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Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014 - This version: 12.11.2013

Between 1999 and the onset of the economic crisis in 2008 real ex-change rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange...

Persistent link: https://www.econbiz.de/10010235320

Fiscal devaluation in a Monetary Union

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...

Persistent link: https://www.econbiz.de/10010221275

Optimal monetary policy in an estimated DSGE model of the euro area with cross-country heterogeneity

Jondeau, Eric; Sahuc, Jean-Guillaume - 2007 - This version Nov. 2007

This paper investigates the implications of cross-country heterogeneity within the euro area for the design of optimal monetary policy. We build an optimizing-based multi-country model (MCM) describing the euro area in which dicurren;erences between structural parameters across countries are...

Persistent link: https://www.econbiz.de/10003961069

Optimal Monetary Policy in an Estimated DSGE Model of the Euro Area with Cross-Country Heterogeneity

Jondeau, Eric - 2010

This paper investigates the implications of cross-country heterogeneity within the euro area for the design of optimal monetary policy. We build an optimizing-based multi-country model (MCM) describing the euro area in which differences between structural parameters across countries are allowed....

Persistent link: https://www.econbiz.de/10013136538

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

Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out Effects

Broner, Fernando - 2014

reallocated from the private to the public sector, reducing investment and deepening the recession even further. To account for …. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce …

Persistent link: https://www.econbiz.de/10013058811

Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out

Broner, Fernando - 2014

reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for …. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce … other countries in the Eurozone, and how they may be addressed by policies at the European level …

Persistent link: https://www.econbiz.de/10013059093

Fiscal Stabilization in the United States : Lessons for Monetary Unions

Nikolov, Plamen - 2019

The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...

Persistent link: https://www.econbiz.de/10012871658

Sovereign Debt, Bail-Outs and Contagion in a Monetary Union

Eijffinger, Sylvester C. W. - 2015

The European sovereign debt crisis is characterized by the simultaneous surge in borrowing costs in the GIPS countries after 2008. We present a theory, which can account for the behavior of sovereign bond spreads in Southern Europe between 1998 and 2012. Our key theoretical argument is related...

Persistent link: https://www.econbiz.de/10013027003

Exit strategies, capital flight and speculative attacks : Europe's version of the trilemma

Steiner, Andreas; Steinkamp, Sven; Westermann, Frank - 2017

In the winter 2011/12 a wave of internal capital flight prompted the ECB to abandon its exit strategy and to announce an unprecedented monetary expansion. We analyze this episode in several dimensions: (i) by providing an event-study analysis covering key variables from national central banks'...

Persistent link: https://www.econbiz.de/10011754245

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