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Monetary Policy Shocks in a Two-Sector Open Economy : An Empirical Study

Llaudes, Ricardo - 2007

This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame-work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...

Persistent link: https://www.econbiz.de/10012776366

Global Liquidity Glut or Global Savings Glut? A Structural VAR Approach

Bracke, Thierry - 2008

regions with widening imbalances, the United States and emerging Asia, using sign restrictions that are compatible with … imbalances in the US and emerging Asia than a quot;savings glutquot …

Persistent link: https://www.econbiz.de/10012771616

The Impact of Monetary Policy and Exchange Rate Shocks in Poland : Evidence from a Time-Varying VAR

Arratibel, Olga - 2014

-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …

Persistent link: https://www.econbiz.de/10013060040

International Transmission and Monetary Policy Cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2021

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10013316628

Macroeconomic Effects of Tariffs Shocks : The Role of the Effective Lower Bound and the Labour Market

Jacquinot, Pascal - 2020

We simulate a version of the EAGLE, a New Keynesian multi-country model of the world economy, to assess the macroeconomic effects of US tariffs imposed on one country member of the euro area (EA), and the rest of the world (RW). The model is augmented with an endogenous effective lower bound...

Persistent link: https://www.econbiz.de/10012829369

Does the Euro Make a Difference? Spatio-Temporal Transmission of Global Shocks to Real Effective Exchange Rates in an Infinite VAR

Bussière, Matthieu - 2011

dollar shock, generalised impulse response function shocks and a global shock to risk aversion. Our results show that the way … depends crucially on the nature of the shock. This result is noteworthy given the apparent divergence in competitiveness …

Persistent link: https://www.econbiz.de/10013130602

Transmission of Government Spending Shocks in the Euro Area : Time Variation and Driving Forces

Kirchner, Markus; Cimadomo, Jacopo; Hauptmeier, Sebastian - 2021

This paper provides new evidence on the effects of government spending shocks and the fiscal transmission mechanism in the euro area for the period 1980-2008. Our contribution is two-fold. First, we investigate changes in the macroeconomic impact of government spending shocks using time-varying...

Persistent link: https://www.econbiz.de/10013316199

International transmission and monetary policy cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008

Persistent link: https://www.econbiz.de/10011604904

Business cycle synchronization and insurance mechanisms in the EU

Afonso, António; Furceri, Davide - 2007

In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest in particular that while some of the new Member States have...

Persistent link: https://www.econbiz.de/10011604890

Investment Funds, Monetary Policy, and the Global Financial Cycle

Kaufmann, Christoph - 2021

This paper studies the role of international investment funds in the transmission of global financial conditions to the euro area using structural Bayesian vector auto regressions. While cross-border banking sector capital flows receded significantly in the aftermath of the global financial...

Persistent link: https://www.econbiz.de/10013314948