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Rainy Day Funds : Can They Make a Difference in Europe?
Franco, Daniele; Balassone, Fabrizio; Zotteri, Stefania - 2007
Rainy Day Funds (RDFs) have an important role in the USA. They allow States - which usually have rules requiring a balanced budget for current revenue and spending - to limit pro-cyclical fiscal policies. This paper examines the possible role of RDFs in the European fiscal framework. The...
Persistent link: https://www.econbiz.de/10014223393
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Just Round the Corner? Pros, Cons, and Implementation Issues of a Fiscal Union for the Euro Area
Balassone, Fabrizio; Momigliano, Sandro; Romanelli, Marzia - 2015
The experience of other successful monetary unions and economic theory suggest that the euro area would benefit from the establishment of a supranational fiscal capacity. Institutional reforms prompted by the crisis (e.g., the European Stability Mechanism and the banking union) are introducing...
Persistent link: https://www.econbiz.de/10014136911
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Has the Wage Phillips Curve Changed in the Euro Area?
Bulligan, Guido - 2017
Increasing evidence shows that after a flattening occurred in the immediate aftermath of the global financial crisis, the relationship between price inflation and economic slack became stronger in the euro area. By contrast, there is no clear evidence of a strong(er) relationship between wage...
Persistent link: https://www.econbiz.de/10012964004
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Capital and Labour (Mis)Allocation in the Euro Area : Some Stylized Facts and Determinants
Gamberoni, Elisa - 2017
We analyse the evolution of capital and labour (mis)allocation across firms in five euro-area countries (Belgium, France, Germany, Italy and Spain) and eight main sectors of the economy during the period 2002-2012. Three key stylized facts stand out. First, in all countries except Germany,...
Persistent link: https://www.econbiz.de/10012964011
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Brexit : Estimating Tariff Costs for EU Countries in a New Trade Regime with the UK
Cappariello, Rita - 2017
This study estimates the average tariffs that the producers of each of the 27 EU countries could face when exporting to … between the EU and the UK is conducted under WTO most-favoured-nation terms. The analysis is based on information from the WTO … would be different across EU countries, depending on the initial level of commercial relationships with the UK and on the …
Persistent link: https://www.econbiz.de/10012946371
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The Eurosystem's Asset Purchase Programmes for Monetary Policy Purposes
Cova, Pietro - 2015
This paper analyzes the operation of the Eurosystem's public and private assets purchases programmes for monetary policy purposes, quantifying the potential effect on the Italian economy. First we give an exhaustive account of the main transmission channels by which the purchases can be expected...
Persistent link: https://www.econbiz.de/10013022298
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Medium-Term Forecasting of Euro-Area Macroeconomic Variables with DSGE and BVARX Models
Burlon, Lorenzo - 2015
The paper assesses the performance of medium-term forecasts of euro-area GDP and inflation obtained with a DSGE model and a BVARX model currently in use at the Bank of Italy. The performance is compared with that of simple univariate models and with the Eurosystem projections; the same real time...
Persistent link: https://www.econbiz.de/10013024291
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EU Bank Deleveraging
Bologna, Pierluigi - 2015
We analyse the deleveraging process with reference to a sample of European banks from December 2011 to June 2013 and find that the leverage ratio (measured as assets to equity) has declined on average from 28.6 to 25.0. Its standard deviation fell from 8.2 to 6.5. About 2/3 of the deleveraging...
Persistent link: https://www.econbiz.de/10013026758
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Euro Area (Cross-Border?) Banking
Bologna, Pierluigi - 2015
This paper presents stylized facts of the segmentation of the Euro Area (EA) banking system and investigates cross-border banking dynamics. Results show that the determinants of cross-border banking change substantially over-time: (i) in the pre-crisis period of financial integration the...
Persistent link: https://www.econbiz.de/10013028302
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Euro Area (Cross-Border?) Banking
Bologna, Pierluigi - 2015
This paper presents stylized facts of the segmentation of the Euro Area (EA) banking system and investigates cross-border banking dynamics. Results show that the determinants of cross-border banking change substantially over-time: (i) in the pre-crisis period of financial integration the...
Persistent link: https://www.econbiz.de/10013030227