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Fiscal and monetary rules for a currency union

Ferrero, Andrea - 2005

This paper addresses the question of the joint conduct of fiscal and monetary policy in a currency union. The problem is studied using a two-country DSGE framework with staggered price setting, monopolistic competition in the goods market, distortionary taxation and nominal debt. The two...

Persistent link: https://www.econbiz.de/10011604548

Fiscal and monetary policy determinants of the Eurozone crisis and its resolution

Dabrowski, Marek - 2012

quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also …

Persistent link: https://www.econbiz.de/10011430901

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

Europe's debt crisis, coordination failure, and international effects

Collignon, Stefan - 2012

This paper gives an overview of the causes of the European debt crisis and the consequences for the external relations. It finds that political mishandling has increased uncertainty, which has contributed to a tendency for the euro to become weaker.

Persistent link: https://www.econbiz.de/10010397341

The Euro Crisis and Economic Growth: A Novel Counterfactual Approach

Terzi, Alessio - 2019

warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone’s specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …

Persistent link: https://www.econbiz.de/10012052852

The Collateral Policy of Central Banks - An Analysis Focusing on the Eurosystem

Weber, Christopher - 2016

This dissertation was written by Christopher Weber during his time as a research assistant at the Center for Economic Studies (CES) at the Ludwig-Maximilians-Universität (LMU) Munich. It was handed in at the department of Economics at the LMU Munich in July 2016. The goal of the thesis is to...

Persistent link: https://www.econbiz.de/10011698362

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

Trends and cycles in the euro area: how much heterogeneity and should we worry about it?

Giannone, Domenico; Reichlin, Lucrezia - 2006

Not so much and we should not, at least not yet.

Persistent link: https://www.econbiz.de/10011604641

Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model

Coenen, Günter; McAdam, Peter; Straub, Roland - 2007

In this paper, we employ a calibrated two-country version of the New Area-Wide Model (NAWM) currently under development at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions caused by euro area tax structures. Our analysis shows that...

Persistent link: https://www.econbiz.de/10011604793

Growth accounting for the euro area: a structural approach

Proietti, Tommaso; Musso, Alberto - 2007

This paper is concerned with the estimation of euro area potential output growth and its decomposition according to the sources of growth. The growth accounting exercise is based on a multivariate structural time series model which combines the decomposition of total output according to the...

Persistent link: https://www.econbiz.de/10011604850

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