Ekonomická a finančná matematika

Vážení kolegovia,

pozývame Vás na "Bratislava Economic Seminar", ktorý je spoločným projektom CEF FMFI UK,
Národnej banky Slovenska a Katedry hospodárskej politky Národohospodárskej fakulty EUBA. Oznámenie o podujatí je v prílohe.

Seminár sa uskutoční uskutoční v stredu 12. júna 2013 o 15:00 v Národnej banke Slovenska, konferečná sála,
ulica Imricha Karvaša 1, Bratislava a jeho náplňou bude prednáška:

Reinhard Neck (Klagenfurt University)
“Haircuts” for the EMU Periphery: Virtue or Vice?

Abstract
We use a dynamic game model of a two-country monetary union to study the impacts of an
exogenous fall in aggregate demand, the resulting increase in public debt, and the consequences of a
sovereign debt “haircut” for a member country or bloc of the union. In this union, the governments of
participating countries pursue national goals when deciding on fiscal policies, while the common
central bank’s monetary policy aims at union-wide objective variables. The union considered is
asymmetric, consisting of a “core” with lower initial public debt, and a “periphery” with higher initial
public debt. The “periphery’’ may experience a debt relief (“haircut”) due to an evolving high
sovereign debt. Calibrating the model to the Euro Area, we calculate numerical solutions of the
dynamic game between the governments and the central bank using the OPTGAME algorithm. We
show that a “haircut” as modeled in our study is disadvantageous for both the “core” and the
“periphery” of the monetary union. Moreover, the cooperative solution is preferable to the
noncooperative equilibrium solution (both without and with a “haircut”), providing an argument for
coordinated fiscal policies in a monetary union.

Tešíme sa na Vašu účasť,

CEF.