Showing 1 - 10 of 17
This paper considers the potential impact of a shift in official foreign reserves from dollars to euros using a global DSGE model. This paper uses QUEST III, a multi-region global DSGE model, to study the macroeconomic effects of a gradual equalization of official foreign reserves between...
Persistent link: https://www.econbiz.de/10008459230
The failure of key EU Member States to respect the requirements of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fiscal policy coordination in the Economic and Monetary Union (EMU). This paper systematically...
Persistent link: https://www.econbiz.de/10008595783
This paper discusses an approach to estimate euro area GDP quarterly growth over two quarters ahead. The estimates are … euro area and the US. The euro area opinion survey variables are the present business situation in the retail sector and … spread between the euro area and the US. Second, the real effective exchange rate is an indication of the competitive …
Persistent link: https://www.econbiz.de/10008595794
This study addresses and evaluates the impacts of the introduction of the euro on both actual and potential output and … euro is undertaken, with comparisons drawn between countries that are EMU members and non-EMU members. There are several … channels through which the euro may have affected growth and employment: greater transparency and its impact on competitiveness …
Persistent link: https://www.econbiz.de/10008577451
The introduction of the euro as a currency in physical existence in January 2002 was a major step in the European … countries in the euro area view the effects of the euro five years after its introduction. The empirical analysis uses … September 2006. The first question asked if the adoption of the euro was advantageous overall or not. The second one asked if …
Persistent link: https://www.econbiz.de/10008577453
The paper analyses different aspects of the role that the euro is currently playing in sub-Saharan Africa (SSA) and in … the CFA franc zone of West and Central Africa. As similar contributions on the role of the euro in other global regions …, it served as background information for the analysis of the European Commission on the international role of the euro for …
Persistent link: https://www.econbiz.de/10008577458
Study on sovereign bond market integration and the role of the euro, trading platforms and globalisation. We … gradually in the course of the last 15 years in EMU countries, as well as the UK, the US and the German Lander. The euro, as … attributed to electronic trading platforms becoming functional. The change-over from national currencies to the euro can not …
Persistent link: https://www.econbiz.de/10008577459
We investigate the impact of EMU on macroeconomic volatility. The volatilities of inflation and nominal interest rates have declined, as has, more importantly, the volatility of real consumption growth. Since global volatility has fallen for reasons unrelated to EMU (the “great...
Persistent link: https://www.econbiz.de/10008577483
The introduction of the euro was the world's largest economic ‘experiment.' This experiment opens the door to a major … advance in our understanding of how a  common currency affects economic activity. When it comes to the euro's trade effects …, we confirm the received wisdom that the euro has promoted trade significantly, with the aggregate impact being in the …
Persistent link: https://www.econbiz.de/10008459136
This essay will evaluate the experience of the first decade of EMU and the euro in historical perspective. It will … ground the establishment of EMU and the euro in the context of the history of international monetary cooperation and of … arrangements will serve as a backdrop for an evaluation of the euro's performance and challenges in future decades. The essay will …
Persistent link: https://www.econbiz.de/10008459149