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This paper analyses how adjustment dynamics, in an environment with some degree of price and wage rigidity, may create and strengthen asymmetric developments in a monetary union. It presents a simple illustrative model of adjustment dynamics that reproduces quite nicely actual developments in...
Persistent link: https://www.econbiz.de/10008577482
This paper presents the European Commission's Global Multi-country model (the GM model). The GM model is an estimated multi-country DSGE model, developed by the European Commission, that can be used for spillover analysis, forecasting and medium term projections. Its development is jointly...
Persistent link: https://www.econbiz.de/10012055411
Persistent link: https://www.econbiz.de/10012202021
Persistent link: https://www.econbiz.de/10012120950
This paper presents the European Commission's Global Multi-country model (the GM model). The GM model is an estimated multi-country DSGE model that can be used for spillover analysis, forecasting and medium term projections. Its development is jointly performed by the Joint Research Centre and...
Persistent link: https://www.econbiz.de/10012054701
This paper analyses non-Keynesian effects in fiscal consolidations in the EU. The analysis is carried out both ex-post, i.e. by looking at the emergence of expansionary consolidations in the past and at their characteristics, and ex-ante, i.e. by simulating with the European Commission QUEST...
Persistent link: https://www.econbiz.de/10008459139
This study of approximately 170 publications shows (a) that US academic economists concentrated on the question "Is the EMU a good or bad thing?", usually adopting the paradigm of optimum currency areas as their main analytical vehicle, (b) that they displayed considerable scepticism towards the...
Persistent link: https://www.econbiz.de/10008516237
This essay follows the synergies and complementarities between European Economic and Monetary Union (EMU) and the optimum currency area (OCA) theory. Various advancements in economic theory and econometrics have made it possible to progress from the “early OCA theory†to a...
Persistent link: https://www.econbiz.de/10008577449
This study addresses and evaluates the impacts of the introduction of the euro on both actual and potential output and employment. In order to achieve this, a descriptive and analytical examination of developments before and after the launch of the euro is undertaken, with comparisons drawn...
Persistent link: https://www.econbiz.de/10008577451
Study on sovereign bond market integration and the role of the euro, trading platforms and globalisation. We disentangle different driving factors of sovereign bond market integration by studying yield co-movements of EMU countries, the UK, the US and 16 German Lander in the last 15 years. At a...
Persistent link: https://www.econbiz.de/10008577459