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U.S. and Euro Area Monetary and Fiscal Interactions During the Pandemic: A Structural Analysis

Hodge, Andrew - 2022

This paper employs a two-country New Keynesian DSGE model to assess the macroeconomic impact of the changes in monetary policy frameworks and the fiscal support in the U.S. and euro area during the pandemic. Moving from a previous target of "below, but close to 2 percent" to a formal symmetric...

Persistent link: https://www.econbiz.de/10015060056

U.S. Monetary Policy Spillovers to Middle East and Central Asia: Shocks, Fundamentals, and Propagations

Ugazio, Giovanni - 2024

decomposing U.S. interest rates changes into two orthogonal shocks: the pure monetary policy shock and the information news shock … shocks. Moreover, high oil prices mitigate both spillovers for oil exporters while global risk appetite amplifies both … countries, with oil exporters with stronger fundamentals withstanding well the shock and oil importers with weaker fundamentals …

Persistent link: https://www.econbiz.de/10015058845

Euro Area Inflation after the Pandemic and Energy Shock: Import Prices, Profits and Wages

Hansen, Niels-Jakob - 2023

supply-demand mismatches. While the results show that firms have passed on more than the nominal cost shock, and have fared …

Persistent link: https://www.econbiz.de/10015059338

A Comprehensive Macroeconomic Uncertainty Measure for the Euro Area and its Implications to COVID-19

Comunale, Mariarosaria - 2023

reduction during the first wave of COVID-19, therefore supporting the interpretation of COVID-19 shock as a macroeconomic … uncertainty shock. Public debt increases in response to this uncertainty shock. Finally, an increase in MEU negatively affects …

Persistent link: https://www.econbiz.de/10015058984

Euro Area Monetary Policy in Uncharted Waters

Stavrev, Emil - 2009

We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find...

Persistent link: https://www.econbiz.de/10012677859

Navigating the Well-Being Effects of Monetary Policy: Evidence from the Euro Area

El Herradi, Mehdi - 2023

tightening surprises reduce life satisfaction. Notably, the impact of a one standard deviation monetary policy shock on well …

Persistent link: https://www.econbiz.de/10015058896

Macroprudential Policies in Response to External Financial Shocks

de Carvalho Filho, Irineu - 2023

This paper examines how countries use Macroprudential Policies (MaPs) to respond to external shocks such as US monetary policy surprises or fluctuations in capital flows. Constructing a model of a small open economy with financial frictions and a MaP authority that adjusts loan to value (LTV)...

Persistent link: https://www.econbiz.de/10015059813

The Information Content of Money in Forecasting Euro Area Inflation

Stavrev, Emil - 2008

This paper contributes to the debate on the role of money in monetary policy by analyzing the information content of money in forecasting euro-area inflation. We compare the predictive performance within and among various classes of structural and empirical models in a consistent framework using...

Persistent link: https://www.econbiz.de/10012677626

The Role of Financial Variables in Predicting Economic Activity in the Euro Area

Lombardi, Marco - 2009

The U.S. business cycle typically leads the European cycle by a few quarters and this can be used to forecast euro area GDP. We investigate whether financial variables carry additional information. We use vector autoregressions (VARs) which include the U.S. and the euro area GDPs as a minimal...

Persistent link: https://www.econbiz.de/10012677494

From Subprime Loans to Subprime Growth? Evidence for the Euro Area

Cihák, Martin - 2009

activity; (iii) a positive shock to the corporate bond spread lowers industrial output; and (iv) risk indicators for the …

Persistent link: https://www.econbiz.de/10012677755