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Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proano, Christian - 2015

Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...

Persistent link: https://www.econbiz.de/10011299044

Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proano, Christian - 2015

Against the background of the emergence of macroeconomic imbalances within the European Monetary Union (EMU), we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard...

Persistent link: https://www.econbiz.de/10011404606

Sovereign Risk Premium and Divergent Fiscal Policies in a Monetary Union

Badarau, Cristina - 2020

During the euro area (EA) sovereign debt crisis, lenders in financial markets raised default risk premiums on sovereign bonds issued by countries that were then consid-ered too risky. Among some of these countries (especially Greece), fiscal policy had not been implemented according to good...

Persistent link: https://www.econbiz.de/10012838553

Fiscal transfers and common debt in a Monetary Union : a multi-country agent based-stock flow consistent model

Caiani, Alessandro; Catullo, Ermanno - 2023

Using a refined version of the multi-country AB-SFC model of a Monetary Union already presented in Caiani et al. (2018a, 2019) the paper aims at providing a tentative assessment of the economic effects of transforming the European Monetary Union into an Intergovernmental Fiscal Transfer Union...

Persistent link: https://www.econbiz.de/10014283578

EMU and the cyclical behavior of fiscal policy : a suggested interpretation

Landmann, Oliver - 2014 - Rev.

to pursue stability for the aggregate eurozone, fiscal policies failed to contain macroeconomic divergence across the …

Persistent link: https://www.econbiz.de/10010401689

Disinflation and monetary independence in Romania

Goczek, Lukasz - In: Baltic journal of economics 15 (2015) 1, pp. 65-79

between Romania and the Eurozone cannot be rejected, despite the rapid disinflation at the beginning of the sample. …

Persistent link: https://www.econbiz.de/10011890553

Monetary unions and national welfare

Görgün, Cem - 2019

This paper studies monetary regime choice between monetary union and flexible exchange rate regime in a large open economy framework. The classical approach emphasizes that monetary unions are inherently costly because a single interest rate cannot respond effectively to different shocks of...

Persistent link: https://www.econbiz.de/10012131827

US Monetary Regimes and Optimal Monetary Policy in the Euro Area

Mavromatis, Kostas - 2017

home (Eurozone) inflation and output volatility and their responses to shocks, substantially, as long as the home central …Monetary policy in the US has been documented to have switched from reacting weakly to inflation fluctuations during … the ‘70s, to fighting inflation aggressively from the early ‘80s onwards. In this paper, I analyze the impact of the US …

Persistent link: https://www.econbiz.de/10012946396

The Dynamic Effects of Country Specific Shocks in a Monetary Union

Orjasniemi, Seppo - 2010

This paper uses a dynamic stochastic general equilibrium model with three countries to study the effects of implementation of an open monetary union on international fluctuations. We consider the effects of unanticipated country specific shocks on technology and government spending. We compare...

Persistent link: https://www.econbiz.de/10013147295

Monetary Unions and National Welfare

Gorgun, Cem - 2019

Persistent link: https://www.econbiz.de/10012858555