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Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades

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Abstract

In this post we summarize the main results of our contribution to a recent e-book, “The Making of the European Monetary Union: 30 years since the ERM crisis,” on the economic and financial crises in Europe since 1992-93, and focus on the spillovers of those crises onto the United States and the global economy. We find that the answer to the question in the title of this post is a (moderate) yes.

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  • Ozge Akinci & Paolo Pesenti, 2023. "Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades," Liberty Street Economics 20230531, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:96272
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    File URL: https://libertystreeteconomics.newyorkfed.org/2023/05/do-economic-crises-in-europe-affect-the-u-s-some-lessons-from-the-past-three-decades/
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    More about this item

    Keywords

    Cross-County; spillovers; Dynamic Stochastic General Equilibrium (DSGE) models; euro area; sovereign debt crises;
    All these keywords.

    JEL classification:

    • F0 - International Economics - - General
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G01 - Financial Economics - - General - - - Financial Crises

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