Artikel

Despite crises, the stability of the euro is rooted in the middle class

In the 24 years since its introduction, the euro has experienced a financial crisis, a government debt crisis, a global pandemic, and an energy crisis-and survived. Using a model focusing on households, this Weekly Report shows that the monetary union's stability is rooted in the fact that the middle class neither gains nor loses significantly relative to an independent currency following business cycle impulses. The shifting of the costs due to a crisis as a result of membership in a monetary union occurs at the tails of the wealth distribution, namely between groups of equal wealth in different countries.

Sprache
Englisch

Erschienen in
Journal: DIW Weekly Report ; ISSN: 2568-7697 ; Volume: 13 ; Year: 2023 ; Issue: 29/31 ; Pages: 217-222

Klassifikation
Wirtschaft
Macroeconomic Issues of Monetary Unions
Monetary Policy
Personal Income, Wealth, and Their Distributions
Thema
HANK2
OCA theory
Two-country model
monetary union
spillovers
monetary policy
household heterogeneity
inequality
households

Ereignis
Geistige Schöpfung
(wer)
Bayer, Christian
Kriwoluzky, Alexander
Müller, Gernot J.
Seyrich, Fabian
Ereignis
Veröffentlichung
(wer)
Deutsches Institut für Wirtschaftsforschung (DIW)
(wo)
Berlin
(wann)
2023

DOI
doi:10.18723/diw_dwr:2023-29-1
Handle
Letzte Aktualisierung
10.03.20252025, 11:46 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Artikel

Beteiligte

  • Bayer, Christian
  • Kriwoluzky, Alexander
  • Müller, Gernot J.
  • Seyrich, Fabian
  • Deutsches Institut für Wirtschaftsforschung (DIW)

Entstanden

  • 2023

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