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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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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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Oil Price Shocks and Cyclical Dynamics in an Asymmetric Monetary Union
Clausen, Volker; Wohltmann, Hans-Werner - 2011
This paper analyzes the dynamic effects of anticipated and unanticipated oil price increases in a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private absorption. Common external oil price...
Persistent link: https://www.econbiz.de/10010273582
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Transatlantic Monetary and Fiscal Policy Interaction
van Aarle, Bas; 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/10010316007
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Transatlantic Monetary and Fiscal Policy Interaction
Aarle, Bas van; Garretsen, Harry; Huart, Florence - CESifo - 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/10005765866
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Oil Price Dynamics and Monetary Policy in a Heterogeneous Monetary Union
Clausen, Volker; Wohltmann, Hans-Werner - In: Journal of Economics and Statistics (Jahrbuecher fuer … 233 (2013) 2, pp. 159-187
This paper analyzes the dynamic effects of oil price increases in a small two-country monetary union with asymmetric wage adjustment equations. Common oil price shocks lead during the adjustment process to temporary divergences in output and inflation and also to reversals in the relative...
Persistent link: https://www.econbiz.de/10010684140
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Oil Price Shocks and Cyclical Dynamics in an Asymmetric Monetary Union
Clausen, Volker; Wohltmann, Hans-Werner - Rheinisch-Westfälisches Institut für … - 2011
This paper analyzes the dynamic effects of anticipated and unanticipated oil price increases in a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private absorption. Common external oil price...
Persistent link: https://www.econbiz.de/10009018055
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Solving forward-looking models of cross-country adjustment within the euro area
Torój, Andrzej - Ministerstwo Finansów, Government of Poland - 2009
This paper generalizes the standard methods of solving rational expectations models to the case of time-varying nonstochastic parameters, recurring in a finite cycle. Such a specification occurs in a simple stylized New Keynesian model of the euro area when we combine the rotation in the ECB...
Persistent link: https://www.econbiz.de/10010991568
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Solving forward-looking models of cross-country adjustment within the euro area
Torój, Andrzej - Ministerstwo Finansów, Government of Poland - 2009
This paper generalizes the standard methods of solving rational expectations models to the case of time-varying nonstochastic parameters, recurring in a finite cycle. Such a specification occurs in a simple stylized New Keynesian model of the euro area when we combine the rotation in the ECB...
Persistent link: https://www.econbiz.de/10010991575