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Revisiting Public Support for the Euro, 1999-2017: Accounting for the Crisis and the Recovery

Roth, Felix; Baake, Edgar; Jonung, Lars; Nowak-Lehmann, … - 2018

This paper explores the evolution and determinants of public support for the euro since its creation in 1999 until the … end of 2017, thereby covering the pre-crisis experience of the euro, the crisis years and the recent recovery. Using … public support for the euro. First, we find that a majority of respondents support the euro in nearly all 19 euro area member …

Persistent link: https://www.econbiz.de/10013208809

Integration, spurious convergence, and financial fragility: A post-Keynesian interpretation of the Spanish crisis

Pérez Caldentey, Esteban; Vernengo, Matías - 2015

originated from the financial convergence that followed adoption of the euro. …

Persistent link: https://www.econbiz.de/10011545307

Asset prices, financial fragility, and central banking

Tymoigne, Éric - 2006

The paper reviews the current literature on the subject in both the New Consensus and Post Keynesian frameworks. It shows that both approaches give to central banks a wrong goal (inflation, distribution, curbing speculation, and so on) and a wrong instrument (interest rate rule). The paper...

Persistent link: https://www.econbiz.de/10010276902

New Keynesian dynamics in a low interest rate environment

Braun, R. Anton; Körber, Lena Mareen - 2011

Recent research has found that the dynamic properties of the New Keynesian model can be very different when the nominal interest rate is zero. Improvements in technology and reductions in the labor tax rate lower economic activity, and the size of the government purchase output multiplier can be...

Persistent link: https://www.econbiz.de/10010292223

Simple versus optimal rules as guides to policy

Brock, William A.; Durlauf, Steven N.; Nason, James M.; … - 2007

This paper contributes to the policy evaluation literature by developing new strategies to study alternative policy rules. We compare optimal rules to simple rules within canonical monetary policy models. In our context, an optimal rule represents the solution to an intertemporal optimization...

Persistent link: https://www.econbiz.de/10010292303

Small and orthodox fiscal multipliers at the zero lower bound

Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2013

Does fiscal policy have large and qualitatively different effects on the economy when the nominal interest rate is zero? An emerging consensus in the New Keynesian literature is that the answer is yes. New evidence provided here suggests that the answer is often no. For a broad range of...

Persistent link: https://www.econbiz.de/10010397696

Policy-making of the European Central Bank during the crisis: Do personalities matter?

Basham, James; Roland, Aanor - 2014

The European sovereign debt crisis represents an interesting opportunity to investigate the reaction of the European Central Bank as a crisis fighting institution and the importance of central bank personalities in policy execution. Accordingly, this paper aims at investigating to what extent...

Persistent link: https://www.econbiz.de/10010397739

Understanding Financial Crises: Causes, Consequences, and Policy Responses

Claessens, Stijn; Kose, M. Ayhan; Laeven, Luc; … - 2013

The global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions...

Persistent link: https://www.econbiz.de/10010500233

Outside money: The advantages of owning the magic porridge pot

Wray, L. Randall - 2014

Over the past two decades there has been a revival of Georg Friedrich Knapp's "state money" approach, also known as chartalism. The modern version has come to be called Modern Money Theory. Much of the recent research has delved into three main areas: mining previous work, applying the theory to...

Persistent link: https://www.econbiz.de/10010513039

Options for China in a dollar standard world: A sovereign currency approach

Wray, L. Randall; Liu, Xinhua - 2014

This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower growth, global imbalances, and a number of domestic...

Persistent link: https://www.econbiz.de/10010513080