Concept
Eurozone
Related publications (12)
Asset purchases, limited asset markets participation and inequality
This paper analyses the effects of quantitative easing (QE) on households' income and consumption inequality in the Euro Area. Using a SVAR with high frequency identification, I show that an identified QE shock is redistributive and expansionary. To ration ...
ELSEVIER2023Monetary Independence And Rollover Crises
This article shows that the inability to use monetary policy for macroeconomic stabilization leaves a government more vulnerable to a rollover crisis. We study a sovereign default model with self-fulfilling rollover crises, foreign currency debt, and nomin ...
OXFORD UNIV PRESS INC2022Optimizing the mitigation of epidemic spreading through targeted adoption of contact tracing apps
The ongoing COVID-19 pandemic is the first epidemic in human history in which digital contact tracing has been deployed at a global scale. Tracking and quarantining all the contacts of individuals who test positive for a virus can help slow down an epidemi ...
AMER PHYSICAL SOC2022Fiscal Policy, Relative Prices and Net Exports in a Currency Union
This paper studies the effects of fiscal policy on net exports, the terms of trade and expenditure switching. Using data on government spending and consumption taxes for twelve euro area countries over 1996 to 2018, it shows that fiscal austerity shocks im ...
2020Does Austerity Go Along With Internal Devaluations?
Cuts to government spending rather than increases in consumption taxes are statistically associated with internal devaluations in the euro area during the period 2010-2014. Countries that cut spending experienced a decline in nominal wages, rising net expo ...
2019Does Austerity Go Along with Internal Devaluations?
Cuts to government spending rather than increases in consumption taxes are statistically associated with internal devaluations in the euro area during the period 2010-2014. Countries that cut spending experienced a decline in nominal wages, rising net expo ...
2019On the Benefits of a Monetary Union: Does it Pay to Be Bigger?
This paper revisits the question of the appropriate domain of a currency area using a New-Keynesian open economy model in which the world is split in two areas, each framed as a continuum of small open regions. We show that the adoption of a common currenc ...
Center for Fiscal Policy Working Paper Series2013Development and application of damage spectra for RC buildings in Europe
Pierino Lestuzzi, Amin Karbassi
Damage spectra for existing reinforced concrete buildings in Europe are presented in this paper. To this end, a series of time-history nonlinear dynamic analyses for single-degree-of-freedom systems with different deformation ductility values and yielding ...
2012Are Budget Deficits Used Strategically?
This paper tests empirically the strategic explanation of budget deficits suggested by Tabellini and Alesina [13] and Persson and Svensson [12]. Tabellini and Alesina suggest that governments with different political orientation provide different public go ...
2004Volatility and Sovereign Default
Over and over again, history shows that countries default on external debt when their economies experience a downturn. This paper presents a theoretical model of international lending that is consistent with this evidence. Productivity is stochastic and in ...
2003