Are Non Euro Area Eu Countries Importing Low Inflation From The Euro Area
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| Author | : Mr.Plamen Iossifov |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 2014-10-22 |
| Genre | : Business & Economics |
| ISBN | : 1484300521 |
The synchronized disinflation across Europe since end-2011 raises the question of whether non-euro area EU countries are affected by the undershooting of the euro area inflation target. To shed light on this issue, we estimate an open-economy, New Keynsian Phillips curve, in which we control for imported inflation. Regression results suggest that falling food and energy prices have been the main disinflationary driver. But low core inflation in the euro area has also had a clear and significant impact. Countries with more rigid exchange-rate regimes and higher share of foreign value added in domestic demand have been more affected. The scope for monetary response to low inflation in non-euro area EU countries depends on concerns about financial stability and unanchoring of inflationary expectations, as well as on exchange rate regime and capital flows dynamics.
| Author | : Mr.Jeffrey R. Franks |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2018-01-23 |
| Genre | : Business & Economics |
| ISBN | : 1484338499 |
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
| Author | : Mr.Plamen Iossifov |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 2014-10-22 |
| Genre | : Business & Economics |
| ISBN | : 1484389751 |
The synchronized disinflation across Europe since end-2011 raises the question of whether non-euro area EU countries are affected by the undershooting of the euro area inflation target. To shed light on this issue, we estimate an open-economy, New Keynsian Phillips curve, in which we control for imported inflation. Regression results suggest that falling food and energy prices have been the main disinflationary driver. But low core inflation in the euro area has also had a clear and significant impact. Countries with more rigid exchange-rate regimes and higher share of foreign value added in domestic demand have been more affected. The scope for monetary response to low inflation in non-euro area EU countries depends on concerns about financial stability and unanchoring of inflationary expectations, as well as on exchange rate regime and capital flows dynamics.
| Author | : Andreas Jobst |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2016-08-10 |
| Genre | : Business & Economics |
| ISBN | : 1475524471 |
More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
| Author | : Marcus Goncalves |
| Publisher | : Business Expert Press |
| Total Pages | : 132 |
| Release | : 2016-07-25 |
| Genre | : Business & Economics |
| ISBN | : 1631575538 |
Nearly seven decades ago, six countries in Western Europe (Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands) decided to take economic cooperation to the next level. The vision of the EU founding states, epitomized by the Schuman Declaration in 1950, was to tie their economies so closely together that war would become impossible. Robert Schuman, author of the plan, believed Europe could not be made all at once, or according to a single plan. It would have to be built through concrete achievements which first create a de facto solidarity. The countries within the “European Community” benefited enormously from free trade and common economic policies, in particular structural funds designed to foster convergence by funding infrastructure and investments in poorer regions. This book examines how similar transitions and integration into the European Union are experienced in individual central and eastern European states through the use of country scans in the regional blocks of CEE, SEE, and CIS.
| Author | : Marcus Goncalves |
| Publisher | : Business Expert Press |
| Total Pages | : 270 |
| Release | : 2016-06-27 |
| Genre | : Business & Economics |
| ISBN | : 1631574000 |
Nearly seven decades ago, six countries in Western Europe (Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands) decided to take economic cooperation to the next level. The vision of the EU founding states, epitomized by the Schuman Declaration in 1950, was to tie their economies so closely together that war would become impossible. Robert Schuman, author of the plan, believed Europe could not be made all at once, or according to a single plan. It would have to be built through concrete achievements which first create a de facto solidarity. The countries within the ÒEuropean CommunityÓ benefited enormously from free trade and common economic policies, in particular structural funds designed to foster convergence by funding infrastructure and investments in poorer regions. This book examines how similar transitions and integration into the European Union are experienced in individual central and eastern European states through the use of country scans in the regional blocks of CEE, SEE, and CIS.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 94 |
| Release | : 2012-04-18 |
| Genre | : Business & Economics |
| ISBN | : 1616352477 |
The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
| Author | : Mr.Olivier J. Blanchard |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 2015-11-06 |
| Genre | : Business & Economics |
| ISBN | : 1513555839 |
We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy.
| Author | : Otmar Issing |
| Publisher | : Cambridge University Press |
| Total Pages | : 220 |
| Release | : 2001-07-26 |
| Genre | : Business & Economics |
| ISBN | : 9780521788885 |
A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
| Author | : International Monetary Fund. European Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 105 |
| Release | : 2015-04-07 |
| Genre | : Business & Economics |
| ISBN | : 1475518439 |
This Selected Issues Paper’s objective is to illustrate economic benefits and costs from euro adoption by reviewing the main arguments and empirical evidence in Central and Eastern Europe: New Member States (NMS). The parameters of the euro adoption debate have shifted. Although countries joining the euro area in the 2000s could expect to benefit from a significant country risk premium, this premium has mostly vanished with the euro crisis. The NMS that have maintained exchange rate flexibility and monetary policy autonomy have, in general, made good use of it. During convergence, nominal currency appreciation supported more balanced growth and restrained credit and asset price booms. It is an open question whether the macroeconomic volatility of the past decade will recur. If divergent growth patterns and volatility were to repeat, euro adoption would constrain macro-policy options, especially for economies with large income gaps and asynchronized business cycles vis-à-vis the euro area. Thus, a large burden would be placed on other policy instruments to safeguard balanced growth, notably counter-cyclical fiscal policy and macro-prudential policies. Structural reforms to boost growth potential and facilitate internal adjustment would also be important.
