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Macroeconomic stabilization with a common currency: Does European Monetary Unification create a need for fiscal insurance of federalism?

Kletzer, Kenneth M. - 1997

The implications of monetary unification for fiscal policies are discussed. The roles of nominal exchange rate flexibility in the presence of asymmetric national shocks and nominal price rigidities as an automatic stabilizer and source of disturbances to real economic performance are reviewed....

Persistent link: https://www.econbiz.de/10010301140

Emerging economies' supply shocks and Japan's price deflation: International transmissions in a three-country DSGE model

Hirakata, Naohisa; Iwasaki, Yuto; Kawai, Masahiro - 2014

This paper examines the international transmission effects that a positive supply shock in emerging economies may have on inflation in developed economies. We construct a dynamic stochastic general equilibrium (DSGE) model for three countries and analyze the impact of a supply shock in an...

Persistent link: https://www.econbiz.de/10010397229

Transmission of shocks to the Chinese economy in a global context: A model-based approach

Bailliu, Jeannine; Blagrave, Patrick - 2010

To better understand the dynamics of the Chinese economy and its interaction with the global economy, the authors incorporate China into an existing model for the G-3 economies (i.e., the United States, the euro area, and Japan), paying particular attention to modelling the exchange rate and...

Persistent link: https://www.econbiz.de/10010279857

Utility functions, fiscal shocks and the open economy : in the search of a positive consumption multiplier

Wegmueller, Philipp - 2014 - This version: October 3, 2014

This paper analyzes the dynamic effects of a fiscal policy shock and its transmission mechanism in a small open economy and compares the responses under different specifications of the utility function. The traditional Mundell-Flemming model tells that fiscal policy is more effective under a peg...

Persistent link: https://www.econbiz.de/10010414839

Macroeconomic stabilization with a common currency : does European Monetary Unification create a need for fiscal insurance of federalism?

Kletzer, Kenneth - 1997

Persistent link: https://www.econbiz.de/10010514307

Monetary union, asymmetric productivity shocks and fiscal insurance : an analytic discussion of welfare issues

Kletzer, Kenneth - 1998

This paper addresses arguments that a system of fiscal insurance between member states of the European Union is needed to act in replacement of nominal exchange rate flexibility as an automatic stabilizer under monetary union. Many authors have argued or assumed that asymmetric real...

Persistent link: https://www.econbiz.de/10010515710

The ECB'’s unconventional monetary policy and the role of exchange rate regimes in cross-country spillovers

Jensen, Jakob Roager; Mikkelsen, Jakob Guldbæk; … - 2017

We study the impact of the ECB's large scale asset purchase programme on selected euro area and neighbouring countries. The effects of the programme are assessed by conducting an event study as well as by estimating a structural VAR model using a shadow short rate as a measure of the monetary...

Persistent link: https://www.econbiz.de/10011740711

Macroeconomic stabilization with a common currency : does European monetary unification create a need for fiscal insurance or federalism?

Kletzer, Kenneth - 1997

Persistent link: https://www.econbiz.de/10011536289

Exports and the exchange rate : a general equilibrium perspective

Alexander, Patrick; Reza, Abeer - 2022 - Last updated: April 4, 2022

Understanding and predicting the evolution of exports after a change in the nominal exchange rate is of central importance in international economics. Most of the literature focuses on estimating this relationship by reduced form, with the aim of uncovering a single structural parameter, but...

Persistent link: https://www.econbiz.de/10013172465

Remittances over the business cycle : theory and evidence

De, Supriyo; Islamaj, Ergys; Kose, M. Ayhan; Yousefi, … - 2016

This paper examines the behavior of remittances over the business cycle and their potential to act as a stabilizer … remittances depends on the motives to remit. Second, remittances are less volatile than other foreign currency flows but do not … appear to systemically co-move with business cycle fluctuations. Third, remittances are relatively stable even during …

Persistent link: https://www.econbiz.de/10011453670