Assessing the Effects of Financial Heterogeneity in a Monetary Union

Assessing the effects of financial heterogeneity in a monetary union ...

Differentials are represented in absolute value. Once again, a higher heterogeneity in the sensitivity of the national banks' premiums to their balance sheet ...

On this point, it allows reproducing some stylized facts recently observed in the UE. Moreover, it appears that the more heterogeneous the union, the larger the ...

Assessing the Effects of Financial Heterogeneity in a Monetary Union

The aim of this article is to analyze how financial heterogeneity can accentuate the cyclical divergences inside a monetary union that faces technological, ...

Assessing the Effects of Financial Heterogeneity in a Monetary Union

Moreover, it appears that the more heterogeneous the union, the larger the effects of financial asymmetries on the transmission of shocks.

Financial Heterogeneity in a Monetary Union

The results indicate that a Euro-wide monetary policy strategy based on national information does not offset the costs associated with the abandonment of ...

Financial Heterogeneity in a Monetary Union - jstor

The bank capital channel thus constitutes an interesting way to model the effects of financial heterogeneity in the euro area. From this ...

Financial Heterogeneity in a Monetary Union

Optimized policy rules are used, under various budgetary policy scenarios, in a two-country DSGE model. The results indicate that a Euro-wide monetary policy ...

[PDF] Financial Heterogeneity in a Monetary Union jei Journal of ...

This paper addresses the issue of macroeconomic policies in a financially heterogeneous monetary union. Optimized policy rules are used, under various ...

Financial Heterogeneity and Monetary Union - Federal Reserve Board

Given the union's problem with a “one-size-fits-all” monetary policy, we consider the macroe- conomic implications of a fiscal devaluation, a ...

Financial Heterogeneity and Monetary Union - European Central Bank

3. Specifically, building on our earlier work. (Gilchrist, Schoenle, Sim, and Zakrajšek, 2015), we study the macroeconomic consequences of cre- ating a currency ...

Financial Heterogeneity and Monetary Union - LSE

With flexible exchange rates, in contrast, monetary authorities in the periphery are able to largely offset the real economic effects of an ...

Financial Heterogeneity and Monetary Union - Brandeis

Rather, the policy has two effects. First, the wage subsidy to financially distressed firms in the periphery alleviates the pressure on their balance sheets.

Which policy-mix to mitigate the effects of financial heterogeneity in ...

This paper aims to study a suitable policy-mix for a monetary union like the euro area, in a context of financial heterogeneity.

The Fed - Financial Heterogeneity and Monetary Union

Abstract: We analyze the economic consequences of forming a monetary union among countries with varying degrees of financial distortions, which ...

Grégory Levieuge | Banque de France

Assessing the Effects of Financial Heterogeneity in a Monetary Union. A DSGE Approach, Economic Modelling, (2011), Vol. 28 (6), pp. 2451-2461, with C ...

Financial Heterogeneity and Monetary Union | Request PDF

We analyze the economic consequences of forming a monetary union among countries with varying degrees of financial distortions, which interact with the firms' ...

Heterogeneity in a monetary union: What have we learned?

The financial crisis has led to a strong increase in heterogeneity within the euro area. The re-emergence of cross-country differentials in ...

Financial Heterogeneity, Investment, and Firm Interactions

I argue that interactions among heterogeneous firms play an important role in equilibrium. After a downturn, financially unconstrained firms in financially ...

Heterogeneity and Monetary Policy: A Thematic Review

One materialization of this effect works via unemployment risk. During an economic downturn, unemployment risk increases, raising precautionary ...

Optimal Monetary Policy in a Heterogeneous Monetary Union

financial wealth in the monetary union is ... to illustrate the redistributive effects of inflation, which will play an important role in our ...