Macroeconomic and policy implications of eurobonds

Capital regulation and macroeconomic activity: Implications for macroprudential policy

This paper studies the macroeconomic effect of changes in the capital requirements set by microprudential bank regulators. The central result is that unanticipated increases in capital requirements lower lending to firms and households, reduce aggregate expenditure and raise credit spreads. A financial accelerator effect is found to amplify the macroeconomic responses to shifts in bank credit s...

Global Macroeconomic Policy Implications of an Enlarged EMU

This paper examines the design of macroeconomic policies after the enlargement of the EU by Central and Eastern European countries (CEECs). We consider scenarios with and without CEECs being members of the European Economic and Monetary Union (EMU). For the European Central Bank, we analyze consequences of monetary versus inflation targeting. For European fiscal policies, we assume that the gov...

Robustness and Macroeconomic Policy

This paper considers the design of macroeconomic policies in the face of uncertainty. In recent years, several economists have advocated that when policymakers are uncertain about the environment they face and find it difficult to assign precise probabilities to the alternative scenarios that may characterize this environment, they should design policies to be robust in the sense that they mini...

Macroeconomic Policy and Performance

origins of armenia’s foreign policy and its foreign policy towards iran

foreign policy takes root from complicated matters. however, this issue may be more truth about armenia. although the new government of armenia is less than 20 years, people of this territory are the first ones who officially accepted christianity. in very past times, these people were a part of great emperors like iran, rome, and byzantium.armenia is regarded as a nation with a privileged hist...