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Disinflation and monetary independence in Romania

Goczek, Lukasz - In: Baltic journal of economics 15 (2015) 1, pp. 65-79

In this article, the issue of the monetary independence problem in view of the Romania's European Monetary Union accession is investigated empirically. It is frequently argued that for such a country, the main cost of participation in a currency area is the loss of monetary policy independence....

Persistent link: https://www.econbiz.de/10011890553

Has integration promoted business cycle synchronization in the enlarged EU?

Antonakakis, Nikolaos; Tondl, Gabriele - 2011

This paper examines whether European integration, manifesting itself in increased trade and FDI linkages, new specializations and economic policy coordination, contributed to the synchronization of business cycles in the enlarged EU. We estimate the effects on bilateral growth rate correlations...

Persistent link: https://www.econbiz.de/10011346443

Equal Size, Equal Role? Interest Rate Interdependence between the Euro Area and the United States

Ehrmann, Michael; Fratzscher, Marcel - 2021

This paper investigates whether the degree of interdependence between the United States and the euro area economies has changed with the advent of EMU. It addresses this issue from the perspective of financial markets by analysing the effects of monetary policy and macroeconomic news on daily...

Persistent link: https://www.econbiz.de/10013319350

Monetary policy and wandering overinvestment cycles in East Asia and Europe

Schnabl, Gunther - 2017

The paper analyses the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan,...

Persistent link: https://www.econbiz.de/10011655779

Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union

Clausen, Volker; Wohltmann, Hans-Werner - 2001

This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...

Persistent link: https://www.econbiz.de/10014122176

Equal Size, Equal Role? Interest Rate Interdependence between the Euro Area and the United States

Ehrmann, Michael; Fratzscher, Marcel - 2005

This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the...

Persistent link: https://www.econbiz.de/10014071471

Has integration promoted business cycle synchronization in the enlarged EU?

Antonakakis, Nikolaos; Tondl, Gabriele - 2011

Persistent link: https://www.econbiz.de/10009559393

Inflation expectations spillovers between the United States and euro area

Netšunajev, Aleksei; Winkelmann, Lars - 2014

We quantify spillovers of inflation expectations between the United States (US) and Euro Area (EA) based on break-even inflation (BEI) rates. In contrast to previous studies, we model US and EA BEI rates jointly in a structural vector autoregressive (SVAR) model. The SVAR approach allows to...

Persistent link: https://www.econbiz.de/10010255370

Monetary policy after the crisis : a joint publication with the National Bank of Poland

Gnan, Ernest (ed.); Kokoszcynski, Ryszard (ed.); … - Conference Monetary Policy after the Crisis <2011, Warschau>; … - 2011

On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...

Persistent link: https://www.econbiz.de/10011710723

The European Monetary Union as a Commitment Device for New EU Member States

Ravenna, Federico - 2021

This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European … credibility a pegged exchange rate regime yields a lower loss compared to an inflation targeting policy, even if this policy … ranking would be reversed in a full-credibility environment. There exists an initial stock of credibility that must be …

Persistent link: https://www.econbiz.de/10013318342

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