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Financial sector-output dynamics in the euro area : non-linearities reconsidered
Schleer, Frauke; Semmler, Willi - 2014 - This version: January 2014
propagation over time in the economy. Only with the occurrence of the rare but large events we find strong endogenous feedback … loops and a loss of stability as described by the high stress regime of our theoretical model. The economy leaves the …
Persistent link: https://www.econbiz.de/10010238376
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Financial sector-output dynamics in the euro area : non-linearities reconsidered
Schleer, Frauke; Semmler, Willi - 2013
We analyze the feedback mechanisms between economic downturns and financial stress for euro area countries. Our study employs newly constructed financial condition indices that incorporate extensively banking variables. We apply a nonlinear Vector Smooth Transition Autoregressive (VSTAR) model...
Persistent link: https://www.econbiz.de/10009792964
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Financial sector and output dynamics in the Euro area : non-linearities reconsidered ; conference paper
Schleer, Frauke; Semmler, Willi - 2014 - This version: January 2014
propagation over time in the economy. Only with the occurrence of the rare but large events we find strong endogenous feedback … loops and a loss of stability as described by the high stress regime of our theoretical model. The economy leaves the …
Persistent link: https://www.econbiz.de/10010489891