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Asymmetric monetary transmission in EMU : the robustness of VAR conclusions and Cecchettis legal family theory
Elbourne, Adam; de Haan, Jakob - 2004
We review studies on monetary transmission in the EU countries using the VAR approach and analyse why they often lead to divergent outcomes. Firstly, we estimate 43 VAR models across ten EU countries and compare the robustness of the ranking of the magnitudes of the price and output responses....
Persistent link: https://www.econbiz.de/10010261078
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Macroeconomic stabilization policies in the EMU : spillovers, asymmetries, and institutions
Di Bartolomeo, Giovanni; Engwerda, Jacob; Plasmans, Joseph - 2005
game approach of the endogenous coalition formation literature. The specific policy recommendations in the EMU context …
Persistent link: https://www.econbiz.de/10010261121
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Has the stability and growth pact stabilised? : Evidence from a panel of 12 European countries and some implications for the reform of the pact
Marinheiro, Carlos Jose Fonseca - 2005
Ever since its inception EMU has been subject to controversy. The fiscal policy rules embedded in the Treaty on …
Persistent link: https://www.econbiz.de/10010261176
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The trade and FDI effects of EMU enlargement
Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - 2007
European Monetary Union (EMU) to the ten countries that obtained EU membership in 2004. One-way and two-way error component …. Using a simulation-based technique, we find that estimates of FDI effects of EMU range between 18.5 percent for Poland and …
Persistent link: https://www.econbiz.de/10010264230
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Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union
Michalak, Tomasz; Engwerda, Jacob; Plasmans, Joseph - 2009
In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....
Persistent link: https://www.econbiz.de/10010264547
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Fiscal and monetary interaction : the role of asymmetries of the stability and growth pact in EMU
Governatori, Matteo; Eijffinger, Sylvester C. W. - 2004
policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the …
Persistent link: https://www.econbiz.de/10010272870
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Revenue for EMU: A Contribution to the Debate on Fiscal Union
Iara, Anna - 2016
intensified, among others putting forward a fiscal stabilization capacity for EMU members. Contributions made so far to further …
Persistent link: https://www.econbiz.de/10011451412
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Regional Heterogeneity, the Rise of Public Debt and Monetary Policy in Post-Bubble Japan: Lessons for the EMU
Fischer, Raphael; Schnabl, Gunther - 2016
Both Japan and parts of the European Monetary Union have experienced boom and bust in stock and real estate markets, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for public debt and monetary policy in the context of crisis....
Persistent link: https://www.econbiz.de/10011480491
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Fiscal divergence and current account imbalances in Europe
Schnabl, Gunther; Wollmershäuser, Timo - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10010291505
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The bail-out! Positive political economics of greek-type crises in the EMU
Fahrholz, Christian; Wójcik, Cezary - 2010
analysis suggests that, given EMU's present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU's institutional design could be improved … processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU depends. In …
Persistent link: https://www.econbiz.de/10010274897