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DTSTART:20250330T010000
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DTSTART:20251026T010000
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DTSTART;TZID=Europe/Helsinki:20250616T121500
DTEND;TZID=Europe/Helsinki:20250616T133000
DTSTAMP:20260710T060052
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UID:17983-1750076100-1750080600@crest.science
SUMMARY:Johannes PFEIFER (Universität der Bundeswehr München) "Anchored in Troubled Waters: Monetary Unions and Uncertainty"
DESCRIPTION:[vc_row][vc_column][vc_column_text]Macro seminar\nTime : 12h15 – 13h30 \nDate : 16th  June 2025 \nSalle 3001 \nJohannes PFEIFER (Universität der Bundeswehr München) “Anchored in Troubled Waters: Monetary Unions and Uncertainty ” \nAbstract: \nA monetary union shapes the impact of uncertainty on the economy: it does not alter the transmission of common uncertainty shocks\, but significantly dampens the adverse effects of country-specific shocks. We establish this result based on time series data for 17 euro-area countries and 13 countries with flexible exchange rates. To rationalize it\, we propose a model of a monetary union in which monetary policy responds to common shocks but not to country-specific ones\, as each member country is small. The union dampens the effect of country-specific shocks by providing a nominal anchor in the face of country-specific uncertainty\, thereby eliminating price level risk. \nOrganizer : Olivier LOISEL \n
URL:https://crest.science/event/johannes-pfeifer-universitat-der-bundeswehr-munchen-t-b-a/
CATEGORIES:Macroeconomics,Seminars
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