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The Euro crisis and the new impossible trinity
Pisani-Ferry, Jean - 2012
The search for solutions to the euro crisis is based on a partial diagnosis that overemphasises the lack of enforcement of existing fiscal rules. Europe's leaders should rather address the euro area's inherent weaknesses revealed by the crisis. At the core of euro-area vulnerability is an...
Persistent link: https://www.econbiz.de/10010293578
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Propping up Europe?
Pisani-Ferry, Jean; Wolff, Guntram B. - 2012
The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with exceptional initiatives resulting in a major increase in their balance sheets. After the ECB's end-2011 launch of three-year bank refinancing (LTRO), there has been speculation...
Persistent link: https://www.econbiz.de/10010293582
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Arithmetic is absolute: Euro-area adjustment
Wolff, Guntram B. - 2012
The European Central Bank's monetary policy addresses the euro-area average inflation rate. By setting conditions for the area as a whole it should ensure symmetric price adjustment. Indeed, consumer price inflation rates provide little evidence of asymmetric adjustment during 2009-11. Only...
Persistent link: https://www.econbiz.de/10010293589
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Der Taylor-Zins und die europäische Geldpolitik 1999 - 2009
Treu, Johannes - 2010
dem daraus berechneten Taylor Zins die europäische Geldpolitik für den Zeitraum von 1999 bis 2009 ex post beschrieben … Geldpolitik für den Zeitraum 2000 bis 2008 als zu expansiv gesehen werden kann. Einzig zu Beginn einer einheitlichen europäischen … Geldpolitik im Jahr 1999 kann von einem neutralen Taylor Zins gesprochen werden. Das bedeutet, hier entspricht der berechnete Zins …
Persistent link: https://www.econbiz.de/10010302376
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Anmerkungen zur möglichen geldpolitischen Exit-Strategie der EZB
Treu, Johannes - 2010
Persistent link: https://www.econbiz.de/10010306011
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Staying together or breaking apart: Policy-makers' endogenous coalitions formation in the European Economic and Monetary Union
Di Bartolomeo, Giovanni; Engwerda, Jacob; Plasmans, Joseph - 2002
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their...
Persistent link: https://www.econbiz.de/10011335731
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AIECE General Report: AIECE Spring General Meeting, Madrid, 26-27 April 2012
Frick, Andres; Hartwig, Jochen; Lassmann, Andrea; … - 2012
Persistent link: https://www.econbiz.de/10011386844
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Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs
Berger, Helge; Österholm, Pär - 2007
We use a mean-adjusted Bayesian VAR model as an out-of-sample forecasting tool to test whether money growth Granger-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly strong evidence that including money...
Persistent link: https://www.econbiz.de/10010321554
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How important are foreign shocks in small open economy? The case of Slovakia
Horváth, Roman; Rusnák, Marek - 2008
In this paper, we provide evidence on the nature and the relative importance of domestic and foreign shocks in Slovak economy based on block-restriction vector autoregression model in 1999-2007. We document well-functioning monetary transmission mechanism in Slovakia. Subject to various...
Persistent link: https://www.econbiz.de/10010322189
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Endogenous Financial Structure and the Transmission of ECB Policy
Arnold, Ivo J.M.; de Vries, Casper G. - 1999
There is a widely held view that existing differences in the capital and moneymarket structures across EMU countries are an important matter of concern forthe ECB, because they might hinder the uniform transmission of monetary policyactions. We argue that many aspects of financial structure are...
Persistent link: https://www.econbiz.de/10010324631