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To sign or not to sign? : on the response of prices to financial and uncertainty shocks
Meinen, Philipp; Röhe, Oke - 2018
that such disturbances are important drivers of output fluctuations in both economies, we find the shock responses of …
Persistent link: https://www.econbiz.de/10011897983
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Has the Euro changed the business cycle?
Enders, Zeno; Jung, Philip; Müller, Gernot J. - 2009
In this paper we analyze European business cycles before and under EMU. Across the two periods we find 1) a significant decline in real exchange rate volatility, 2) significant changes in cross-country correlations, and 3) the volatility of macroeconomic fundamentals largely unchanged. We...
Persistent link: https://www.econbiz.de/10003850663
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Implications of macroeconomic volatility in the Euro area
Hauzenberger, Niko; Böck, Maximilian; Pfarrhofer, Michael - 2018
assess the effects of an uncertainty shock in the Euro area. This allows us to treat macroeconomic uncertainty as a latent … consequences jointly, and most are based on single country models. We analyze the special case of a shock restricted to the Euro … for all countries over a period of roughly a year following an uncertainty shock. Moreover, equity prices, short …
Persistent link: https://www.econbiz.de/10011978764
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Booms and Busts in Emu
Gottfries, Nils - 2003
A floating exchange rate combined with a clear inflation target can be a powerful stabilizer even if there are fluctuations in exchange rates that are unrelated to current fundamentals. Under plausible conditions, most of the stabilisation will occur through the exchange rate, and fundamental...
Persistent link: https://www.econbiz.de/10014074070
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International macroeconomic vulnerability
Velloso, João; Garcia, Márcio Gomes Pinto; Guillen, Diogo - 2022
and measure the source of the shock, impact variables and duration of impact. Our approach brings light not only to …
Persistent link: https://www.econbiz.de/10012814956
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Transmission of shocks to the Chinese economy in a global context : a model-based approach
Bailliu, Jeannine N.; Blagrave, Patrick - 2010
To better understand the dynamics of the Chinese economy and its interaction with the global economy, the authors incorporate China into an existing model for the G-3 economies (i.e., the United States, the euro area, and Japan), paying particular attention to modelling the exchange rate and...
Persistent link: https://www.econbiz.de/10003996844
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Asymmetric labor market institutions in the EMU and the volatility of inflation and unemployment differentials
Abbritti, Mirko; Müller, Andreas - 2012
How does the asymmetry of labor market institutions affect the adjustment of a currency union to shocks? To answer this question, this paper sets up a dynamic currency union model with monopolistic competition and sticky prices, hiring frictions and real wage rigidities. In our analysis, we...
Persistent link: https://www.econbiz.de/10009536516
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Euro Area and Global Oil Shocks : An Empirical Model-Based Analysis
Forni, Lorenzo - 2014
We assess the impact of oil shocks on euro-area macroeconomic variables by estimating a new-Keynesian small open economy model with Bayesian methods. Oil price is determined according to supply and demand conditions in the world oil market. We find that the impact of an increase in the price of...
Persistent link: https://www.econbiz.de/10013065351
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Risk Sharing and Real Exchange Rates : The Role of Non-Tradable Sector and Trend Shocks
Akkoyun, Hüseyin - 2017
Most of the international macro models, in contrast to the data, imply a very high level of risk sharing across countries and very low real exchange rate (RER) volatility relative to output. In this paper we show that a standard two-country two-good model augmented with conintegrated TFP...
Persistent link: https://www.econbiz.de/10012962025
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The spillover of euro area shocks to the Maltese economy
Gatt, William; Ruisi, Germano - 2022
the Maltese economy. The model focuses on five broad macroeconomic shocks hitting the euro area; an aggregate demand shock … global market for oil, a generic monetary policy shock encompassing both conventional and unconventional interventions, and a … financial stress shock. The model is estimated using Bayesian methods over a sample that goes from 2003Q1 to 2019Q4 and …
Persistent link: https://www.econbiz.de/10012818649