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Keywords:Europe 

Conference Paper
The role of central banks

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Legal structure, financial structure, and the monetary policy transmission mechanism

Among the many challenges facing the new Eurosystem - the European Central Bank and the central banks of the eleven members of the European Monetary Union - is the possibility that participating countries will respond differently to interest rate changes. This paper provides evidence that differences in financial structure are the proximate cause for these national asymmetries in monetary policy transmission and that these differences in financial structure are a result of differences in legal structure. The author concludes that unless legal structures are harmonized across Europe, the ...
Economic Policy Review , Volume 5 , Issue Jul , Pages 9-28

Conference Paper
The structure and regulation of insurance markets in Europe

Conference Series ; [Proceedings] , Volume 35 , Pages 165-198

Conference Paper
Economic and monetary union in Europe : the challenges ahead

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Foreign currency loans and systemic risk in Europe

Foreign currency loans to the unhedged non-banking sector are remarkably prevalent in Europe and create a significant exchange-rate-induced credit risk to European banking sectors. In particular, Swiss franc (CHF)-denominated loans, popular in Eastern European countries, could trigger simultaneous bank failures if depreciation of the domestic currencies prevents unhedged borrowers from servicing the loans. Foreign currency loans thus pose a systemic risk from a ?common market shock? perspective. The author uses a novel dataset of foreign-currency loans from 17 countries for 2007-11 (collected ...
Review , Volume 95 , Issue May , Pages 219-236

Journal Article
Journey to work: European model combines education with vocation

Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2012/q4/feature2_weblinks.cfm
Econ Focus , Volume 16 , Issue 4Q , Pages 17-19, 38

Conference Paper
Policymakers' revealed preferences and the output-inflation variability trade-off: implications for the European system of central banks

Proceedings

Discussion Paper
How Has Germany's Economy Been Affected by the Recent Surge in Immigration?

Germany emerged as a leading destination for immigration around 2011, as the country's labor market improved while unemployment climbed elsewhere in the European Union. A second wave began in 2015, with refugees from the Middle East adding to already heavy inflows from Eastern Europe. The demographic consequences of the surge in immigration include a renewed rise in Germany's population and the stabilization of the country's median age. The macroeconomic consequences are hard to measure but look promising, since per capita income growth has held up and unemployment has declined. Data on ...
Liberty Street Economics , Paper 20190520

Working Paper
Macroeconomic fluctuations in Europe: demand or supply, permanent or temporary?

We use generalized method of moments to estimate a rational expectations aggregate demand-aggregate supply macroeconomic model for five European economies. Our aim is to examine whether supply or demand shocks have predominated in the major European economies during the post-war era and whether shocks of either type have been primarily temporary or permanent in nature. The estimation procedure is an alternative to estimating and interpreting vector autoregressions under restrictions either of the Bernanke-Sims variety or the Blanchard-Quah variety or to performing calibration exercises. ; We ...
FRB Atlanta Working Paper , Paper 97-14

Journal Article
Can trade links transmit a European crisis?

A GIIPS crisis wouldn't have too strong an effect on the U.S. economy, but an EU-wide crisis may be a serious concern.
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