The European Central Bank at Ten by Jakob de Haan, Helge Berger

By Jakob de Haan, Helge Berger

Coming at a severe juncture for the euro, the publication takes inventory of the ECB's event in the course of its first ten years and discusses the way in which forward. The articles are written by means of famous specialists within the box and supply the reader with a complete evaluate of proper coverage concerns, together with the ECB’s communique and its financial approach and instruments.

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266) conclude that ‘‘trade intensity is found to lead to more synchronisation. The trade relationships of the members of the European currency union are intense causing further synchronisation. However, the point estimates vary widely. Furthermore, the survey also showed that trade intensity only explains a fraction of business cycle correlations. The evidence for other factors affecting business cycle synchronisation is quite mixed. ’’ According to Beck et al. (2009), the existence of nominal wage and price rigidities can also result in high persistence in inflation rates.

However, as De Haan, Oosterloo, and Schoenmaker (2009) show, despite substantial progress in financial integration in Europe, portfolios of many European financial institutions are still characterized by a high home bias. 8 Asymmetric shocks and differences in the transmission of and the policy reaction to common shocks are, of course, among the driving forces of diverging business cycles. 9 These factors can be related. According to the European Central Bank (2005), euro area energy and unprocessed food prices seem to change most frequently, while service prices appear to be modified less frequently.

Campolmi and Faia (2004) build a dynamic general equilibrium model with two regions that form a currency union and that are characterised by a variety of frictions: matching frictions and wage rigidity in the labour market, monopolistic competition in product markets and adjustment costs on pricing. The authors examine the impact on inflation differentials of common monetary policy and technology shocks after they have calibrated the model using euro area country data. They report that labour and/or product market institutions (proxied by differences in demand elasticities and unemployment benefits, respectively) are able to generate significant and persistent inflation differentials in case of common monetary policy shocks and symmetric technology shocks.

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