Nikolay Hristov
Ifo Institute for Economic Research
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The Manchester School | 2014
Nikolay Hristov; Oliver Hülsewig; Timo Wollmershäuser
This paper presents a stylized New Keynesian dynamic stochastic general equilibrium (DSGE) model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of heterogeneity with respect to two important credit market characteristics, i.e. the access to credit and the fraction of households holding debt, are a relevant source of inflation dispersion across European Monetary Union (EMU) member countries.
Archive | 2019
Nikolay Hristov; Oliver Hülsewig; Timo Wollmershäuser
TARGET2 is the intra-euro area payment system. Before the outbreak of the euro crisis, the TARGET2 balances of the individual euro area member countries have always been fluctuating closely around zero. Thus, current account transactions have been financed by corresponding private financial account transactions. At the height of the euro crisis in 2012, TARGET2 liabilities of the five major crisis countries accounted for the first time to roughly 1 trillion euros. At that time a massive capital withdrawal from the crisis countries was cushioned by the Eurosystem through almost unlimited lending to crisis-struck banks. Currently (in 2017), TARGET2 imbalances are reaching a second height, in which for many countries, the 2012 levels are exceeded. The narrative of this episode however differs from the capital flight story of 2012. This time the Eurosystem is actively buying government bonds of euro area member countries within its large-scale asset purchase program. The majority of these bonds are purchased by the national central banks from banks located outside the eurozone which are connected to TARGET2 through an account at another national central bank (such as the German Bundesbank). This chapter aims at giving an economic interpretation to these two episodes. On the one hand, it will be argued that the Eurosystem’s role as lender to banks and governments of distressed economies is responsible for the increase in TARGET2 imbalances and that in both cases the increase in TARGET2 liabilities is an indicator for the unwillingness of financial markets to continue lending to these borrowers. On the other hand, in the absence of such lending, the euro probably would not have survived the crisis.
Archive | 2018
Nikolay Hristov; Oliver Hülsewig; Timo Wollmershäuser
ifo Schnelldienst | 2017
Timo Wollmershäuser; Wolfgang Nierhaus; Nikolay Hristov; Dorine Boumans; Marcell Göttert; Christian Grimme; S. Lauterbacher; Robert Lehmann; Wolfgang Meister; Andreas Peichl; Magnus Reif; Felix Schröter; Tobias Schuler; Marc Stöckli; Klaus Wohlrabe; Anna Wolf; Christoph Zeiner
Journal of Macroeconomics | 2017
Nikolay Hristov; Oliver Hülsewig
ifo Schnelldienst | 2016
Timo Wollmershäuser; Wolfgang Nierhaus; Nikolay Hristov; Dorine Boumans; Johanna Garnitz; Marcell Göttert; Christian Grimme; Stefan Lauterbacher; Robert Lehmann; Wolfgang Meister; Magnus Reif; Felix Schröter; Andreas Steiner; Marc Stöckli; Wohlrabe Klaus; Anna Wolf
ifo Schnelldienst | 2014
Nikolay Hristov; Oliver Hülsewig; Thomas Siemsen; Timo Wollmershäuser
ifo Schnelldienst | 2013
Kai Carstensen; Wolfgang Nierhaus; Tim Oliver Berg; Christian Breuer; Christian Grimme; Steffen Henzel; Atanas Hristov; Nikolay Hristov; Michael Kleemann; Wolfgang Meister; Johanna Garnitz; Leonhard Salzmann; Klaus Wohlrabe; Anna Wolf; Timo Wollmershäuser; Peter Zorn
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2013: Wettbewerbspolitik und Regulierung in einer globalen Wirtschaftsordnung - Session: Financial Markets and Macroeconomics B19-V3 | 2013
Timo Wollmershäuser; Nikolay Hristov; Oliver Hülsewig
ifo Schnelldienst | 2012
Kai Carstensen; Wolfgang Nierhaus; Tim Oliver Berg; Benjamin Born; Christian Breuer; Teresa Buchen; Steffen Elstner; Christian Grimme; Steffen Henzel; Nikolay Hristov; Michael Kleemann; Wolfgang Meister; Johanna Garnitz; Anna Wolf; Timo Wollmershäuser; Peter Zorn