Search Results - subject_exact:"Monetary union"

Delivering public investment efficiently: if possible, avoid delays

Conefrey, Thomas; Lozej, Matija; O'Reilly, Gerard; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015656808

Optimal default in a small open economy : Senegal's hidden debt crisis

Coulibaly, Louphou; Ndiaye, Abdoulaye - 2026

Hidden public liabilities can reprice sovereign risk abruptly upon revelation. We study optimal default following such a revelation in a quantitative sovereign default model and apply the framework to Senegal's 2024 debt audit, which revised government debt upward by 50 percentage points of GDP....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015651315

Redistribution within and across borders : the fiscal response to an energy shock

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2025

The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model calibrated to the euro area. Subsidies can stabilize the domestic economy, but they are fiscally costly and generate...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015372537

Taking a punt : monetary experimentation and the Irish macroeconomic crisis of 1955-56

McLaughlin, Darragh; McLaughlin, Eoin; Kenny, Sean - 2025

The 1955-56 macroeconomic crisis is a central event in modern Irish history. Yet, despite this centrality, its causes are not clearly understood. In 1955-6, Ireland, which had previously followed British interest rates in lockstep as part of its fixed exchange with the latter, briefly...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015197091

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Taking a punt : monetary experimentation and the Irish macroeconomic crisis of 1955-56

McLaughlin, Darragh; McLaughlin, Eoin; Kenny, Sean - 2025

Book / Working Paper

Household heterogeneity across countries and optimal monetary policy in a monetary union

Schwanebeck, Benjamin; Thiel, Luzie - 2025

The financial situation of households differs substantially across countries, but the implications of this heterogeneity are still vastly understudied. We examine the implications of this asymmetry for optimal monetary policy in a currency union. We build a two-country monetary union model with...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015409048

Assessment of the relationship between central bank interest rate, inflation and growth in Central Africa countries with the new leading-lagging method

Djoukouo, Any Flore Djoumessi; Seip, Knut Lehre - 2025

This paper assesses the causal relationship between central bank interest rate, inflation and GDP growth in Central African countries using a new leading-lagging method over the period 1990-2019. The results show a short-term relationship between the three variables, with strong evidence of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015438640

Financial integration and the transmission of monetary policy in the euro area

Duarte, João; Pires, Mariana N. - 2025

We study how financial integration shapes the transmission of monetary policy to consumer prices and output in the euro area. Using local projections, we document that the effect of financial integration is continuous: greater integration systematically strengthens the pass-through of monetary...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592324

Bonded together? : welfare and stability in a Monetary Union with core–periphery preference convergence

Boscá, José E.; Ferri, Javier; Rubio, Margarita - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015556456

Diversifying sovereign risk in the euro area : empirical analysis of different policy proposals

Castro, Christian; Estrada, Ángel; Dionis, Gonzalo … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015574402

Debt targets and fiscal consolidation in a euro area HANK model

Chen, Xiaoshan; Lazarakis, Spyridon; Varthalitis, Petros - 2025

This paper develops a world economy HANK model for the Euro Area (EA) Core and Periphery, which captures key features of EA cross‐ and within‐country heterogeneity, to study debt target reforms. We show that fiscal consolidation under the current EA institutional arrangements is quite costly...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015533256

What does it take? : quantifying cross-country transfers in the Eurozone

Chien, YiLi; Jiang, Zhengyang; Leombroni, Matteo; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015560566

Private money and money market integration : the role of payments infrastructure in 19th century Switzerland

Kaufmann, Daniel; Stuart, Rebecca - 2024

Using newly collected discount rate data for six Swiss cities, we find no evidence of increasing integration during a 30-year period of lightly regulated free banking. We attribute this to two structural issues: banks had incentives to protect their local monopolies, and the inherent instability...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015069683

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Private money and money market integration : the role of payments infrastructure in 19th century Switzerland

Kaufmann, Daniel; Stuart, Rebecca - 2024

Book / Working Paper

Stabilisation properties of a sure-like European unemployment insurance

Alonso Soto, Daniel - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014583642

Would the euro area benefit from greater labor mobility?

Cúrdia, Vasco; Nechio, Fernanda - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014533419

The policy mix in a monetary union : who bears the burden of asymmetric shocks' stabilisation?

Mavrodimitrakis, Christos - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015337672

Interest rate pass‑through and monetary policy transmission in SADC and EAC countries : implications for monetary union

Oyetade, Damilola; Redda, Ephrem Habtemichael; … - 2024

Southern African Development Community (SADC) and East African Community (EAC) countries are exploring the feasibility of establishing a monetary union. This study assesses the economic integration in the two blocs, using the interest rate pass‑through mechanism to determine the convergence of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015190743

Fiscal seigniorage and price level determination in a currency union

Schmidt, Sebastian - 2026

I study price level determination in a currency union when some member countries' government securities earn a convenience yield. These "convenience assets" generate fiscal seigniorage revenues that, given appropriate fiscal and monetary policies, back the union's price level, much like primary...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015605061

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Fiscal seigniorage and price level determination in a currency union

Schmidt, Sebastian - 2026

Book / Working Paper

Anchoring Europe’s monetary future : why a wholesale digital euro is the immediate priority

Vanhoudt, Patrick - 2026

Dollar-denominated stablecoins are expanding rapidly. For Europe, this is not merely a technological development. The deeper question is strategic: who controls the infrastructure through which money circulates? Even where prices, contracts and accounting remain denominated in euro, a growing...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637564

Confrontations over seigniorage in the euro area

Pfister, Christian - 2026

Concerns about the prospective evolution of seigniorage collected by central banks as a result of innovation in the field of money and payments are not new. They have resurfaced recently with the prospect of stablecoins gaining traction. This paper considers that commercial banks also collect a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637566

The euro as an optimum currency area? : a reappraisal

Pfeifer, Moritz; Schnabl, Gunther - 2026

This paper reassesses whether the euro area satisfies the criteria of an optimum currency area. It contrasts early hopes of convergence with subsequent developments marked by persistent heterogeneity across member states. Differences in economic structures, fiscal policies, and financial cycles...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015641818

On European fragmentation and the single currency in an uncertain world

Visco, Ignazio - 2026

Europe, and especially the European Union, faces major challenges from the policies of the second Trump administration, which affect not only trade but also energy, defence, digital services and payments. Uncertainty around US decisions has raised questions about the stability of the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015634081

The regional Keynesian cross

Bellifemine, Marco; Couturier, Adrien; Jamilov, Rustam - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618272

Private money and money market integration : the role of payments infrastructure in 19th century Switzerland

Stuart, Rebecca; Kaufmann, Daniel - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015619852

A single monetary policy for heterogeneous labour markets : the case of the euro area

Gomes, Sandra; Jacquinot, Pascal; Lozej, Matija - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015624847

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A single monetary policy for heterogeneous labour markets : the case of the euro area

Gomes, Sandra; Jacquinot, Pascal; Lozej, Matija - 2023

Book / Working Paper

A single monetary policy for heterogeneous labour markets : the case of the euro area

Gomes, Sandra; Jacquinot, Pascal; Lozej, Matija - 2023

Book / Working Paper

Monetary policy and local industry structure

Popov, Alexander; Steininger, Lea - 2023

We study how monetary policy affects local market competition in a union of countries experiencing different economic conditions: the euro area. We find that when monetary conditions tighten (loosen), from the point of view of an individual economy, market concentration increases (declines)....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013552619

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Monetary policy and local industry structure

Popov, Alexander; Steininger, Lea - 2023

Book / Working Paper

Passive monetary policy and active fiscal policy in a monetary union

Maćkowiak, Bartosz; Schmidt, Sebastian - 2023

How is the price level determined in a monetary union when the common monetary policy pegs the nominal interest rate? How are the price levels in the member countries determined? We extend the fiscal theory of the price level to the case of a heterogenous monetary union. Price level determinacy...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013553440

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Passive monetary policy and active fiscal policy in a monetary union

Maćkowiak, Bartosz; Schmidt, Sebastian - 2022

Book / Working Paper

Passive Monetary Policy and Active Fiscal Policy in a Monetary Union

Maćkowiak, Bartosz; Schmidt, Sebastian - 2023

Book / Working Paper

Bailout dynamics in a monetary union

Kobielarz, M. L. - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014336860

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Bailout dynamics in a monetary union

Kobielarz, Michał - 2023 - This version: February 24, 2023

Edition: This version: February 24, 2023

Book / Working Paper

Bailout Dynamics in a Monetary Union

Kobielarz, Michał - 2022

Book / Working Paper

Financial heterogeneity and monetary union

Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014464879

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Financial heterogeneity and monetary union

Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - 2023

Book / Working Paper

Financial heterogeneity and monetary union

Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - 2018

Book / Working Paper

A HANK2 model of monetary unions

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015071520

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A HANK2 model of monetary unions

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2023

Book / Working Paper

A HANK2 model of monetary unions

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2023

Book / Working Paper

Global models for a global pandemic : the impact of COVID-19 on small euro area economies

García, Pablo; Jacquinot, Pascal; Lenarčič, Črt; … - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014424581

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Global models for a global pandemic : the impact of COVID-19 on small euro area economies

García, Pablo; Jacquinot, Pascal; Lenarčič, Črt; … - 2023

Book / Working Paper

Global models for a global pandemic: the impact of COVID-19 on small euro area economies

García, Pablo; Jacquinot, Pascal; Lenarčič, Črt; … - 2022

Book / Working Paper

Global models for a global pandemic: the impact of COVID-19 on small euro area economies

García, Pablo; Jacquinot, Pascal; Lenarcic, Crt; … - 2021

Book / Working Paper

Global models for a global pandemic: the impact of COVID-19 on small Euro area economies

García, Pablo; Jacquinot, Pascal; Lenarčič, Črt; … - 2021

Book / Working Paper

Hicks in HANK : fiscal responses to an energy shock

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2023

The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model that we calibrate to the euro area. Energy subsidies can stabilize the domestic economy, but are fiscally costly and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014391466

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Hicks in hank : fiscal responses to an energy shock

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2023

Book / Working Paper

Quantitative easing rules as a means to achieve optimal levels of structural reforms and government deficits in a monetary union

Campoy-Miñarro, Juan C.; Negrete, Juan Carlos - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014362617

Despite crises, the stability of the euro is rooted in the middle class

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2023

In the 24 years since its introduction, the euro has experienced a financial crisis, a government debt crisis, a global pandemic, and an energy crisis-and survived. Using a model focusing on households, this Weekly Report shows that the monetary union’s stability is rooted in the fact that the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014362756

Taking a punt: Monetary experimentation and the Irish macroeconomic crisis of 1955-56

McLaughlin, Darragh; McLaughlin, Eoin; Kenny, Seán - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015202313

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Taking a punt: Monetary experimentation and the Irish macroeconomic crisis of 1955-56

McLaughlin, Darragh; McLaughlin, Eoin; Kenny, Sean - 2025

Book / Working Paper

Convergence, inequality and inflation synchronization: evidence from the Eurozone

Borowski, Jakub; Fidrmuc, Jarko; Jaworski, Krystian - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015439278

Household heterogeneity across countries and optimal monetary policy in a monetary union

Schwanebeck, Benjamin; Thiel, Luzie - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015444395

Redistribution within and across borders: The fiscal response to an energy shock

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015395890

The impact of climate change on the real sector in the West African Monetary Zone

Olowofeso, Olorunsola E.; Wadda, Ebrima N.; Abude, … - 2025

Climate change poses severe risks to developing economies, particularly those in the West African Monetary Zone (WAMZ), where agriculture and climate-sensitive sectors drive growth. Rising temperatures, erratic rainfall, and extreme weather events increasingly disrupt output, fuel inflation, and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618368

The usefulness of the currency constraint for predicting forex

Khansalar, Ehsan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015547138

Portugal in the 21st century

2025

"Portugal in the 21st Century provides a thorough yet accessible picture of contemporary Portugal in the first two decades of the twenty-first century. It examines and elucidates Portugal's recent trajectory, its current position, and the main challenges it faces through an examination of the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015078821

Hayekian hurdles : challenges to cryptocurrency as a viable basis for a new monetary order

Freitas, Luís Pedro; Cerdeira, Jorge; Lourenço, Diogo - 2025

The rise of cryptocurrencies over the past decade has promised to challenge the dominance of fiat money systems and reshape monetary policy. However, recent developments, including market volatility and the collapse of key exchanges like FTX, have eroded public trust, raising skepticism of a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015206916

The role of reputational incentives in an international currency union : Greek monetary institutions in the classical and Hellenistic periods

Mullins, Zane Allen - 2025

In the Hellenistic era, there was widespread convergence to the Attic standard and a similar narrowing of coin types in terms of aesthetics. The competition between issuers resulted in an equilibrium in which improvements to the consistency and quality of money were sought after. This...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015376344

Asset purchases in a monetary union with default and liquidity risks

Bi, Huixin; Foerster, Andrew; Traum, Nora - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015416332

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Asset purchases in a monetary union with default and liquidity risks

Bi, Huixin; Foerster, Andrew; Traum, Nora - 2024

Book / Working Paper

International currency dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015420820

Is the UK Sterling-zone an optimal currency area? : comparisons with the Euro area and the rest of Europe using city and regional investment data

Daams, Michiel N.; McCann, Philip; Veneri, Paolo; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015425119

West African Economic and Monetary Union : Selected Issues

2025

This Selected Issues paper analyzes domestic revenue mobilization (DRM) in the West African Economic and Monetary Union (WAEMU). DRM is critical for financing economic and social development and ensuring debt sustainability in WAEMU, especially in light of rising interest, high security...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015451926

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West African Economic and Monetary Union : Selected Issues

2024

Book / Working Paper

West African Economic and Monetary Union : Selected Issues

2023

Book / Working Paper

West African Economic and Monetary Union : selected issues

2021

Book / Working Paper

West African Economic and Monetary Union : selected issues

2019

Book / Working Paper

West African Economic and Monetary Union : Selected Issues

2015

Book / Working Paper

West African Economic and Monetary Union : Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Monetary Union

2025

This paper presents IMF staff report on common policies for member countries of West African Economic and Monetary Union (WAEMU). Economic growth continues to be strong in the WAEMU. Inflation has fallen back to its target range, and recent improvements in regional external imbalances are...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015451927

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2024

Book / Working Paper

West African Economic and Monetary Union : staff report on common policies for member countries : press release; staff report; and statement by the Executive Director for the West African Economic and Monetary Union

2021

Book / Working Paper

Eastern Caribbean Currency Union : 2025 Staff Report for the 2025 Discussion on Common Policies of Member Countries-Press Release; and Staff Report

2025

This paper presents a detailed review report for the 2025 Discussion on Common Policies of Member Countries of the Easter Caribbean Currency Union (ECCU). The currency union has provided a strong anchor for macroeconomic stability. The ECCU has achieved a strong rebound from successive adverse...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015451959

Banking and monetary policy in a monetary union

Dia, Enzo; VanHoose, David D. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015454593