| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11015 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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