G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9723
DP9723 Sovereign risk and belief-driven fluctuations in the euro area
Giancarlo Corsetti; Gernot Müller; Keith Kuester; André Meier
发表日期2013-11-03
出版年2013
语种英语
摘要Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this "sovereign risk channel." The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region and strongly procyclical fiscal policy at the aggregate level exacerbates the risk of belief-driven deflationary downturns. The model provides an argument in favor of coordinated, asymmetric fiscal stances as a way to prevent self-fulfilling debt crises.
主题International Macroeconomics
关键词Sovereign risk channel Monetary union Euro area Zero lower bound risk premium Pooling of sovereign risk
URLhttps://cepr.org/publications/dp9723
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538559
推荐引用方式
GB/T 7714
Giancarlo Corsetti,Gernot Müller,Keith Kuester,et al. DP9723 Sovereign risk and belief-driven fluctuations in the euro area. 2013.
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