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Pensions, Debt and Inflation Risk in a Monetary Union
Adema, Yvonne - 2010
This paper investigates the international spillovers of government debt and the associated risk of inflation within a … inflation at the cost of the funded country. In response to these conflicting interests about inflation, inflation risk may rise … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …
Persistent link: https://www.econbiz.de/10013135358
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Fiscal policy transmission in a non-Ricardian model of a monetary union
Bierbrauer, Christoph - 2017 - This Draft: October 29, 2017
We present an analytically tractable two-country New Open Economy Macroeconomics model of a currency union featuring an overlapping gen- erations structure of the Blanchard (1985)-Yaari (1965) type. It enables us to study the transmission and spillover effects of a wider range of fiscal shocks...
Persistent link: https://www.econbiz.de/10011741677
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National fiscal stimulus packages and consolidation strategies in a monetary union
Bierbrauer, Christoph - 2017 - This Draft: October 29, 2017
We present a two-country New Open Economy Macroeconomics model of a currency union featuring an overlapping generations structure of the Blanchard (1985)-Yaari (1965) type as well as monopolistic frictions and staggered adjustment in the goods and labor market. We allow for public investment and...
Persistent link: https://www.econbiz.de/10011752148
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Optimal monetary policy in a currency union : the role of the cost channel
Michaelis, Jochen - 2012
.The cost channel makes monetary policy less effective in combatting inflation, but it is shown that the optimal response to the …
Persistent link: https://www.econbiz.de/10009409356
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The optimal monetary and fiscal policy mix in a financially heterogeneous monetary union
Palek, Jakob - 2015
stabilizing shocks increases, when there is a gap in the inflation differential due to a relative shock, an idiosyncratic shock or …
Persistent link: https://www.econbiz.de/10010474215
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Oil price shocks and cyclical dynamics in an asymmetric monetary union
Clausen, Volker; Wohltmann, Hans-Werner - 2011
möglich, erfordert jedoch eine Ausgestaltung der Geldpolitik, die in qualitativer Hinsicht zeitkonsistent, aber in …
Persistent link: https://www.econbiz.de/10008935232
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Oil Price Shocks and Cyclical Dynamics in an Asymmetric Monetary Union
Clausen, Volker - 2011
This paper analyzes the dynamic effects of anticipated and unanticipated oil price increases in a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private absorption. Common external oil price...
Persistent link: https://www.econbiz.de/10013127913
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Stabilization and the Policy Mix in a Monetary Union
Malmierca, María - 2020
The need for macroprudential policy to “lean against the wind” of credit cycles at the aim of financial and hence macroeconomic stability is a common belief. Which design of macroprudential policy might attain the greatest stability for the economy is still an open debate. This paper builds...
Persistent link: https://www.econbiz.de/10012841094
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Stabilization Policy in a Two Country Model and the Role of Financial Frictions
Faia, Ester - 2021
This paper studies the optimal choice of exchange rate regimes between two large currency areas. It provides a positive and normative analysis of alternative monetary policy rules in a model with sticky prices, monopolistic competition, and frictions in the processes of capital accumulation and...
Persistent link: https://www.econbiz.de/10013320290
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Before and after the Emu : Financial Integration, Monetary Policy and Welfare Changes
Abrantes-Metz, Rosa M. - 2005
This paper studies the welfare impact of a common monetary policy in the context of a two-country, general equilibrium model with liquidity effect and nominal wage contracts, heterogeneous agents, imperfect competition in the labor market, trade in goods, immobility of labor and mobility of...
Persistent link: https://www.econbiz.de/10014068138