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|z 9781475513448
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|a 1018-5941
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|a BD-DhAAL
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|a Corsetti, Giancarlo.
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|a Sovereign Risk and Belief-Driven Fluctuations in the Euro Area /
|c Giancarlo Corsetti, Keith Kuester, Andre Meier, Gernot Mueller.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
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| 300 |
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|a 1 online resource (49 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this 'sovereign risk channel.' The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region and strongly procyclical fiscal policy at the aggregate level exacerbates the risk of belief-driven deflationary downturns. The model provides an argument in favor of coordinated, asymmetric fiscal stances as a way to prevent selffulfilling debt crises.
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| 538 |
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|a Mode of access: Internet
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|a Kuester, Keith.
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|a Meier, Andre.
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|a Mueller, Gernot.
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|a IMF Working Papers; Working Paper ;
|v No. 2013/227
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2013/227/001.2013.issue-227-en.xml
|z IMF e-Library
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