| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9723 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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