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This paper analyzes the effects of the implementation of a monetary union on the international transmission of monetary and fiscal policies. A dynamic three-country general equilibrium model, exhibiting monopolistic competition and sticky prices, is used to show how asymmetric monetary and...
Persistent link: https://www.econbiz.de/10010291919
Output gaps for ten European countries and the USA are estimated based on a CES production function with input augmentation in the technological progress. The substitution parameter is estimated from the coefficients of the labor and capital demand functions. The estimation is done using...
Persistent link: https://www.econbiz.de/10010292745
So far studies concerned with the interest pass-through of monetary policy have not taken into account one central issue that arose in Europe in the late 1990s: the importance of financial structure for the convergence of monetary transmission. This study addresses this shortcoming. We estimate...
Persistent link: https://www.econbiz.de/10010293728
structural breaks after the beginning of the second stage of EMU in the mid-nineties, while the estimates for Spain show a …
Persistent link: https://www.econbiz.de/10010294717
To assess the effects of the EMU on inflation rate dynamics of its member states, the inflation rate series for 21 …
Persistent link: https://www.econbiz.de/10010294763
problems within the EMU are not only missing the right incentives but also setting the wrong ones. In contrast to current …
Persistent link: https://www.econbiz.de/10010294841
processes which have to be estimated by discretely sampled observations. Using daily exchange rate data prior to the Greek EMU … increased central bank intervention activities in the run-up to the Greek EMU entrance. Thus the modelling and estimation …
Persistent link: https://www.econbiz.de/10010295399
-switching GARCH model this paper estimates the volatility processes of four EMU exchange rate returns vis-?-vis the German mark using … daily data for the time prior to Stage III of EMU. Statistical inference yields the dates at which financial markets began … to incorporate the expected EMU participation of each country into currency pricing. The data exhibits strong econometric …
Persistent link: https://www.econbiz.de/10010295594
This study analyses whether expected budget deficits have an impact on interest rate swap spreads in France, Germany and Italy. We use monthly deficit forecasts from financial market participants to take the forward-looking behaviour of financial markets into account. Results of a SUR estimation...
Persistent link: https://www.econbiz.de/10010295667
transmission to individual EMU countries. Our most important findings are the following. EMU countries share five common trends … 1999 on and of inflation in the mid-1980s and the mid-1990s. To examine the transmission of common shocks to individual EMU …
Persistent link: https://www.econbiz.de/10010295820