Dées, Stéphane; Güntner, Jochen - European Central Bank - 2014
identify the causal effects of confidence shocks on real economic activity in a selection of advanced economies. Starting from … consumption and real GDP. In line with BNW, we find that confidence shocks explain a large share of the variance in real economic … common global components in international confidence cycles, we extend the analysis to a FAVAR model. This approach proves …