In this paper, we utilise the multi-country version of the NAWM to analyse the impact of globalisation on euro area macroeconomic aggregates. We provide alternative model-based definitions of globalisation associated with an increase in potential output in emerging Asia and its impact on total...

[fre] De nombreuses banques centrales intègrent des objectifs d'inflation, de manière directe ou indirecte. Dans tous les cas, ces dernières ont intérêt à disposer d'une mesure précise de l'inflation structurelle, c''est-à-dire corrigée de l'influence du cycle économique. Cette...

[spa] Gesción de riesgos por parte de los establecimientos crediticios, . por Jean Cordier, Pascal Jacquinot y Dominique Plihon.. . El entorno de los bancos se ha visto profundamente modifîcado desde hace unos diez años, debido al proceso de liberalización y de modernización del sistema...

Euro-area accession caused boom-bust cycles in several catching-up economies. Declining interest rates and easier financing conditions fuelled spending and borrowing from abroad. Over time inflation deteriorated external competitiveness, turning the boom into a bust. We ask whether such a...

Small open economies within a monetary union have a limited range of stabilisation tools, as area-wide nominal interest and exchange rates do not respond to country-specific shocks. Such limitations imply that imbalances can be difficult to resolve. We assess the role that government spending...

The purpose of this paper is to examine the optimality of the monetary authorities reaction function in the two-area medium size model MARCOS (US and euro areas). The parameters and the horizons of output gap and inflation expectations of the Taylor rule are computed in order to minimise a loss...

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...

The heterogeneity that caracterizes the labour market is taken into account by the aggregation of micro-markets disequilibria. In order to get a more realistic dynamic structure, lagged latent variables are included in labour demand, labour supply and wage equations. Such a model is estimated by...