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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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