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Has the Euro changed the Business Cycle?
Enders, Zeno; Jung, Philip; Müller, Gernot - C.E.P.R. Discussion Papers - 2012
In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has … EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the … shocks relatively less important in accounting for economic fluctuations under EMU. This explains why there is little change …
Persistent link: https://www.econbiz.de/10011084347
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Banking Globalization and International Business Cycles
Ueda, Kozo - Institute for Monetary and Economic Studies, Bank of Japan - 2010
This paper constructs a two-country DSGE model to study the nature of the recent financial crisis and its effects that spread immediately throughout the world owing to the globalization of banking. In the model, financial intermediaries (FIs) enter into chained credit contracts at home and...
Persistent link: https://www.econbiz.de/10008460599
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Transatlantic monetary and fiscal policy interaction
Aarle, Bas van; Garretsen, Harry; Huart, Florence - 2003
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
Persistent link: https://www.econbiz.de/10011509484
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Beggar-thyself or beggar-thy-neighbour? The welfare effects of monetary policy
Tervala, Juha; Engler, Philipp - 2010
This paper examines whether monetary expansion is a beggar-thyself or beggar-thy-neighbour policy. Obstfeld and Rogoff (1995) show that monetary expansion under producer currency pricing increases domestic and foreign overall welfare, in cases where the crosscountry substitutability is high. If...
Persistent link: https://www.econbiz.de/10010300708
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Parameter Uncertainty and the Fiscal Multiplier
Murray, Jamie - 2013
I present a simple estimated model of the New Zealand economy which is used to assess the sensitivity of the impact multiplier and output losses associated with fiscal consolidations to uncertainty over model parameters. I find that, in normal times, the fiscal multiplier can be expected to lie...
Persistent link: https://www.econbiz.de/10012115655
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The impacts of credit standards on aggregate fluctuations in a small open economy: The role of monetary policy
Le, Hai - In: Economies 9 (2021) 4, pp. 1-26
Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...
Persistent link: https://www.econbiz.de/10013199941
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The spillover of euro area shocks to the Maltese economy
Gatt, William; Ruisi, Germano - 2022
This paper develops a two-block Structural Vector Autoregression (SVAR) to estimate the spillover of external shocks to the Maltese economy. The model focuses on five broad macroeconomic shocks hitting the euro area; an aggregate demand shock, two aggregate supply shocks which respectively proxy...
Persistent link: https://www.econbiz.de/10013483517
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Heterogenous Behavioral Expectations, FX Fluctuations and Dynamic Stability in a Stylized Two-Country Macroeconomic Model
Proaño, Christian R. - 2009
In this paper the role of behavioral forecasting rules of chartist and fun-damentalist type for the dynamic macroeconomic stability of a two-country system is investigated both analytically and numerically. The main result of the paper is that for large trend-chasing parameters in the chartist...
Persistent link: https://www.econbiz.de/10010460481
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Limited energy supply, sunspots, and monetary policy
Gornemann, Nils; Hildebrand, Sebastian; Küster, Keith - 2022
A common assumption in macroeconomics is that energy prices are determined in a world-wide, rather frictionless market. This no longer seems an adequate description for the situation that much of Europe currently faces. Rather, one reading is that shortages exist in the quantity of energy...
Persistent link: https://www.econbiz.de/10014374422
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Macroprudential policy in a monetary union with cross-border banking
Darracq Pariès, Matthieu; Kok Sørensen, Christoffer; … - 2019
We analyse the interaction between monetary and macroprudential policies in the euro area by means of a two-country DSGE model with financial frictions and cross-border spillover effects. We calibrate the model for the four largest euro area countries (i.e. Germany, France, Italy, and Spain),...
Persistent link: https://www.econbiz.de/10012142104