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Collective Memories on the 2010 European Debt Crisis

Arnemann, Laura; Konrad, Kai A.; Potrafke, Niklas - 2021

We examine whether collective memories on the aid&reform programs chosen to handle the 2010 European debt crisis differ between citizens from borrower and lender countries. We use new international survey data for non-experts and experts in member countries of the euro area. The results show...

Persistent link: https://www.econbiz.de/10013250727

The Euro Exchange Rate and Germany's Trade Surplus

Hohberger, Stefan - 2019

We estimate a three-region (DE-REA-RoW) structural macroeconomic model, and we provide a counterfactual on how nominal exchange rate flexibility would have affected the German trade balance (TB) by simulating the shocks of the estimated model under a counterfactual flexible exchange rate regime....

Persistent link: https://www.econbiz.de/10012890627

Private Bank Deposits and Macro/Fiscal Risk in the Euro-Area

Arghyrou, Michael - 2019

We examine the relationship between private bank deposits and macro/fiscal risk in the euro area. We test three hypotheses: First, private bank deposits relative to Germany are determined by macro/fiscal risk factors. Second, this relationship is time-varying. Third, time-variation is driven by...

Persistent link: https://www.econbiz.de/10012891054

What Do Central Bankers Do? Evidence from the European Central Banks' Executive Board

Badinger, Harald - 2019

This paper examines how managers at the top of a public institution, central bank executives, allocate their working time. Using detailed information from personal diaries of the six members of the European Central Bank’s Executive Board over a period of two years, we codify and analyze more...

Persistent link: https://www.econbiz.de/10012892122

57 Channels (and Nothin on) - Does TV-News on the Eurozone Affect Government Bond Yield Spreads?

Wolfinger, Julia - 2019

news shows of leading TV stations in 12 countries which include 37,859 news on the EU, on the Eurozone and on country …-specific economic issues. We find that an increasing share of news about the Eurozone reduces yield spreads, especially when the news …

Persistent link: https://www.econbiz.de/10012892159

Central Bank Policies and Financial Markets : Lessons from the Euro Crisis

Mody, Ashoka - 2019

The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …

Persistent link: https://www.econbiz.de/10012892183

Speculative Eurozone Attacks and Departure Strategies

Homburg, Stefan - 2019

This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks … distributive effects of an orderly eurozone dissolution …

Persistent link: https://www.econbiz.de/10012892242

International Food Commodity Prices and Missing (Dis)Inflation in the Euro Area

Peersman, Gert - 2019

This paper examines the causal effects of shifts in international food commodity prices on euro area inflation dynamics using a structural VAR model that is identified with an external instrument (i.e. a series of global harvest shocks). The results reveal that exogenous food commodity price...

Persistent link: https://www.econbiz.de/10012892245

New Output Gap Estimates for Assessing Fiscal Policy with Lessons for Euro Area Reform

Oksanen, Heikki - 2019

Output gaps (OG) identify economic cycles and the cyclical and structural components in government budget balances. A new simple method for estimating OGs is presented here. The new results are more transparent than those published by the leading economic policy institutions. - The retroactive...

Persistent link: https://www.econbiz.de/10012892285

Macroeconomic Policy Making and Current Account Imbalances in the Euro Area

Murai, Taiki; Schnabl, Gunther - 2021

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10013221180