernández-Amador, Octavio; Gächter, Martin; Larch, Martin - 2011
The recent financial crisis has been characterized by unprecedented monetary policy interventions of central banks with the intention to stabilize financial markets and the real economy. This paper sheds light on the actual impact of monetary policy on stock liquidity and thereby addresses its...
Persistent link: https://www.econbiz.de/10010294829
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Strong exports and low interest rates drive Euroland's economy
Gern, Klaus-Jürgen; Meier, Carsten-Patrick; Scheide, … - 1999
In the fall of 1999, the recovery in Euroland is back on track. The turnaround was caused by the improvement in the world economy. After exports had been depressed in the past winter due to the weak demand in the crisis countries particularly in Asia, the impulses from abroad have picked up...
Persistent link: https://www.econbiz.de/10010294960
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Quo vadis, Euroland?
Döpke, Jörg; Gern, Klaus-Jürgen; Langfeldt, Enno; … - 1998
Stage Three of the European Monetary Union (EMU) will start on January 1, 1999. The new currency area, for which the name "Euroland" has been coined, will comprise 11 countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. The...
Persistent link: https://www.econbiz.de/10010294965
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Before EMU starts: economic policy stimulates recovery in Europe
Scheide, Joachim; Solveen, Ralph - 1997
The decision on EMU strongly affects the course of monetary and fiscal policies in 1997 and especially in 1998. We assume that the monetary union will start in January 1, 1999 with a sizable number of participating countries. Once the decision on the members is made in the spring of 1998, any...
Persistent link: https://www.econbiz.de/10010295013
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Auf dem Weg zum Euro - Szenarien für Zinsen, Wechselkurse und Konjunktur
Scheide, Joachim; Solveen, Ralph - 1997
Differenzen zwischen den nationalen Geldmarktzinsen können schon vor Beginn der einheitlichen Geldpolitik abgebaut werden, wenn … mehr und die Preiswirkungen der expansiveren Geldpolitik werden erst später in der Währungsunion auftreten und damit auf … alle Länder verteilt. Mit der insgesamt expansiveren Geldpolitik werden die europäischen Währungen gegenüber Drittwährungen …
Persistent link: https://www.econbiz.de/10010295066
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The Euro: The issues for the future
Siebert, Horst - 2000
The euro is a new currency, and the ECB as a new institution still has to establish its reputation. The best way to do this is for the ECB to deliver a stable money. The two-pillar strategy pursued by the ECB seems to confuse the markets because market participants are unclear about which of the...
Persistent link: https://www.econbiz.de/10010295077
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Euroland: New conditions for economic policy
Döpke, Jörg; Gern, Klaus-Jürgen; Gottschalk, Jan; … - 1998
The cyclical situation at the beginning of the European Monetary Union (EMU) is favorable: The upswing in Euroland has firmed, unemployment is going down, and inflation is low. However, economic growth outside the new currency area has weakened significantly during 1998, and fears are mounting...
Persistent link: https://www.econbiz.de/10010295088
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Euroland: Strong upswing, risks to price level stability
Kamps, Christophe; Meier, Carsten-Patrick; Scheide, Joachim - 2000
The Euroland economy is in a strong upswing. Last year, real GDP increased at a rate roughly equal to that of potential output in spite of the export losses in the wake of the crises in various countries of the world. There have been considerable impulses from monetary policy. Because of the...
Persistent link: https://www.econbiz.de/10010295192
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Interest rate reaction functions for the euro area Evidence from panel data analysis
Ruth, Karsten - 2004
As of today, estimating interest rate reaction functions for the Euro Area is hampered by the short time span since the conduct of a single monetary policy. In this paper we circumvent the common use of aggregated data before 1999 by estimating interest rate reaction functions based on a panel...
Persistent link: https://www.econbiz.de/10010295660