cycles ; Euro ; Optimum Currency Area ; EMU ; Monetary Policy ; Exchange rate regime ; Cross-country spillovers … transmission mechanism as cross-country spillovers increase substantially under EMU. As a result, foreign shocks become more and …

(GCESC). Model-based simulations suggest two key policy implications: First, as a reflection of strengthening trade linkages …, German fiscal spillovers to the CE4 and more broadly to the rest of the euro area, have increased over time, but are still …

). However, In contrast to business cycle dependence, I investigate the quantitative impact of different fiscal policy regimes of … and monetary policy to follow a twostate Markov Switching process characterizing an active and a passive regime as in … policy varies between inflation targeting and restrained price level determination. I find that spillover multipliers are …

This paper explores the role of trade invoicing currencies in the international spillover of monetary policy. Using … high-frequency measures of Federal Reserve monetary policy shocks, I show the exchange rates, interest rates and equity … returns in countries with larger shares of dollar-invoiced imports systematically respond more to US monetary policy. I …

Monetary Union ; Central and Eastern Europe ; Commonwealth of Independent States ; sovereign debt crisis ; global policy …

denominated in Euro, a transaction currency is introduced for flows. This may help to regain competiveness without leaving the …