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The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area as the European Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level, increases the need for macroeconomic policy...
Persistent link: https://www.econbiz.de/10011398097
The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area as the European Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level, increases the need for macroeconomic policy...
Persistent link: https://www.econbiz.de/10013320993
This paper analyzes the problem of designing macroeconomic stabilization policies within the European Monetary Union (EMU) as a dynamic game between a centralized monetary authority, the European Central Bank (ECB), and national fiscal policy makers. Non-cooperative feedback Nash equilibrium and...
Persistent link: https://www.econbiz.de/10013321074
On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a …
Persistent link: https://www.econbiz.de/10011710723
global vector error-correcting model (VECM). In additional to the standard trade channels, this model takes account of …
Persistent link: https://www.econbiz.de/10013089500
Since its inception, EMU adequacy to be an Optimal Currency Area was questioned, and, along with it, the homogeneous transmission of the monetary impulses across the Eurozone. Adopting a Bayesian Time-Varying parameter FAVAR model that fixes the flaws present in the existing literature and...
Persistent link: https://www.econbiz.de/10012854694
A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter’s or the … rate is a major driver of global trade, even for transactions that do not involve the US. In order to illustrate the … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …
Persistent link: https://www.econbiz.de/10013315335
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626
This paper investigates, for the first time, the reactions of markets to the monetary policy decisions of their own Central Bank and to the decisions of the Central Banks of other countries. In particular, using daily interest rates to estimate the impact of the monetary policy announcements of...
Persistent link: https://www.econbiz.de/10014070608
, trade in goods, immobility of labor and mobility of capital. Considering different types of shocks, agents are in general …
Persistent link: https://www.econbiz.de/10014068138