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Convergence and anchoring of yield curves in the euro area
Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU) has led to substantial convergence in euro area sovereign...
Persistent link: https://www.econbiz.de/10011604863
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The international transmission of euro area monetary policy shocks
Jannsen, Nils; Klein, Melanie - 2011
This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western European countries, namely the United Kingdom, Sweden, Switzerland, Denmark, and Norway. For this purpose, we use a structural VAR model of the euro area and augment it...
Persistent link: https://www.econbiz.de/10010285721
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Euro area: Single currency - national money creation
Kooths, Stefan; van Roye, Björn - 2012
in the short run. These funds would not rescue banks but they would kick in as soon as a bank's equity is depleted in …
Persistent link: https://www.econbiz.de/10010288223
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Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik
Heimberger, Philipp - 2016
Finanzkrise im Vergleich von Eurozone, USA und Großbritannien. Die Eurozone erholte sich seit 2010 deutlich schleppender als die … Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … globalen Finanzkrise im Vergleich mit jener der Fed und der Bank of England; zum anderen durch eine Beschäftigung mit der …
Persistent link: https://www.econbiz.de/10012100198
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How important are foreign shocks in small open economy? The case of Slovakia
Horváth, Roman; Rusnák, Marek - 2008
alleviates the price puzzle. In general, prices are driven mainly by foreign factors and the European Central Bank monetary … policy shock on Slovak prices is more powerful than that of the National Bank of Slovakia. Slovak central bank interest rate …
Persistent link: https://www.econbiz.de/10010322189
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An estimated dynamic stochastic general equilibrium model of the euro area
Smets, Frank; Wouters, Raf - 2002
This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...
Persistent link: https://www.econbiz.de/10011506557
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Forecasting with a Bayesian DSGE Model: an application to the euro area
Smets, Frank; Wouters, Raf - 2004
In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...
Persistent link: https://www.econbiz.de/10011506582
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10011605002
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Structural reforms and macroeconomic performance in the euro area countries: a model-based assessment
Gomes, Sandra; Jacquinot, Pascal; Mohr, Matthias; … - 2011
We quantitatively assess the macroeconomic effects of country-specific supply-side reforms in the euro area by simulating EAGLE, a multi-country dynamic general equilibrium model. We consider reforms in the labor and services markets of Germany (or, alternatively, Portugal) and the rest of the...
Persistent link: https://www.econbiz.de/10011605369
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Was ECB's Monetary Policy Optimal?
Breuss, Fritz - 2002
Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks whether monetary policy could not have been improved. In the last three years, Euroland was confronted with the first external shock. Oil prices increased considerably, leading to...
Persistent link: https://www.econbiz.de/10011435104