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    <title>EconStor Community: Lehrstuhl für Volkswirtschaftslehre, Geldund internationale Wirtschaftsbeziehungen, Universität Würzburg</title>
    <link>http://hdl.handle.net/10419/141</link>
    <description>University of Würzburg, Chair for Monetary Policy and International Economics</description>
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    <title>Financial market heterogeneity: Implications for the EMU</title>
    <link>http://hdl.handle.net/10419/65864</link>
    <description>Title: Financial market heterogeneity: Implications for the EMU
&lt;br/&gt;
&lt;br/&gt;Authors: Gareis, Johannes; Mayer, Eric
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper evaluates business cycle and welfare effects of cross-country mortgage market heterogeneity for a monetary union. By employing a calibrated two-country New Keynesian DSGE model with collateral constraints tied to housing values, we show that a change in cross-country institutional characteristics of mortgage markets, such as the LTV ratio, is likely to be an important driver of an asymmetric development in housing markets and real economic activity of member states. Our welfare analysis suggests that the welfare of the home country where the reform is implemented increases substantially. In contrast, the rest of the EMU's welfare falls due to spillover effects with magnitude depending on the size of the home country.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/65863">
    <title>Euler equations and money market interest rates: The role of monetary and risk premium shocks</title>
    <link>http://hdl.handle.net/10419/65863</link>
    <description>Title: Euler equations and money market interest rates: The role of monetary and risk premium shocks
&lt;br/&gt;
&lt;br/&gt;Authors: Gareis, Johannes; Mayer, Eric
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper challenges the view that the observed negative correlation between the Federal Funds rate and the interest rate implied by consumption Euler equations is systematically linked to monetary policy. By using a Monte Carlo experiment, we show that stochastic risk premium disturbances have the capability to drive a wedge between the interest rate targeted by the central bank and the implied Euler equation interest rate such that the correlation between actual and implied rates is negative.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/65864">
    <title>Financial market heterogeneity: Implications for the EMU</title>
    <link>http://hdl.handle.net/10419/65864</link>
    <description>Title: Financial market heterogeneity: Implications for the EMU
&lt;br/&gt;
&lt;br/&gt;Authors: Gareis, Johannes; Mayer, Eric
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper evaluates business cycle and welfare effects of cross-country mortgage market heterogeneity for a monetary union. By employing a calibrated two-country New Keynesian DSGE model with collateral constraints tied to housing values, we show that a change in cross-country institutional characteristics of mortgage markets, such as the LTV ratio, is likely to be an important driver of an asymmetric development in housing markets and real economic activity of member states. Our welfare analysis suggests that the welfare of the home country where the reform is implemented increases substantially. In contrast, the rest of the EMU's welfare falls due to spillover effects with magnitude depending on the size of the home country.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/65863">
    <title>Euler equations and money market interest rates: The role of monetary and risk premium shocks</title>
    <link>http://hdl.handle.net/10419/65863</link>
    <description>Title: Euler equations and money market interest rates: The role of monetary and risk premium shocks
&lt;br/&gt;
&lt;br/&gt;Authors: Gareis, Johannes; Mayer, Eric
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper challenges the view that the observed negative correlation between the Federal Funds rate and the interest rate implied by consumption Euler equations is systematically linked to monetary policy. By using a Monte Carlo experiment, we show that stochastic risk premium disturbances have the capability to drive a wedge between the interest rate targeted by the central bank and the implied Euler equation interest rate such that the correlation between actual and implied rates is negative.</description>
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