BADARAU, Cristina; HUART, F.; SANGARÉ, I.

doi:10.1111/boer.12275

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BADARAU, Cristina
Laboratoire d'analyse et de recherche en économie et finance internationales [Larefi]

HUART, F.

SANGARÉ, I.

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Bulletin of Economic Research. 2021

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The aim of this paper is to study the consequences of a preference shock resulting in an increase in household savings in one country of a monetary union such as the Euro area. We study the macroeconomic effects of such a shock by developing a dynamic stochastic general equilibrium model which describes a two-country monetary union open to the rest of the world. A key feature of the model deals with one specific dimension of financial integration, namely cross-border bank holdings of government bonds. We show that a negative preference shock in one country can have salient spillover effects on the rest of the union. Spillovers come not only from the financial markets opening-up, but also from the intensity of intra-union trade, and the response of macroeconomic (monetary and fiscal) policies. © 2021 Board of Trustees of the Bulletin of Economic Research and John Wiley & Sons Ltd< Leer menos

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Households saving and financial spillovers in the Euro area

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