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Interest Rate Bands of Inaction and Play-Hysteresis in Domestic Investment : Evidence for the Euro Area

Belke, Ansgar Hubertus - 2019

The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...

Persistent link: https://www.econbiz.de/10012863789

Asymmetric Labor Market Institutions in the Emu and the Volatility of Inflation and Unemployment Differentials

Abbritti, Mirko - 2012

How does the asymmetry of labor market institutions affect the adjustment of a currency union to shocks? To answer this question, this paper sets up a dynamic currency union model with monopolistic competition and sticky prices, hiring frictions and real wage rigidities. In our analysis, we...

Persistent link: https://www.econbiz.de/10013107467

The Role of the Exchange Rate Regime in the Process of Real and Nominal Convergence

D'Adamo, Gaetano - 2013

During the last decade, economists have intensively searched for evidence on the importance of the Balassa-Samuelson (B-S) hypothesis in explaining nominal convergence. One general result is that B-S can at best explain only part of the excess inflation observed in the European catching-up...

Persistent link: https://www.econbiz.de/10013074886

The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model

Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2021

Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...

Persistent link: https://www.econbiz.de/10013318057

Enlarging the EMU to the East : What Effects on Trade?

Belke, Ansgar Hubertus; Spies, Julia - 2021

The purpose of this paper is to assess the implications of the Economic and Monetary Union (EMU) accession of eight Central and Eastern European Countries (CEECs) on their share in EMU-12 imports. Overcoming biases related to endogeneity, omitted variables and sample selection, our results...

Persistent link: https://www.econbiz.de/10013325027

The Effect of Product Demand on Inequality : Evidence from the US and the UK

Leonardi, Marco - 2010

This paper examines the relationship between product demand and the pattern of rising skill premia and rising employment of skilled workers in the US and the UK since the 1980s. If more skilled workers demand more skill-intensive goods, then an increase in relative skill supply will also induce...

Persistent link: https://www.econbiz.de/10013141699

External Monetary Shocks and Monetary Integration : Evidence from the Bulgarian Currency Board

Minea, Alexandru; Rault, Christophe - 2021

Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration...

Persistent link: https://www.econbiz.de/10013315999

Productivity Premia for German Manufacturing Firms Exporting to the Euro-Area and Beyond : First Evidence from Robust Fixed Effects Estimations

Verardi, Vincenzo - 2010

estimates of the productivity premium of German firms exporting to the Euro-zone and beyond, controlling for unobserved time … invariant firm specific effects, and tests for self-selection of more productive firms into exporting beyond the Euro-zone. (3 … Euro-zone only is no longer much smaller that the premium of firms that export beyond the Euro-zone, too, and the premium …

Persistent link: https://www.econbiz.de/10013141754

Macroeconomic Volatilities and the Labor Market : First Results from the Euro Experiment

Merkl, Christian - 2010

This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone …

Persistent link: https://www.econbiz.de/10013143682

Fiscal Union in Europe? Redistributive and Stabilising Effects of an EU Tax-Benefit System

Bargain, Olivier - 2012

representative household microdata from 11 Eurozone countries to simulate these policy reforms and to study their effects on the … that not all forms of fiscal integration will improve macroeconomic stability in the Eurozone …

Persistent link: https://www.econbiz.de/10013105006