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An Estimated DSGE Model of Austria, the Euro Area and the U.S. : Some Welfare Implications of EMU
Breuss, Fritz; Fornero, Jorge - 2009
. The model captures the most salient features of Austria as a small open economy, the Euro Area (EA) and the United States …, whereas in the latter, the monetary policy of Austria is fully aligned with the European Central Bank. Main results are … that in the pre-EMU period, the EA and Austria present welfare costs close to one percent of steady-state consumption …
Persistent link: https://www.econbiz.de/10011373510
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An estimated DSGE model of Austria, the euro area and the US : some welfare implications of EMU
Breuss, Fritz; Fornero, Jorge A. - 2009
Persistent link: https://www.econbiz.de/10003940269
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The 'Uncovered Inflation Rate Parity' Condition in a Monetary Union
Acocella, Nicola - 2020
The uncovered interest rate parity condition lies at the heart of the "impossible trinity", stating that the three objectives of fixed exchange rates, free capital flows, and independent monetary policy cannot be pursued simultaneously. We argue that although monetary unification does indeed...
Persistent link: https://www.econbiz.de/10012851840
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The "uncovered inflation rate parity" condition in a monetary union
Acocella, Nicola; Pasimeni, Paolo - 2018
The uncovered interest rate parity condition lies at the heart of the "impossible trinity", stating that the three objectives of fixed exchange rates, free capital flows, and independent monetary policy cannot be pursued simultaneously. We argue that although monetary unification does indeed...
Persistent link: https://www.econbiz.de/10011926988
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EMU Enlargement, Stabilisation Costs and Insurance Mechanisms
Afonso, António; Furceri, Davide - 2008
This paper considers the determinants of the macroeconomic costs of joining EMU for the new EU Member Sates, and compares them with those of the EMU members. Specifically, we investigate the business-cycle correlation between the candidate's economy and that of the euro area as a whole, and the...
Persistent link: https://www.econbiz.de/10014049118
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Adjustment Dynamics in the Euro Area - A Fresh Look at the Role of Fiscal Policy Using a DSGE Approach
Kincaid, G. Russell - Directorate-General Economic and Financial Affairs, … - 2008
Some researchers have recently introduced productive government investment spending into Dynamic stochastic general equilibrium (DSGE) models, adding a supply channel. This paper takes a similar perspective but it also introduces the government consumption good into the household utility...
Persistent link: https://www.econbiz.de/10008459158
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Credit Rating Agency Announcements and the Eurozone Sovereign Debt Crisis
Baum, Christopher F. - 2013
This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade...
Persistent link: https://www.econbiz.de/10013073134
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Market Reactions to ECB Policy Innovations : A Cross-Country Analysis
Pacicco, Fausto - 2017
Financial markets behaviour has increasingly become a reason of concern for the regulators worldwide. Hence, it becomes crucial for Central Bankers to be able to exert a certain degree of control on them. Through a dynamic assessment of the main Eurozone equity markets reaction to policy rate...
Persistent link: https://www.econbiz.de/10012961775
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The Symmetry of ECB Monetary Policy Impact Under Scrutiny : An Assessment
Serati, Massimiliano - 2020
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
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The Workings of the Eurosystem : Monetary Policy Preparations and Decision-Making - Selected Issues
Moutot, Philippe - 2014
The ECB's monetary policy has received considerable attention in recent years. This is less the case, however, for its regular monetary policy preparation and decision-making process. This paper reviews how the factors usually considered as critical for the success of a central banking system...
Persistent link: https://www.econbiz.de/10013063082