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Inflation Differentials in the EU : A Common ( Factors ) Approach with Implications for EU8 Euro Adoption Prospects
International Monetary Fund - 2008
This paper explores inflation determinants within the EU and implications for new members'' euro adoption plans. Factor … analysis partitions observed inflation in EU25 countries into common-origin and country-specific (idiosyncratic) components …. Cross-country differences in common-origin inflation within the EU are found to depend on gaps in the initial price level …
Persistent link: https://www.econbiz.de/10014401399
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How Symmetric Are the Shocks and the Shock Adjustment Dynamics Between the Euro Area and Central and Eastern European Countries (CEEC)?
Frenkel, Michael - 2002
these countries are also compared to EU countries that currently do not participate in the EMU. Focusing on the period 1993 …
Persistent link: https://www.econbiz.de/10014401455
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Price Impacts of Non-Adoption of the Euro for Small European Countries
Anderson, Harald - 2006
Debates surrounding the adoption of a common currency have focused on its benefits weighed against the long-term costs of losing monetary independence. These debates have assumed that the penalty for not adopting a common currency is the maintenance of the status quo. This paper uses the...
Persistent link: https://www.econbiz.de/10014402034
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Implications of EMU for Exchange Rate Policy in Central and Eastern Europe
Kopits, George - 1999
In view of the requirements of Stage 2 of European Monetary Union (EMU) for accession to the European Union, this paper examines the desirability for, and the ability of, the lead candidates in Central and Eastern Europe to participate in the new exchange rate mechanism (ERM2) and eventually in...
Persistent link: https://www.econbiz.de/10014403432
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The ECB and Euro-Area Enlargement
Berger, Helge - 2002
The likely enlargement of euro-area membership will radically change the environment under which monetary policy will be made in the euro area. Within less than a decade, the number of member countries in the euro area could more than double, with the vast majority of accession countries being...
Persistent link: https://www.econbiz.de/10014399555
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The scarcity effect of quantitative easing on repo rates : evidence from the euro area
Arrata, William; Nguyen, Benoit; Rahmouni-Rousseau, Imene; … - 2018
Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks' excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we...
Persistent link: https://www.econbiz.de/10011978433
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Trade uncertainty and investment in the euro area
Ebeke, Christian; Siminitz, Jesse - 2018
We analyze the impact of trade policy uncertainty on investment in the euro area. Our identification strategy assumes that countries that are relatively more dependent on global trade networks exhibit a higher sensitivity of investment with respect to trade uncertainty. We find that the...
Persistent link: https://www.econbiz.de/10011978678
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The euro-area government spending multiplier at the effective lower bound
Amendola, Adalgiso; Di Serio, Mario; Fragetta, Matteo; … - 2019
We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with Bayesian methods to compute government spending multipliers. The multipliers are contingent on the overall monetary policy stance, captured by a shadow monetary policy rate. In the...
Persistent link: https://www.econbiz.de/10012102056
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European wage dynamics and spillovers
Zhang, Yuanyan - 2019
Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are … correction models suggests that wage growth responds more quickly to changes in unemployment in the newer EU members than in …
Persistent link: https://www.econbiz.de/10012102142
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CoMap : mapping contagion in the euro area banking sector
Covi, Giovanni; Gorpe, Mehmet Ziya; Kok Sørensen, … - 2019
This paper presents a novel approach to investigate and model the network of euro area banks' large exposures within the global banking system. Drawing on a unique dataset, the paper documents the degree of interconnectedness and systemic risk of the euro area banking system based on bilateral...
Persistent link: https://www.econbiz.de/10012102210