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Member States are permanently excluded. However, there remains a risk that France and Germany will use the idea of a … whether the core is driven by France and Germany or led by a trilateral grouping including the UK. The future of core Europe …. It was easy in the 1950s for France and Germany to dominate a small group of wealthy countries; but an extremely diverse …
Persistent link: https://www.econbiz.de/10009636640
L’Allemagne, la Belgique, la Commission Européenne, la France, les Pays-Bas, le Royaume-Uni et la Suède se sont …
Persistent link: https://www.econbiz.de/10011799349
This paper presents the results of a quantitative study of the implications of the zero lower bound on nominal interest rates which was undertaken in the context of the review of the ECBu0092s monetary policy strategy in Spring 2003. Focusing on the euro area, the paper provides an assessment of...
Persistent link: https://www.econbiz.de/10009635906
Standard economic models hold that exchange rates are influenced by fundamental variables such as relative money supplies, outputs, inflation rates and interest rates. Nonetheless, it has been well documented that such variables little help predict changes in floating exchange rates u0097 that...
Persistent link: https://www.econbiz.de/10009635953
In this paper we estimate simple Taylor rules paying particular attention to interest rate smoothing. Following English, Nelson, and Sack (2002), we employ a model in first differences to gain some insights into the presence and signifcance of the degree of partial adjustment as opposed to a...
Persistent link: https://www.econbiz.de/10009635982
This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...
Persistent link: https://www.econbiz.de/10009635983
, including within the context of joint programming between the EU, France, Germany and Spain. The scope of the study covers all …
Persistent link: https://www.econbiz.de/10012036340
The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a … France, the strongest ex0Bect on output is produced by shocks on government expenditure on wages and transfers. …
Persistent link: https://www.econbiz.de/10009635887
derived from the business surveys of the three major economies within the European Monetary Union (France, Germany, and Italy … in France and Germany; as far as Italy is concerned, forecasts are produced using a model that in the recent past proved …
Persistent link: https://www.econbiz.de/10011291665
This paper uses data on German government bond futures options to examine the behaviour of market expectations around monetary policy actions of the European Central Bank (ECB). In particular, this paper focuses on the asymmetries in bond market expectations, as measured by the skewness of...
Persistent link: https://www.econbiz.de/10009636538