Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/228867 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ECON WPS No. 05/2019
Versionsangabe: 
January 13, 2021
Verlag: 
Vienna University of Technology, Institute of Statistics and Mathematical Methods in Economics, Research Group Economics, Vienna
Zusammenfassung: 
This paper examines whether Euro Area countries would have faced a more favorable inflation output variability tradeoff without the Euro. We provide evidence supporting this claim for the periods of the Great Recession and the Sovereign Debt Crisis. The deterioration of the tradeoff becomes insignificant only after Draghi's 'whatever it takes' announcement. Results show that the detrimental effect of the Euro is more severe for peripheral countries. We base our results on a novel empirical strategy that, consistently with monetary theory, models the joint determination of the variability of inflation and output conditional on structural supply and demand shocks.
Schlagwörter: 
Euro Area
Monetary Policy
Difference-in-Differences
JEL: 
C32
E50
F45
Dokumentart: 
Working Paper

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