scholarly journals Labour Tax Reforms, Cross-Country Coordination and the Monetary Policy Stance in the Euro Area: A Structural Model-Based Approach

2018 ◽  
Author(s):  
Pascal Jacquinot ◽  
Matija Lozej ◽  
Massimiliano Pisani
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Structural Model ◽  
Tax Reforms ◽  
Model Based ◽  
Cross Country

scholarly journals Monetary Policy Strategies in the New Normal: A Model-Based Analysis for the Euro Area

2020 ◽  
Author(s):  
Fabio Busetti ◽  
Stefano Neri ◽  
Massimiliano Pisani ◽  
Alessandro Notarpietro
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
New Normal ◽  
Model Based ◽  
Policy Strategies ◽  
Model Based Analysis

scholarly journals Monetary policy strategies in the New Normal: A model-based analysis for the euro area

2021 ◽  
Vol 70 ◽  
pp. 103366
Author(s):  
Fabio Busetti ◽  
Stefano Neri ◽  
Alessandro Notarpietro ◽  
Massimiliano Pisani
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
New Normal ◽  
Model Based ◽  
Policy Strategies ◽  
Model Based Analysis

Impact of external currency exposures on macroeconomic policies

2020 ◽  
pp. 23-40
Author(s):  
I. V. Prilepskiy
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Positive Impact ◽  
Exchange Rate Regime ◽  
Macroeconomic Policies ◽  
Panel Regressions ◽  
Financial Account ◽  
Currency Exposure ◽  
Cross Country ◽  
The Impact

Based on cross-country panel regressions, the paper analyzes the impact of external currency exposures on monetary policy, exchange rate regime and capital controls. It is determined that positive net external position (which, e.g., is the case for Russia) is associated with a higher degree of monetary policy autonomy, i.e. the national key interest rate is less responsive to Fed/ECB policy and exchange rate fluctuations. Therefore, the risks of cross-country synchronization of financial cycles are reduced, while central banks are able to place a larger emphasis on their price stability mandates. Significant positive impact of net external currency exposure on exchange rate flexibility and financial account liberalization is only found in the context of static models. This is probably due to the two-way links between incentives for external assets/liabilities accumulation and these macroeconomic policy tools.

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