<?xml version="1.0" encoding="utf-8"?>
<TEI xmlns="http://www.tei-c.org/ns/1.0" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:hal="http://hal.archives-ouvertes.fr/" xmlns:gml="http://www.opengis.net/gml/3.3/" xmlns:gmlce="http://www.opengis.net/gml/3.3/ce" version="1.1" xsi:schemaLocation="http://www.tei-c.org/ns/1.0 http://api.archives-ouvertes.fr/documents/aofr-sword.xsd">
  <teiHeader>
    <fileDesc>
      <titleStmt>
        <title>HAL TEI export of hal-00641995</title>
      </titleStmt>
      <publicationStmt>
        <distributor>CCSD</distributor>
        <availability status="restricted">
          <licence target="https://creativecommons.org/publicdomain/zero/1.0/">CC0 1.0 - Universal</licence>
        </availability>
        <date when="2026-05-16T18:12:02+02:00"/>
      </publicationStmt>
      <sourceDesc>
        <p part="N">HAL API Platform</p>
      </sourceDesc>
    </fileDesc>
  </teiHeader>
  <text>
    <body>
      <listBibl>
        <biblFull>
          <titleStmt>
            <title xml:lang="en">Which policy-mix to mitigate the effects of financial heterogeneity in a monetary union?</title>
            <author role="aut">
              <persName>
                <forename type="first">Florina-Cristina</forename>
                <surname>Badarau</surname>
              </persName>
              <email type="md5">ffc1e2a91ba9b5b42d33d5db4170c73c</email>
              <email type="domain">univ-orleans.fr</email>
              <idno type="idhal" notation="numeric">833532</idno>
              <idno type="halauthorid" notation="string">452530-833532</idno>
              <idno type="IDREF">https://www.idref.fr/14330688X</idno>
              <idno type="ORCID">https://orcid.org/0000-0002-6797-4550</idno>
              <affiliation ref="#struct-1724"/>
              <affiliation ref="#struct-162448"/>
            </author>
            <author role="aut">
              <persName>
                <forename type="first">Grégory</forename>
                <surname>Levieuge</surname>
              </persName>
              <email type="md5">9d7cd239ab25d8d210e73050619fff1b</email>
              <email type="domain">univ-orleans.fr</email>
              <idno type="idhal" notation="numeric">846022</idno>
              <idno type="halauthorid" notation="string">254234-846022</idno>
              <affiliation ref="#struct-1724"/>
            </author>
            <editor role="depositor">
              <persName>
                <forename>Cyril</forename>
                <surname>Mesmer</surname>
              </persName>
              <email type="md5">1ab2f4e2ced2a3fde9799d98a651d6c8</email>
              <email type="domain">u-bordeaux4.fr</email>
            </editor>
          </titleStmt>
          <editionStmt>
            <edition n="v1" type="current">
              <date type="whenSubmitted">2011-11-17 09:48:36</date>
              <date type="whenWritten">2011-09-14</date>
              <date type="whenModified">2026-01-13 18:20:28</date>
              <date type="whenReleased">2011-11-25 09:07:14</date>
              <date type="whenProduced">2011-09-14</date>
              <date type="whenEndEmbargoed">2011-11-17</date>
              <ref type="file" target="https://hal.science/hal-00641995v1/document">
                <date notBefore="2011-11-17"/>
              </ref>
              <ref type="file" subtype="author" n="1" target="https://hal.science/hal-00641995v1/file/CR11_EFI-09.pdf" id="file-641995-387536">
                <date notBefore="2011-11-17"/>
              </ref>
            </edition>
            <respStmt>
              <resp>contributor</resp>
              <name key="163899">
                <persName>
                  <forename>Cyril</forename>
                  <surname>Mesmer</surname>
                </persName>
                <email type="md5">1ab2f4e2ced2a3fde9799d98a651d6c8</email>
                <email type="domain">u-bordeaux4.fr</email>
              </name>
            </respStmt>
          </editionStmt>
          <publicationStmt>
            <distributor>CCSD</distributor>
            <idno type="halId">hal-00641995</idno>
            <idno type="halUri">https://hal.science/hal-00641995</idno>
            <idno type="halBibtex">badarau:hal-00641995</idno>
            <idno type="halRefHtml">2011</idno>
            <idno type="halRef">2011</idno>
            <availability status="restricted">
              <licence target="https://about.hal.science/hal-authorisation-v1/">HAL Authorization<ref corresp="#file-641995-387536"/></licence>
            </availability>
          </publicationStmt>
          <seriesStmt>
            <idno type="stamp" n="SHS">Sciences de l'Homme et de la Société</idno>
            <idno type="stamp" n="CNRS">CNRS - Centre national de la recherche scientifique</idno>
            <idno type="stamp" n="UNIV-ORLEANS">Université d'Orléans</idno>
            <idno type="stamp" n="AO-ECONOMIE">Archives ouvertes de l'Economie</idno>
            <idno type="stamp" n="MSL">Modelisation Systemes Langages</idno>
            <idno type="stamp" n="LEO" corresp="UNIV-ORLEANS">Laboratoire d'économie d'Orléans</idno>
            <idno type="stamp" n="MSL-THESE">Modelisation Systemes Langages</idno>
            <idno type="stamp" n="UNIVERSITE-BORDEAUX">Université de Bordeaux</idno>
          </seriesStmt>
          <notesStmt>
            <note type="audience" n="1">Not set</note>
          </notesStmt>
          <sourceDesc>
            <biblStruct>
              <analytic>
                <title xml:lang="en">Which policy-mix to mitigate the effects of financial heterogeneity in a monetary union?</title>
                <author role="aut">
                  <persName>
                    <forename type="first">Florina-Cristina</forename>
                    <surname>Badarau</surname>
                  </persName>
                  <email type="md5">ffc1e2a91ba9b5b42d33d5db4170c73c</email>
                  <email type="domain">univ-orleans.fr</email>
                  <idno type="idhal" notation="numeric">833532</idno>
                  <idno type="halauthorid" notation="string">452530-833532</idno>
                  <idno type="IDREF">https://www.idref.fr/14330688X</idno>
                  <idno type="ORCID">https://orcid.org/0000-0002-6797-4550</idno>
                  <affiliation ref="#struct-1724"/>
                  <affiliation ref="#struct-162448"/>
                </author>
                <author role="aut">
                  <persName>
                    <forename type="first">Grégory</forename>
                    <surname>Levieuge</surname>
                  </persName>
                  <email type="md5">9d7cd239ab25d8d210e73050619fff1b</email>
                  <email type="domain">univ-orleans.fr</email>
                  <idno type="idhal" notation="numeric">846022</idno>
                  <idno type="halauthorid" notation="string">254234-846022</idno>
                  <affiliation ref="#struct-1724"/>
                </author>
              </analytic>
              <monogr>
                <idno type="localRef">CR11-EFI/09</idno>
                <imprint/>
              </monogr>
            </biblStruct>
          </sourceDesc>
          <profileDesc>
            <langUsage>
              <language ident="en">English</language>
            </langUsage>
            <textClass>
              <keywords scheme="author">
                <term xml:lang="en">DSGE model</term>
                <term xml:lang="en">euro area</term>
                <term xml:lang="en">financial heterogeneity</term>
                <term xml:lang="en">monetary/budgetary policy rules</term>
                <term xml:lang="en">DSGE model.</term>
              </keywords>
              <classCode scheme="jel" n="E.E4.E44">E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy</classCode>
              <classCode scheme="jel" n="E.E6.E63">E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy • Stabilization • Treasury Policy</classCode>
              <classCode scheme="jel" n="E.E5.E58">E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their Policies</classCode>
              <classCode scheme="jel" n="C.C6.C61">C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C61 - Optimization Techniques • Programming Models • Dynamic Analysis</classCode>
              <classCode scheme="halDomain" n="shs.eco">Humanities and Social Sciences/Economics and Finance</classCode>
              <classCode scheme="halTypology" n="UNDEFINED">Preprints, Working Papers, ...</classCode>
              <classCode scheme="halOldTypology" n="UNDEFINED">Preprints, Working Papers, ...</classCode>
              <classCode scheme="halTreeTypology" n="UNDEFINED">Preprints, Working Papers, ...</classCode>
            </textClass>
            <abstract xml:lang="en">
              <p>This paper aims to study a suitable policy-mix for a monetary union like the euro area, in a context of financial heterogeneity. It relies on a DSGE model with empirically-justified heterogeneous bank capital channel, with financial shocks, in addition to monetary, budgetary and technological ones. The analysis leads to the following conclusions. A centralized monetary policy appears to be more advantageous for the union than an alternative inflation-divergences oriented policy. Besides, national budgetary policies can mitigate cyclical divergences. Nevertheless, the exam of various policy-mixes indicates that the superiority of a cooperative budgetary regime only relies on the fact that it allows a better stabilization of public spending divergences in the Union. On the other hand, national variables are less stabilized under this regime. These results are finally discussed in light of the subprime mortgage crisis context.</p>
            </abstract>
          </profileDesc>
        </biblFull>
      </listBibl>
    </body>
    <back>
      <listOrg type="structures">
        <org type="laboratory" xml:id="struct-1724" status="OLD">
          <idno type="IdRef">231069081</idno>
          <idno type="RNSR">200812265B</idno>
          <orgName>Laboratoire d'économie d'Orleans [2008-2011]</orgName>
          <orgName type="acronym">LEO</orgName>
          <date type="start">2008-01-01</date>
          <date type="end">2011-12-31</date>
          <desc>
            <address>
              <addrLine>Université d'Orléans - UFR Droit Économie Gestion - Rue de Blois - BP 26739 - 45067 ORLEANS CEDEX 2</addrLine>
              <country key="FR"/>
            </address>
          </desc>
          <listRelation>
            <relation name="UMR 6221" active="#struct-300297" type="direct"/>
            <relation name="UMR 6221" active="#struct-441569" type="direct"/>
          </listRelation>
        </org>
        <org type="laboratory" xml:id="struct-162448" status="OLD">
          <idno type="IdRef">195796519</idno>
          <idno type="RNSR">199914274Z</idno>
          <orgName>Laboratoire d'analyse et de recherche en économie et finance internationales</orgName>
          <orgName type="acronym">Larefi</orgName>
          <date type="end">2021-12-31</date>
          <desc>
            <address>
              <addrLine>Université de Bordeaux - Bâtiment recherche économie, avenue Léon Duguit, 33608 PESSAC Cedex</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">https://larefi.u-bordeaux.fr</ref>
          </desc>
          <listRelation>
            <relation active="#struct-259761" type="direct"/>
          </listRelation>
        </org>
        <org type="institution" xml:id="struct-300297" status="VALID">
          <idno type="IdRef">026402971</idno>
          <idno type="ISNI">0000 0001 2158 1666</idno>
          <idno type="ROR">https://ror.org/014zrew76</idno>
          <orgName>Université d'Orléans</orgName>
          <orgName type="acronym">UO</orgName>
          <desc>
            <address>
              <addrLine>Château de la Source - Avenue du Parc Floral - BP 6749 - 45067 Orléans cedex 2</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.univ-orleans.fr/</ref>
          </desc>
        </org>
        <org type="regroupinstitution" xml:id="struct-441569" status="VALID">
          <idno type="IdRef">02636817X</idno>
          <idno type="ISNI">0000000122597504</idno>
          <idno type="ROR">https://ror.org/02feahw73</idno>
          <orgName>Centre National de la Recherche Scientifique</orgName>
          <orgName type="acronym">CNRS</orgName>
          <date type="start">1939-10-19</date>
          <desc>
            <address>
              <country key="FR"/>
            </address>
            <ref type="url">https://www.cnrs.fr/</ref>
          </desc>
        </org>
        <org type="institution" xml:id="struct-259761" status="VALID">
          <idno type="IdRef">175206562</idno>
          <idno type="ROR">https://ror.org/057qpr032</idno>
          <orgName>Université de Bordeaux</orgName>
          <orgName type="acronym">UB</orgName>
          <desc>
            <address>
              <addrLine>35, place Pey Berland - 33076 Bordeaux</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.u-bordeaux.fr/</ref>
          </desc>
        </org>
      </listOrg>
    </back>
  </text>
</TEI>