G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11015
DP11015 Deleveraging, deflation and depreciation in the euro area
Gernot Müller; Martin Wolf; Dmitry Kuvshinov
发表日期2015-12-20
出版年2015
语种英语
摘要During the post-crisis period, economic performance has been highly heterogenous across the euro area. While some economies rebounded quickly after the 2009 output collapse, others are undergoing a protracted further decline as part of an extensive deleveraging process. At the same time, inflation has been subdued throughout the whole of the euro area and intra-euro-area exchange rates have hardly moved. We interpret these facts through the lens of a two-country model of a currency union. We find that deleveraging in one country generates deflationary spillovers which cannot be contained by monetary policy, as it becomes constrained by the zero lower bound. As a result, the real exchange rate response becomes muted, and the output collapse---concentrated in the deleveraging economies.
主题International Macroeconomics and Finance
关键词Currency union Deflationary spillovers Deleveraging Downward wage rigidity Paradox of flexibility Real exchange rate Zero lower bound
URLhttps://cepr.org/publications/dp11015
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/539844
推荐引用方式
GB/T 7714
Gernot Müller,Martin Wolf,Dmitry Kuvshinov. DP11015 Deleveraging, deflation and depreciation in the euro area. 2015.
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