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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

Interbank market frictions and unconventional policy in a currency union

Swarbrick, Jonathan; Blattner, Tobias - 2017

In this paper we show how interbank market frictions can play an important role in propagating and enhancing the effects of shocks in a currency union, and discuss the efficacy of two unconventional policy measures; multi-period central bank refinance operations and large scale asset purchases....

Persistent link: https://www.econbiz.de/10011653062

"Haircuts" for the EMU periphery : virtue or vice? ; conference paper

Neck, Reinhard; Blüschke, Dmitri - 2013 - Preliminary version

We use a dynamic game model of a two-country monetary union to study the impacts of an exogenous fall in aggregate demand, the resulting increase in public debt, and the consequences of a sovereign debt haircut for a member country or bloc of the union. In this union, the governments of...

Persistent link: https://www.econbiz.de/10010340564

Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proaño Acosta, 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

Bank lending, collateral, and credit traps in a monetary union

Corbisiero, Giuseppe - 2016

Persistent link: https://www.econbiz.de/10011448967

Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proaño Acosta, 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

Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proaño Acosta, Christian - 2016

der Euro-Zone. Hierzu berücksichtigen wir in einem ansonsten Standard DSGE-Modell einer Zwei-Regionen-Währungsunion einen …

Persistent link: https://www.econbiz.de/10011414652

A monetary union requires a banking union

Geeroms, Hans; Karbownik, Pawel - 2014

Persistent link: https://www.econbiz.de/10010422223

Globalization and economic growth of Eurozone economies

Radulović, Marija; Kostić, Milan - In: Zbornik radova Ekonomskog Fakulteta u Rijeci : časopis … 38 (2020) 1, pp. 183-214

Persistent link: https://www.econbiz.de/10012268996

Southern and Eastern Europe in the Eurozone: convergence or divergence?

Boltho, Andrea - In: Baltic journal of economics 20 (2020) 1, pp. 74-93

disparities among the 12 Western European member countries. In fact, incomes per capita between Southern and Northern Eurozone … members have diverged since the Eurozone was created, in contrast to earlier trends which had seen rapid convergence in living … Eastern European countries (Estonia, Latvia, Lithuania, Slovakia and Slovenia) which joined the Eurozone between 2007 and 2015 …

Persistent link: https://www.econbiz.de/10012257601