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Current Accounts in a Currency Union

Current Accounts in a Currency Union »

Source: Current Accounts in a Currency Union

Volume/Issue: 2009/127

Series: IMF Working Papers

Author(s): Jörg Decressin , and Emil Stavrev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2009

ISBN: 9781451872743

Keywords: currency union, EMU, real exchange rate, exchange rate, current accounts, current account balance,

A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area...

Financial Stability and Fiscal Crises in a Monetary Union

Financial Stability and Fiscal Crises in a Monetary Union »

Source: Financial Stability and Fiscal Crises in a Monetary Union

Volume/Issue: 2001/200

Series: IMF Working Papers

Author(s): Samir Jahjah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

ISBN: 9781451874358

Keywords: central bank, monetary union, fiscal policy, International Monetary Arrangements and Institutions, National Budget, Deficit, and Debt: General,

The main tasks of central banks are to secure price and financial stability. These objectives can, in times of crises, conflict with one another, and the central bank may have to renounce one of them in order to se...

How Symmetric Are the Shocks and the Shock Adjustment Dynamics Between the Euro Area and Central and Eastern European Countries?

How Symmetric Are the Shocks and the Shock Adjustment Dynamics Between the Euro Area and Central and Eastern European Countries? »

Source: How Symmetric Are the Shocks and the Shock Adjustment Dynamics Between the Euro Area and Central and Eastern European Countries?

Volume/Issue: 2002/222

Series: IMF Working Papers

Author(s): Michael Frenkel , and Christiane Nickel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

ISBN: 9781451875270

Keywords: European monetary integration, international monetary arrangements and institutions, correlation, inflation, time series, monetary union,

In this paper, we use a structural vector autoregression model to identify and compare demand and supply shocks between euro area countries and central and eastern European countries (CEECs). The shocks and the sho...

Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase

Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase »

Source: Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase

Volume/Issue: 1999/83

Series: IMF Working Papers

Author(s): Eric Thode , Norbert Berthold , and Rainer Fehn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1999

ISBN: 9781451850529

Keywords: European Monetary Union, real wage rigidity, unemployment, labor market reforms, asymmetric shocks, wage, unemployment rate, rising unemployment

EMU started with eleven member countries as scheduled on January 1, 1999. The paper shows that the primacy of politics over economics in this decision could have serious consequences concerning the stability of EMU...

EMU Challenges European Labor Markets

EMU Challenges European Labor Markets »

Source: EMU Challenges European Labor Markets

Volume/Issue: 1999/131

Series: IMF Working Papers

Author(s): Christiane Krieger-Boden , Dirk Dohse , and Rüdiger Soltwedel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1999

ISBN: 9781451855265

Keywords: European monetary union, regional labor markets, adjustment to shocks, unemployment, labor market, labor markets, employment, regional unemployment

This paper discusses the challenges that European Monetary Union (EMU) poses for European labor markets, emphasizing in particular the regional dimension of the European unemployment problem. The authors argue that...

Macroeconomic Effects of Sovereign Restructuring in a Monetary Union: A Model-based Approach1

Macroeconomic Effects of Sovereign Restructuring in a Monetary Union: A Model-based Approach1 »

Source: Macroeconomic Effects of Sovereign Restructuring in a Monetary Union : A Model-based Approach

Volume/Issue: 2013/269

Series: IMF Working Papers

Author(s): Lorenzo Forni , and Massimiliano Pisani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 December 2013

ISBN: 9781484333754

Keywords: DSGE modeling, sovereign restructuring, monetary union, intermediate goods, elasticity of substitution, tradable goods, domestic firms, Open Economy Macroeconomics, General,

We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical evidence, we make the...

Reforming Labor and Product Markets

Reforming Labor and Product Markets »

Source: Reforming Labor and Product Markets : Some Lessons from Two Decades of Experiments in Europe

Volume/Issue: 2005/97

Series: IMF Working Papers

Author(s): Tito Boeri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2005

ISBN: 9781451861167

Keywords: Structural reforms, labor market reform, product market reform, labor market, employment, unemployment, employment protection, Economics of Regulation, Labor-Management Relations, Trade Unions

This paper evaluates European structural reforms over the last 20 years, in light of economic theory predictions about interactions between labor and product market reforms. Reforms in labor markets occur at higher...

Sovereign Risk and Belief-Driven Fluctuations in the Euro Area

Sovereign Risk and Belief-Driven Fluctuations in the Euro Area »

Source: Sovereign Risk and Belief-Driven Fluctuations in the Euro Area

Volume/Issue: 2013/227

Series: IMF Working Papers

Author(s): Giancarlo Corsetti , Keith Kuester , Andre Meier , and Gernot Mueller

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2013

ISBN: 9781475513448

Keywords: Sovereign risk channel, monetary union, zero lower bound, pooling of sovereign risk, government spending, fiscal stance, spending cuts, tax revenue, Open Economy Macroeconomics, International Policy Coordination and Transmission

Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that acc...

Competitiveness and Wage Bargaining Reform in Italy1

Competitiveness and Wage Bargaining Reform in Italy1 »

Source: Competitiveness and Wage Bargaining Reform in Italy

Volume/Issue: 2018/61

Series: IMF Working Papers

Author(s): Alvar Kangur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

ISBN: 9781484347621

Keywords: Europe, Exports, Italy, Labor costs, competitiveness, exchange rate, labor market reforms, wage bargaining, search and matching, DSGE models

The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitivenes...

Current Accounts in a Currency Union

Current Accounts in a Currency Union »

Volume/Issue: 2009/127

Series: IMF Working Papers

Author(s): Jörg Decressin , and Emil Stavrev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2009

DOI: http://dx.doi.org/10.5089/9781451872743.001

ISBN: 9781451872743

Keywords: currency union, EMU, real exchange rate, exchange rate, current accounts, current account balance,

A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area...