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Keeping Up with the Joneses: Implications for the Welfare Effects of Monetary Policy in Open Economies
Pierdzioch, Christian - 2003
A dynamic general equilibrium two-country optimizing model is used to analyze the welfare effects of monetary policy in open economies. The distinguishing feature of the model is that households' preferences feature a "keeping up with the Joneses" effect. This effect implies that households'...
Persistent link: https://www.econbiz.de/10010260429
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On the Welfare Effects of Monetary Policy When Households Try to Keep Up with the Rest of the World
Pierdzioch, Christian; Yener, Serkan - 2004
We develop a dynamic general equilibrium two-economy model in order to analyze the welfare effects of monetary policy in open economies. The model features two distortions: one distortion due to monopolistic competition, and one distortion due to a consumption externality. This consumption...
Persistent link: https://www.econbiz.de/10010260477
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Macroeconomic policy coordination in Europe: An agnostic view
Scheide, Joachim - 2003
Coordination is a fundamental principle for economic policy in the EU. There is a consensus that soft coordination … policies it is discussed whether the conditions for such coordination are met in Europe. Commitments by policymakers are almost … coordination of macro policies are weak. Nevertheless, economic policies can be successful in achieving the targets even if they …
Persistent link: https://www.econbiz.de/10010273159
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China as an international lender of last resort
Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - 2023
This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights into China's growing role in the global financial...
Persistent link: https://www.econbiz.de/10014282635
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Global Inflation
Ciccarelli, Matteo; Mojon, Benoît - 2006
This paper shows that in inflation in industrialized countries is largely a global phenomenon. First, inflations of (22) OECD countries have a common factor that alone accounts for nearly 70% of their variance. This large variance share that is associated to Global Inflation is not only due to...
Persistent link: https://www.econbiz.de/10010260578
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Cross-Border Banking and Transmission Mechanisms: The Case of Europe
Buch, Claudia M. - 2001
International activities of commercial banks are a potential source for the transmission of shocks across countries. In Europe, bank finance plays a relatively important role, and efforts have been made at creating a level playing field for financial institutions. This paper reviews the stylized...
Persistent link: https://www.econbiz.de/10010260615
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National and international business cycle effects of housing crises
Jannsen, Nils - 2009
Housing crises usually go hand in hand with a long lasting recession and a considerable loss in output. We first re-examine the effects of a housing crises on the business cycle based on historical crises. Then we estimate the international spill-over-effects if several huge industrial countries...
Persistent link: https://www.econbiz.de/10010265229
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Towards a European constitution: fiscal federalism and the allocation of economic competences
Stehn, Jürgen - 2002
The paper analyzes one important aspect of the constitutional debate: the allocation of econornie competences between the EU and the mernber states. It takes the theory of fiscal federalism as a starting point for an optimal allocation of economic competences. The main message of the theory is...
Persistent link: https://www.econbiz.de/10010265546
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Wage subsidies and international trade: When does policy coordination pay?
Braun, Sebastian; Spielmann, Christian - 2010
-over effects and discuss the benefits and costs from international policy coordination both for the case of symmetric and … speed at which labour market policy coordination has progressed so far. …
Persistent link: https://www.econbiz.de/10010265956
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The euro's trade effect under cross-sectional heterogeneity and stochastic resistance
Herwartz, Helmut; Weber, Henning - 2010
This paper investigates if the euro's effect on euro-area trade differs across trade sectors and across country pairs, and to what degree heterogeneity matters for estimating the aggregate euro effect. Time-varying latent variables, which are specific to each sector in each country pair, control...
Persistent link: https://www.econbiz.de/10010270031