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Foreign price shocks and monetary policy in an asymmetric monetary union

Wohltmann, Hans-Werner; Clausen, Volker - 2002

This paper analyzes the dynamic effects of anticipated and unanticipated foreign price increases of imported raw materials for a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private...

Persistent link: https://www.econbiz.de/10010494191

The Fiscal Multiplier and Spillover in a Global Liquidity Trap

Fujiwara, Ippei - 2015

We consider the fiscal multiplier and spillover in an environment in which two countries are caught simultaneously in a liquidity trap. Using a standard New Open Economy Macroeconomics (NOEM) model, an optimizing two-country sticky price model, we show that the fiscal multiplier and spillover...

Persistent link: https://www.econbiz.de/10013037002

The International Spillover Effects of US Monetary Policy Uncertainty

Lakdawala, Aeimit - 2020

An extensive literature studies the international transmission of US monetary policy surprises (shifts in expected path of the policy rate). In this paper we show that changes in uncertainty around the expected path constitute an important additional dimension of spillover effects to global bond...

Persistent link: https://www.econbiz.de/10012836357

Estimating regime dependent fiscal spillover effects in a monetary union

Kunzmann, Vanessa - 2023

policy varies between inflation targeting and restrained price level determination. I find that spillover multipliers are …

Persistent link: https://www.econbiz.de/10014335117

Insulation Impossible : Monetary Policy and Regional Fiscal Spillovers in a Federation

Cooper, Russell - 2010

This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...

Persistent link: https://www.econbiz.de/10013137047

A HANK2 model of monetary unions

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2023

Persistent link: https://www.econbiz.de/10014326986

A HANK2 model of monetary unions

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2023

How does a monetary union alter the impact of business cycle shocks at the household level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK2) and show in closed form that a monetary union shifts the adjustment to a shock horizontally - across countries - within the...

Persistent link: https://www.econbiz.de/10014305671

On the logic of fiscal policy coordination in a Monetary Union

Landmann, Oliver - In: Open economies review 29 (2018) 1, pp. 69-87

Persistent link: https://www.econbiz.de/10012039072

Regional Inflation in a Currency Union : Fiscal Policy vs. Fundamentals

Duarte, Margarida; Wolman, Alexander L. - 2021

that productivity shocks alone generate significant variation in inflation across the two countries. Government spending … shocks, in contrast, do not account for a significant portion of inflation variation. Varying relative country size, we find … that smaller countries experience higher variability of their inflation differential in response to shocks to productivity …

Persistent link: https://www.econbiz.de/10013320200

The Budget Deficit, Public Debt and Endogenous Growth

Bräuninger, Michael - 2003

This paper analyzes the effects of public debt on endogenous growth in an overlapping generations model. The government fixes the budget deficit ratio. If the deficit ratio stays below a critical level, then there are two steady states where capital, output, and public debt grow at the same...

Persistent link: https://www.econbiz.de/10014095928