Similar Search Results

The financial accelerator in the euro area : new evidence using a mixture VAR model

Bennani, Hamza; Neuenkirch, Matthias - 2020

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...

Persistent link: https://www.econbiz.de/10012383710

The impact of macro news and central bank communication on emerging European forex markets

Égert, Balázs; Kočenda, Evžen - 2013

We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on the exchange rates of three Central and Eastern European (CEE) currencies against the euro. First we estimate the nominal equilibrium exchange rate based on a monetary model....

Persistent link: https://www.econbiz.de/10009764449

The trade and FDI effects of EMU enlargement

Brouwer, Jelle Hindriks (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003612738

Restructuring the ECB

Berger, Helge; Haan, Jakob de; Inklaar, Robert - 2003

Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...

Persistent link: https://www.econbiz.de/10011511101

A fiscal rule that has teeth : a suggestion for a "fiscal sustainability council" underpinned by the financial markets

Hedbávný, Petr (contributor); … - 2005

endeavored to qualify for euro-zone membership, which compelled strict limits on budgetary deficits. We then explore which …

Persistent link: https://www.econbiz.de/10003112610

Output smoothing in EMU and OECD : can we forego government contribution? : a risk sharing approach

Marinheiro, Carlos Fonseca - 2003

This paper analyses the smoothing of asymmetric shocks to output for a sample of OECD countries. It also examines whether the private capital markets will be able to replace the government in providing output smoothing in the euro-area, in the near future. The research finds no evidence of large...

Persistent link: https://www.econbiz.de/10011509508

Fiscal rules, financial stability and optimal currency areas

De Grauwe, Paul; Foresti, Pasquale - 2015

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co … conclude that the intense fiscal rules that have been introduced in the Eurozone after the emergence of the debt crisis reduced …

Persistent link: https://www.econbiz.de/10010533078

Central bank policies and financial markets : lessons from the Euro crisis

Mody, Ashoka; Nedeljkovic, Milan - 2018 - This version: November 20, 2018

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/10011942687

International food commodity prices and missing (dis)inflation in the euro area

Peersman, Gert - 2018

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/10011931321

Exploring the international linkages of the euro area : a global VAR analysis

Dées, Stéphane; Di Mauro, Filippo; Pesaran, M. Hashem; … - 2005

This paper presents a global model linking individual country vector error-correcting models in which the domestic variables are related to the country-specific variables as an approximate solution to a global common factor model. This global VAR is estimated for 26 countries, the euro area...

Persistent link: https://www.econbiz.de/10002746106