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Inflation dynamics with labour market matching: assessing alternative specifications

Christoffel, Kai; Costain, James; de Walque, Gregory; … - 2009

This paper reviews recent approaches to modeling the labour market, and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behavior. In a search and matching environment, we consider the following modeling setups: right-to-manage...

Persistent link: https://www.econbiz.de/10011506684

Evaluating a monetary business cycle model with unemployment for the euro area

Groshenny, Nicolas - 2009

This paper estimates a medium-scale DSGE model with search unemployment by matching model and data spectra. Price mark-up shocks emerge as the main source of business-cycle fluctuations in the euro area. Key factors in the propagation of these disturbances are a high degree of inflation...

Persistent link: https://www.econbiz.de/10011506693

What determines euro area bank CDS spreads?

Annaert, Jan; De Ceuster, Marc; Van Roy, Patrick; … - 2010

This paper decomposes the explained part of the CDS spread changes of 31 listed euro area banks according to various risk drivers. The choice of the credit risk drivers is inspired by the Merton (1974) model. Individual CDS liquidity and other market and business variables are identified to...

Persistent link: https://www.econbiz.de/10011506710

The evolution of Alexandre Lamfalussy's thought on the international and European monetary system (1961-1993)

Maes, Ivo - 2011

The establishment of the European Monetary Institute (EMI), the predecessor of the European Central Bank, on 1 January 1994, was a milestone in the process of European monetary integration. In this paper, we look at the work on the international and European monetary system of Alexandre...

Persistent link: https://www.econbiz.de/10011506737

Tommaso Padoa-Schioppa and the origins of the euro

Maes, Ivo - 2012

Tommaso Padoa-Schioppa was one of the great architects of the euro. He is remembered in particular as co-rapporteur for the Delors Committee and as a founding member of the European Central Bank's Executive Board. For Padoa-Schioppa, becoming Director-General of the European Commission's DG II...

Persistent link: https://www.econbiz.de/10011506742

Fiscal policy, banks and the financial crisis

Kollmann, Robert; Ratto, Marco; Roeger, Werner; in't … - 2012

This paper studies the effectiveness of Euro Area (EA) fiscal policy, during the recent financial crisis, using an estimated New Keynesian model with a bank. A key dimension of policy in the crisis was massive government support for banks—that dimension has so far received little attention in...

Persistent link: https://www.econbiz.de/10011506754

The fragility of two monetary regimes: The European Monetary System and the Eurozone

De Grauwe, Paul; Ji, Yuemei - 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/10011506763

The distribution of debt across euro area countries: The role of individual characteristics, institutions and credit conditions

Bover, Olympia; Casado, Jose Maria; Costa, Sonia; Du … - 2013

The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount...

Persistent link: https://www.econbiz.de/10011506772

The single supervisory mechanism or “SSM”, part one of the Banking Union

Wymeersch, Eddy - 2014

The Regulation on the Single Supervisory Mechanism mandates the European Central Bank to exercise prudential supervision on the banks located in the Euro area, whether directly by the Bank’s own services for the significant banks, or indirectly by the national prudential supervisors but under...

Persistent link: https://www.econbiz.de/10011506775

What causes the delay in reforms in Europe?

Rieth, Malte; Gehrt, Lisa - 2016

The academic literature provides no clear answer to this question. In principle, the recent slowdown in reform activity and fiscal consolidation in the euro area may derive from several developments. Potential reasons involve the end of the economic recession, the provision of financial...

Persistent link: https://www.econbiz.de/10011509274