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A Single Monetary Policy for Heterogeneous Labour Markets : The Case of the Euro Area

Gomes, Sandra; Jacquinot, Pascal; Lozej, Matija - 2023

Differences in labour market institutions and regulations between countries of the monetary union can cause divergent responses even to a common shock. We augment a multi-country model of the euro area with search and matching framework that differs across Ricardian and hand-to-mouth households....

Persistent link: https://www.econbiz.de/10014258210

Stagnation policy in the Eurozone and economic policy alternatives : a Steindlian/neo-Kaleckian perspective

Hein, Eckhard - 2017

Eurozone can be seen as a version of what Steindl (1979) had called 'stagnation policy'. To underline this argument, I will …Empirically, the macroeconomic institutions and the macroeconomic policy approach in the Eurozone have failed badly … provide a simple Steindlian distribution and growth model in order to identi-fy the main channels through which stagnation …

Persistent link: https://www.econbiz.de/10011919735

Fast ML Estimation of Dynamic Bifactor Models : An Application to European Inflation

Fiorentini, Gabriele - 2015

We generalise the spectral EM algorithm for dynamic factor models in Fiorentini, Galesi and Sentana (2014) to bifactor models with pervasive global factors complemented by regional ones. We exploit the sparsity of the loading matrices so that researchers can estimate those models by maximum...

Persistent link: https://www.econbiz.de/10013014990

The role of systemic risk spillovers in the transmission of Euro area monetary policy

Skouralis, Alexandros - 2021

This paper empirically investigates the transmission of systemic risk across the Euro Area by employing a Global VAR model. We find that a union aggregate systemic risk shock results in a sharp decline in output, with two thirds of the response to be attributed to cross-country spillovers. The...

Persistent link: https://www.econbiz.de/10012704731

Inflation Convergence over Time : Sector-Level Evidence within Europe

YILMAZKUDAY, HAKAN - 2021

This paper investigates inflation convergence among European countries by using sector-level data for the period between 1997:M1 and 2019:M12. Panel unit root tests at the country-sector level are conducted by using moving windows, which is useful to analyze changes in inflation convergence and...

Persistent link: https://www.econbiz.de/10013215887

Measuring macroeconomic convergence and divergence within EMU using long memory

Dräger, Lena; Kolaiti, Theoplasti; Sibbertsen, Philipp - 2020

This paper measures the convergence or divergence of EMU inflation rates and industrial production by testing for the existence of fractional cointegration relations. The notion of fractional cointegration allows for long-term equilibria with a higher degree of persistence than allowed for in...

Persistent link: https://www.econbiz.de/10012252805

Dynamics and factors of inflation convergence in the European Union

Broz, Vaclav; Kočenda, Evžen - 2017

We provide comprehensive evidence of the widespread occurrence of inflation convergence between all countries of the European Union from 1999 to 2016. We also show that convergence was more inclusive in the years after the global financial crisis—including the European sovereign debt crisis...

Persistent link: https://www.econbiz.de/10011758407

Better Off Without the Euro? A Structural VAR Assessment of European Monetary Policy

Fritsche, Jan Philipp; Harms, Patrick - 2020

Modern OCA theory has developed different conclusions on when forming a currency union is beneficial. An important pragmatic question in this context is: Did delegating monetary policy to the ECB increase stress in the individual euro area countries? An SVAR analysis reveals that monetary stress...

Persistent link: https://www.econbiz.de/10014091256

The Role of Systemic Risk Spillovers in the Transmission of Euro Area Monetary Policy

Skouralis, Alexandros - 2021

Persistent link: https://www.econbiz.de/10013310753

Controllability and persistence of money market rates along the yield curve : evidence from the euro area

Busch, Ulrike; Nautz, Dieter - 2009

Controllability of longer-term interest rates requires that the persistence of their deviations from the central bank's policy rate (i.e. the policy spreads) remains sufficiently low. This paper applies fractional integration techniques to assess the persistence of policy spreads of euro area...

Persistent link: https://www.econbiz.de/10003875905