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Modern Financial Repression in the Euro Area Crisis : Making High Public Debt Sustainable?

van Riet, Ad - 2019

The sharp rise in public debt-to-GDP ratios in the aftermath of the financial crisis of 2008 posed serious challenges for fiscal policy in the euro area countries and culminated for some member states in a sovereign debt crisis. This note examines the public policy responses to the euro area...

Persistent link: https://www.econbiz.de/10014116245

Does one size fit all in the Euro Area? : some counterfactual evidence

Destefanis, Sergio; Fragetta, Matteo; Gasteiger, Emanuel - 2021

This paper examines whether Euro Area countries would have faced a more favorable inflation output variability tradeoff without the Euro. We provide evidence supporting this claim for the periods of the Great Recession and the Sovereign Debt Crisis. The deterioration of the tradeoff becomes...

Persistent link: https://www.econbiz.de/10012421194

Does one size fit all in the Euro Area? : some counterfactual evidence

Destefanis, Sergio; Fragetta, Matteo; Gasteiger, Emanuel - 2019

This paper examines whether Euro Area countries would have faced a more favorable inflation output variability tradeoff without the Euro. We provide evidence that this claim is true for the periods of the Great Recession and the European Sovereign Debt Crisis. For the Euro Area as a whole, the...

Persistent link: https://www.econbiz.de/10012014855

Fast ML Estimation of Dynamic Bifactor Models : An Application to European Inflation

Fiorentini, Gabriele - 2015

We generalise the spectral EM algorithm for dynamic factor models in Fiorentini, Galesi and Sentana (2014) to bifactor models with pervasive global factors complemented by regional ones. We exploit the sparsity of the loading matrices so that researchers can estimate those models by maximum...

Persistent link: https://www.econbiz.de/10013014990

Yields on Sovereign Debt, Fragmentation and Monetary Policy Transmission in the Euro Area : A GVAR Approach

Echevarria-Icaza, Victor - 2017

The divergence in sovereign yields has been presented as a reason for the lack of traction of monetary policy. We use a GVAR framework to assess the transmission of monetary policy in the period 2005-2016. We identify sovereign yield divergence as a key mechanism by which the leverage channel of...

Persistent link: https://www.econbiz.de/10012963254

Opportunities and Limits of Rebalancing the Eurozone via Wage Policies : Theoretical Considerations and Empirical Illustrations for the Case of Germany

Hein, Eckhard - 2018

In this paper, we discuss the relationship between the current account rebalancing in the Eurozone, income distribution … wage policies could be able to contribute to a more balanced development of the Eurozone and to overcome the export …

Persistent link: https://www.econbiz.de/10012930613

Measuring macroeconomic convergence and divergence within EMU using long memory

Dräger, Lena; Kolaiti, Theoplasti; Sibbertsen, Philipp - 2020

This paper measures the convergence or divergence of EMU inflation rates and industrial production by testing for the existence of fractional cointegration relations. The notion of fractional cointegration allows for long-term equilibria with a higher degree of persistence than allowed for in...

Persistent link: https://www.econbiz.de/10012252805

Adjustment dynamics and business cycle heterogeneity in the EMU : evidence from estimated DSGE models

Giovannini, Massimo; Hohberger, Stefan; Ratto, Marco; … - 2018

The paper reviews adjustment dynamics in the EMU on the basis of estimated DSGE models for four large EA Member States (DE, FR, IT, ES). We compare the response of the four countries to identical shocks and find a particularly strong response of employment and wages in ES, a high sensitivity of...

Persistent link: https://www.econbiz.de/10012054993

The euro crisis and economic growth : a novel counterfactual approach

Terzi, Alessio - 2019 - This Draft: 25 June 2019

warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone’s specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …

Persistent link: https://www.econbiz.de/10012033212

Opportunities and limits of rebalancing the Eurozone via wage policies : theoretical considerations and empirical illustrations for the case of Germany

Hein, Eckhard; Truger, Eckhard Achim - 2017

In this paper we discuss the relationship between the current account rebalancing in the Eu-rozone, income distribution … wage policies could be able to contribute to a more balanced development of the Eurozone and to overcome the export …

Persistent link: https://www.econbiz.de/10011924464

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