) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE …

This paper develops a tractable model of a monetary union with a sound fiscal governance structure and shows how in … channel to a New Keynesian two-country model of a monetary union. If the monetary union is symmetric and the portfolio balance … these results to an asymmetric monetary union and illustrate them through simulations, distinguishing between asymmetric …

-country DSGE model with financial frictions and cross-border spillover effects. We calibrate the model for the four largest euro … there are asymmetric financial cycles across the monetary union, which provides a case for targeted country … taking into account cross-border spillover effects of macroprudential measures within the Monetary Union …

(CCyB) rules in small open economy estimated medium scale DSGE. We find that rules based on the credit gap create a trade …

This paper studies stabilisation policies in a multi-country currency union of small open economies. It abstracts from … key factors favouring currency union formation, such as reduced transaction costs and enhanced credibility, which are … exogenous to the factors studied here. Demand-side shocks hamper monetary union stabilisation unless members face identical …

Small open economies within a monetary union have a limited range of stabilisation tools, as area-wide nominal interest … resolve. We assess the role that government spending can play in mitigating this issue using a global DSGE model, with an …-movement between private and government consumption. Finally, spillovers from a fiscal stimulus in one region of a monetary union …

In view of the increasing use of Dynamic Stochastic General Equilibrium (DSGE) models in the macroeconomic projections … within DSGE models. Furthermore, it provides historical estimates of potential output/output gaps on the basis of selected … DSGE models developed by the European System of Central Banks' staff. These estimates are compared to the corresponding …

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their …

reversion of the real exchange rate over long horizons. Abiding by these principles, an open-economy DSGE model performs well in …