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Causes of the outbreak of the Eurozone crisis : the role of the USA and the European Central Bank monetary policy
Białek, Natalia - In: E-Finanse : finansowy kwartalnik internetowy 11 (2015) 2, pp. 47-63
This paper argues that the loose monetary policy of two of the world’s most important financial institutions-the US Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008 - 09. Unusually low interest rates in 2001 -...
Persistent link: https://www.econbiz.de/10011402491
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Jump-starting the euro area recovery : would a rise in core fiscal spending help the periphery?
Blanchard, Olivier; Erceg, Christopher J.; Lindé, Jesper - 2015
We show that a .scal expansion by the core economies of the euro area would have a large and positive impact on periphery GDP assuming that policy rates remain low for a prolonged period. Under our preferred model speci.cation, an expansion of core government spending equal to one percent of...
Persistent link: https://www.econbiz.de/10011294265
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Monetary-fiscal policy interactions in the euro area
2021
The last review of the ECB’s monetary policy strategy in 2003 followed a period of predominantly upside risks to price stability. Experience following the 2008 financial crisis has focused renewed attention on the question of how monetary and fiscal policy should best interact, in particular...
Persistent link: https://www.econbiz.de/10012650770
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Monetary unions and national welfare
Görgün, Cem - 2019
This paper studies monetary regime choice between monetary union and flexible exchange rate regime in a large open economy framework. The classical approach emphasizes that monetary unions are inherently costly because a single interest rate cannot respond effectively to different shocks of...
Persistent link: https://www.econbiz.de/10012131827
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Monetary policy in EMU when the transmission is asymmetric and uncertain
De Grauwe, Paul; Sénégas, Marc-Alexandre - 2003
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data.We find that the uncertainty about the transmission process increases the need to take into account information about...
Persistent link: https://www.econbiz.de/10011506467
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How large is the stress from the common monetary policy in the Euro area? : conference paper
Quint, Dominic - 2014
The ECB's one size monetary policy is unlikely to fit all euro area members, which raises a discussion about how much monetary policy stress this causes at the national level. We measure monetary policy stress as the difference between actual ECB interest rates and Taylor-rule implied optimal...
Persistent link: https://www.econbiz.de/10010483271
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Leader of the Pack? German Monetary Dominance in Europe Prior to EMU
Reade, James - 2011
In this paper, the monetary policy independence of European nations in the years before European Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and ‘lead' nation Germany, to assess the...
Persistent link: https://www.econbiz.de/10013118510
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The Fragility of Two Monetary Regimes : The European Monetary System and the Eurozone
De Grauwe, Paul - 2013
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened …
Persistent link: https://www.econbiz.de/10013074520
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Monetary Unions and National Welfare
Gorgun, Cem - 2019
This paper studies monetary regime choice between monetary union and flexible exchange rate regime in a large open economy framework. The classical approach emphasizes that monetary unions are inherently costly because a single interest rate cannot respond effectively to different shocks of...
Persistent link: https://www.econbiz.de/10012858555