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The "uncovered inflation rate parity" condition in a monetary union
Acocella, Nicola; Pasimeni, Paolo - 2018
), the problem of instability is simply transferred to inflation rate differentials, what we call the (impossibility of the …) "uncovered inflation rate parity condition" in a monetary union. The analysis of the actual divergences and imbalances in the EMU …, then, suggests that failure to respect the "uncovered inflation rate parity condition" in a monetary union may lead to …
Persistent link: https://www.econbiz.de/10011926988
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The 'Uncovered Inflation Rate Parity' Condition in a Monetary Union
Acocella, Nicola - 2020
), the problem of instability is simply transferred to inflation rate differentials, what we call the (impossibility of the …) "uncovered inflation rate parity condition" in a monetary union. The analysis of the actual divergences and imbalances in the EMU …, then, suggests that failure to respect the "uncovered inflation rate parity condition" in a monetary union may lead to …
Persistent link: https://www.econbiz.de/10012851840
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Budget-neutral fiscal rules targeting inflation differentials
Brede, Maren - 2016
In light of persistent in ation dispersion and rising debt levels in the EMU, this paper investigates the welfare implications of budget-neutral scal policies that counteract in ation di erentials. In a two-country DSGE model of a monetary union with traded and non-traded goods a national scal...
Persistent link: https://www.econbiz.de/10011437921
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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
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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/10010497607
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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
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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
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The Effectiveness of a Fiscal Transfer Mechanism in a Monetary Union : A DSGE Model for the Euro Area
Verstegen, Loes - 2016
In this paper, we incorporate a transfer mechanism into a DSGE model with a rich fiscal sector to assess the effectiveness of fiscal transfers for a monetary union, in particular for the Economic and Monetary Union. Using a heterogeneous setup, the model is estimated for the North and the South...
Persistent link: https://www.econbiz.de/10012988404
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Macroeconomic Effects of Sovereign Restructuring in a Monetary Union : A Model-Based Approach
Forni, Lorenzo - 2014
We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical evidence, we make the following three key assumptions. First, sovereign debt is held by domestic agents...
Persistent link: https://www.econbiz.de/10013059858
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Explaining Inflation Differentials between Spain and the Euro Area
Rabanal, Pau - 2007
This paper investigates the behavior of inflation differentials between Spain and the rest of the euro area member … countries. Cross country studies of inflation differentials, and in particular in the EMU, have focused on three explanations … documents that, during the 2002-2006 period, inflation differentials in the tradable goods sector have been driving the …
Persistent link: https://www.econbiz.de/10012728961