We model a reinsurance mechanism for the national unemployment insurance programs of euro area member states. The risk … of the euro area member states' unemployment expenditures risk in the aftermath of the 2009 sovereign debt crisis if … allowed to borrow up to 2 percent of the euro area GDP. Limiting, or not allowing borrowing by the scheme would have still …

als Bestandteil der Politik in acht europäischen Ländern (Dänemark, Frankreich, Deutschland, Griechenland, Italien, Polen …

welfare gain associated with making the central bank less conservative than society, however if the outside option is in real … of central bank conservatism. …

nowelfare gain associated with making the central bank less conservative than society, however if the outside option is in real … of central bank conservativism. …

analytical results. We then use a rich DSGE model, calibrated to the Core and the Periphery of the euro area, to quantitatively …