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The current account and monetary policy in the euro area
Schuler, Tobias; Sun, Yiqiao - 2022
We investigate the factors driving current account and monetary policy developments in the euro area. We estimate an open-economy structural vector autoregression (VAR) model with zero and sign restrictions derived from a multi-country dynamic stochastic general equilibrium (DSGE) model to...
Persistent link: https://www.econbiz.de/10013329445
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Globalisation and macroeconomic constraints
Kriesler, Peter; Nevile, John Warwick - 2002
Persistent link: https://www.econbiz.de/10001651367
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The effective rate of interest on target balances
Sinn, Hans-Werner - 2019
paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and … decentralized monetary system of the kind characterizing the Eurozone. It also implies that the recording of Target balances in the … balance sheets of national central banks is compatible with fair value accounting. Highlights * The Eurozone's Target and cash …
Persistent link: https://www.econbiz.de/10012110196
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Structural asymmetries and financial imbalances in the eurozone
Jaccard, Ivan; Smets, Frank - 2017
major source of cross-country heterogeneity in the eurozone. We develop a two-country model with incomplete international …
Persistent link: https://www.econbiz.de/10011662924
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Alternative interpretations of a stateless currency crisis
Cesaratto, Sergio - 2016
Persistent link: https://www.econbiz.de/10011853546
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Macroprudential policy instruments and economic imbalances in the euro area
Brzoza-Brzezina, Michał; Kolasa, Marcin; Makarski, … - 2013
Persistent link: https://www.econbiz.de/10010195416
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Money overhang, credit overhang and financial imbalances in the Euro area
Kool, Clemens; Regt, Erik de; Veen, Tom van - 2013
This paper focusses on the relation between external imbalances and domestic money and credit growth in the euro area. We compute money and credit overhang both for the euro area as a whole and for individual member countries. Our results show that both aggregate money and credit overhang have...
Persistent link: https://www.econbiz.de/10010210704
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European monetary union after ten years : what has EMU brought to consumers and the corporate sector? ; Prices and quantities
In: The Euro at ten : lessons and challenges ; Fifth ECB …, (pp. 23-78). 2009
Persistent link: https://www.econbiz.de/10003952958
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Reverse causality in global current accounts
Schnabl, Gunther; Freitag, Stephan - 2010
The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...
Persistent link: https://www.econbiz.de/10003973544
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Rebalancing the euro area : is wage adjustment in Germany the answer?
Hoffmann, Mathias; Kliem, Martin; Krause, Michael; … - 2020
We assess to what extent wage inflation policies in Germany could contribute to an economic rebalancing in the euro area and the rest of the world. We find that a rise in nominal wage inflation has positive short-run effects on inflation and output in Germany and the rest of the euro area. The...
Persistent link: https://www.econbiz.de/10012184056