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  1. Stabilisation policies to strengthen Euro area resilience
    Author: Strasky, Jan; Claveres, Guillaume
    Published: 2018
    Publisher:  OECD Publishing, Paris

    The euro area sovereign debt crisis highlighted important weaknesses in the euro area design. Fiscal policy did not build sufficient buffers before the crisis, which forced some countries to tighten fiscal policy too rapidly during the downturn to... more

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    The euro area sovereign debt crisis highlighted important weaknesses in the euro area design. Fiscal policy did not build sufficient buffers before the crisis, which forced some countries to tighten fiscal policy too rapidly during the downturn to restore market confidence in sovereign borrowing. Despite this, sovereign stress remained high, weakening further the banking sectors highly exposed to government bonds, which in return reduced further market confidence in fiscal sustainability in case of banks’ bailout. As a result, monetary policy was the main public instrument to support the activity, but its effectiveness was reduced by the fragmentation of financial markets along national lines as the crisis deepened. In order to durably sever the links between banks and their sovereigns, euro area countries agreed on a banking union. The creation of a common supervisor was a very important step in that direction. However, further progress is needed in reducing and sharing risks, creating a common deposit guarantee scheme and the application of existing rules to ensure sufficient risk sharing can take place in case of crisis. At the same time, incentives need to be put in place for banks to progressively move away from a too high exposure to domestic sovereign bonds. A step in that direction could be the introduction of euro area safe asset, which would pool sovereign issuance from various countries, in parallel with gradual introduction of capital surcharges on sovereign exposures. Such progress may not be sufficient, however, for national fiscal policies and monetary policy to smooth a major crisis. The introduction of common fiscal stabilisation capacity is necessary to buttress the euro area in case of a deep recession, both at the country level and euro area level. Finally, policies aiming at further cross-border integration of capital markets should reinforce private risk sharing, reducing the burden on macro policies. This Working Paper relates to the 2018 OECD Economic Survey of the Euro Area. (http://www.oecd.org/eco/surveys/economic-survey-european-union-and-euro-area.htm)

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
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    Series: OECD Economics Department working papers ; no. 1492
    Subjects: Einlagensicherung; Öffentliche Schulden; Wirtschaftspolitik; Finanzverfassung; Bankenregulierung; Eurozone; Economics; Euro Area
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Stabilising the euro area through unemployment benefits re-insurance scheme
    Author: Claveres, Guillaume; Strasky, Jan
    Published: 2018
    Publisher:  OECD Publishing, Paris

    The paper examines the possible design and macroeconomic stabilisation properties of a euro area unemployment benefits re-insurance scheme using annual historical data from 2000 to 2016. The scheme we propose is similar in some aspects to the recent... more

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    The paper examines the possible design and macroeconomic stabilisation properties of a euro area unemployment benefits re-insurance scheme using annual historical data from 2000 to 2016. The scheme we propose is similar in some aspects to the recent proposals, including the IMF’s paper on the central fiscal capacity, while preserving important re-insurance characteristics, such as experience rating and caps on cumulative balances. Counterfactual simulations for individual euro area countries suggest that the scheme, at the cost of average annual contributions of 0.17% of national GDP, could have (i) provided additional macroeconomic stabilisation in the financial crisis of 2009-2013, both at the euro area level and at the level of individual countries hit by the crisis, and (ii) avoided permanent transfers among countries.

     
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    Source: Staatsbibliothek zu Berlin
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    Series: OECD Economics Department working papers ; no. 1497
    Subjects: Wirtschaftspolitik; Finanzbeziehungen; Lohnersatzleistungen; Arbeitslosenversicherung; Rückversicherung; Rückversicherung; Eurozone; Economics; Euro Area
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  3. Euro area unemployment insurance at the time of zero nominal interest rates
    Author: Claveres, Guillaume; Strasky, Jan
    Published: 2018
    Publisher:  OECD Publishing, Paris

    The discussion about a fiscal stabilisation capacity as a way of providing more fiscal integration in the euro area has strengthened in the aftermath of the European sovereign debt crisis. Among the instruments that can be used for temporary... more

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    The discussion about a fiscal stabilisation capacity as a way of providing more fiscal integration in the euro area has strengthened in the aftermath of the European sovereign debt crisis. Among the instruments that can be used for temporary macroeconomic stabilisation in the presence of both asymmetric and area-wide shocks, a euro area unemployment insurance scheme has attracted increased attention. We build a two-region DSGE model with supply, demand and labour market frictions and introduce in it an area-wide unemployment insurance scheme that is entitled to borrow in financial markets. The model is calibrated to the euro area core and periphery data. For a country-specific negative demand shock hitting the periphery, we find the scheme to reduce the drop in Periphery output by about one fifth and the drop in union output by about a third. The scheme is effective when some households are cut from financial markets, and even more so when the national government also loses market access.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: OECD Economics Department working papers ; no. 1498
    Subjects: Arbeitslosenversicherung; Niedrigzinspolitik; Finanzverfassung; DSGE-Modell; Eurozone; Economics; Euro Area
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  4. EU financial services policy since 2007
    crisis, responses, and prospects
    Author: Véron, Nicolas
    Published: June 2018
    Publisher:  PIIE, Peterson Institute for International Economics, Washington, DC

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    Source: Union catalogues
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    Media type: Book
    Format: Online
    Series: Working paper / PIIE, Peterson Institute for International Economics ; 18, 6
    Subjects: Banking Union; Financial Regulation; Euro Area; Single Market
    Scope: 1 Online-Ressource (circa 17 Seiten)
    Notes:

    This paper has been published in Global Policy Volume 9, Supplement 1, June 2018. It has been reposted as a PIIE Working Paper with permission
  5. Uncertainty and spillover effects across the euro area
    Author: Angelini, Giovanni; Costantini, Mauro; Easaw, Joshy Z.
    Published: June 2018
    Publisher:  Cardiff Business School, Cardiff University, Cardiff, United Kingdom

    This paper investigates how macroeconomic uncertainty shocks spillover over four Eurozone countries. It also evaluates their impact on real economic activity. The paper proposes a simple two-country model with a core and a periphery economy, where... more

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    This paper investigates how macroeconomic uncertainty shocks spillover over four Eurozone countries. It also evaluates their impact on real economic activity. The paper proposes a simple two-country model with a core and a periphery economy, where uncertainty shocks spread from one country to another, with potential feedback fromthe periphery economy to the core one. An empirical analysis is conducted using a Structural Vector Autoregressive (SVAR) model with two regimes: pre-crisis period and crisis period. The findings point to uncertainty spillovers among the Eurozone countries, with some feedback from periphery economies to the core economies during the financial crisis period. Further, there is a need to account for spillovers when studying the impact of uncertainty on real economic activity.

     
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    Other identifier:
    hdl: 10419/230421
    Series: Cardiff economics working papers ; no. E2018, 15
    Subjects: Uncertainty; Euro Area; Spillover effects; Real Economic Activity
    Scope: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  6. Financial and fiscal interaction in the Euro Area Crisis
    this time was different
    Author: Caruso, Alberto; Reichlin, Lucrezia; Ricco, Giovanni
    Published: [2018]
    Publisher:  University of Warwick, Department of Economics, Coventry, United Kingdom

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    Source: Union catalogues
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    Edition: This version: 18 June 2018
    Series: Warwick economics research papers ; no: 1167 (June 2018)
    Subjects: Euro Area; government debt; recessions; financial crises; business cycles
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  7. Stabilisation policies to strengthen Euro area resilience
    Author: Strasky, Jan; Claveres, Guillaume
    Published: 2018
    Publisher:  OECD Publishing, Paris

    The euro area sovereign debt crisis highlighted important weaknesses in the euro area design. Fiscal policy did not build sufficient buffers before the crisis, which forced some countries to tighten fiscal policy too rapidly during the downturn to... more

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    The euro area sovereign debt crisis highlighted important weaknesses in the euro area design. Fiscal policy did not build sufficient buffers before the crisis, which forced some countries to tighten fiscal policy too rapidly during the downturn to restore market confidence in sovereign borrowing. Despite this, sovereign stress remained high, weakening further the banking sectors highly exposed to government bonds, which in return reduced further market confidence in fiscal sustainability in case of banks’ bailout. As a result, monetary policy was the main public instrument to support the activity, but its effectiveness was reduced by the fragmentation of financial markets along national lines as the crisis deepened. In order to durably sever the links between banks and their sovereigns, euro area countries agreed on a banking union. The creation of a common supervisor was a very important step in that direction. However, further progress is needed in reducing and sharing risks, creating a common deposit guarantee scheme and the application of existing rules to ensure sufficient risk sharing can take place in case of crisis. At the same time, incentives need to be put in place for banks to progressively move away from a too high exposure to domestic sovereign bonds. A step in that direction could be the introduction of euro area safe asset, which would pool sovereign issuance from various countries, in parallel with gradual introduction of capital surcharges on sovereign exposures. Such progress may not be sufficient, however, for national fiscal policies and monetary policy to smooth a major crisis. The introduction of common fiscal stabilisation capacity is necessary to buttress the euro area in case of a deep recession, both at the country level and euro area level. Finally, policies aiming at further cross-border integration of capital markets should reinforce private risk sharing, reducing the burden on macro policies. This Working Paper relates to the 2018 OECD Economic Survey of the Euro Area. (http://www.oecd.org/eco/surveys/economic-survey-european-union-and-euro-area.htm)

     
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    Source: Staatsbibliothek zu Berlin
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    Series: OECD Economics Department working papers ; no. 1492
    Subjects: Einlagensicherung; Öffentliche Schulden; Wirtschaftspolitik; Finanzverfassung; Bankenregulierung; Eurozone; Economics; Euro Area
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  8. Stabilising the euro area through unemployment benefits re-insurance scheme
    Author: Claveres, Guillaume; Strasky, Jan
    Published: 2018
    Publisher:  OECD Publishing, Paris

    The paper examines the possible design and macroeconomic stabilisation properties of a euro area unemployment benefits re-insurance scheme using annual historical data from 2000 to 2016. The scheme we propose is similar in some aspects to the recent... more

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    The paper examines the possible design and macroeconomic stabilisation properties of a euro area unemployment benefits re-insurance scheme using annual historical data from 2000 to 2016. The scheme we propose is similar in some aspects to the recent proposals, including the IMF’s paper on the central fiscal capacity, while preserving important re-insurance characteristics, such as experience rating and caps on cumulative balances. Counterfactual simulations for individual euro area countries suggest that the scheme, at the cost of average annual contributions of 0.17% of national GDP, could have (i) provided additional macroeconomic stabilisation in the financial crisis of 2009-2013, both at the euro area level and at the level of individual countries hit by the crisis, and (ii) avoided permanent transfers among countries.

     
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    Series: OECD Economics Department working papers ; no. 1497
    Subjects: Wirtschaftspolitik; Finanzbeziehungen; Lohnersatzleistungen; Arbeitslosenversicherung; Rückversicherung; Rückversicherung; Eurozone; Economics; Euro Area
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  9. Euro area unemployment insurance at the time of zero nominal interest rates
    Author: Claveres, Guillaume; Strasky, Jan
    Published: 2018
    Publisher:  OECD Publishing, Paris

    The discussion about a fiscal stabilisation capacity as a way of providing more fiscal integration in the euro area has strengthened in the aftermath of the European sovereign debt crisis. Among the instruments that can be used for temporary... more

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    The discussion about a fiscal stabilisation capacity as a way of providing more fiscal integration in the euro area has strengthened in the aftermath of the European sovereign debt crisis. Among the instruments that can be used for temporary macroeconomic stabilisation in the presence of both asymmetric and area-wide shocks, a euro area unemployment insurance scheme has attracted increased attention. We build a two-region DSGE model with supply, demand and labour market frictions and introduce in it an area-wide unemployment insurance scheme that is entitled to borrow in financial markets. The model is calibrated to the euro area core and periphery data. For a country-specific negative demand shock hitting the periphery, we find the scheme to reduce the drop in Periphery output by about one fifth and the drop in union output by about a third. The scheme is effective when some households are cut from financial markets, and even more so when the national government also loses market access.

     
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    Source: Staatsbibliothek zu Berlin
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    Format: Online
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    Series: OECD Economics Department working papers ; no. 1498
    Subjects: Arbeitslosenversicherung; Niedrigzinspolitik; Finanzverfassung; DSGE-Modell; Eurozone; Economics; Euro Area
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  10. To sign or not to sign?
    on the response of prices to financial and uncertainty shocks
    Author: Meinen, Philipp; Röhe, Oke
    Published: [2018]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    Based on SVAR models identified by sign restrictions, we estimate the macroeconomic effects of financial and uncertainty shocks in the euro area and the US, paying particular attention to their effects on prices. While our results confirm that such... more

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    Based on SVAR models identified by sign restrictions, we estimate the macroeconomic effects of financial and uncertainty shocks in the euro area and the US, paying particular attention to their effects on prices. While our results confirm that such disturbances are important drivers of output fluctuations in both economies, we find the shock responses of consumer prices to be ambiguous. Moreover, restricting prices to co-moving with output can considerably attenuate the measured impact of financial and uncertainty shocks on real activity.

     
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    ISBN: 9783957294951
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    hdl: 10419/182026
    Series: Discussion paper / Deutsche Bundesbank ; no 2018, 33
    Subjects: Financial Shocks; Uncertainty Shocks; Sign Restrictions; Euro Area; United States
    Scope: 1 Online-Ressource (circa 23 Seiten)
  11. Financial and fiscal interaction in the euro area crisis
    this time was different
    Author: Caruso, Alberto; Reichlin, Lucrezia; Ricco, Giovanni
    Published: 28 June 2018
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
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    Media type: Book
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    Series: Array ; DP 13016
    Subjects: Öffentliche Schulden; Konjunktur; Wirtschaftskrise; Finanzkrise; Eurozone; Euro Area; government debt; recessions; financial crises; business cycles
    Scope: 22 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  12. Do unit labor costs matter?
    a decomposition exercise on European data
    Author: Piton, Sophie
    Published: [2018]
    Publisher:  CEPII, Paris

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    Series: Working paper / CEPII ; no 2018, 07 (April)
    Subjects: Economic Integration; Productivity; Structural Change; Non-tradable Sector; Macroeconomic Imbalances; Capital Flows; Growth Accounting; Euro Area
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen