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Real Wages and Monetary Policy Transmission in the Euro Area

McCallum, Andrew H. - 2011

We use the Factor-Augmented Vector Autoregression (FAVAR) approach of Bernanke, Boivin and Eliasz (2005) to estimate the effects of monetary policy shocks on wages and employment in the euro area. The use of a large data set comprising country, sectoral and euro area-wide data allows us to...

Persistent link: https://www.econbiz.de/10013117851

National and international business cycle effects of housing crises

Jannsen, Nils - 2009

Housing crises usually go hand in hand with a long lasting recession and a considerable loss in output. We first re-examine the effects of a housing crises on the business cycle based on historical crises. Then we estimate the international spill-over-effects if several huge industrial countries...

Persistent link: https://www.econbiz.de/10010265229

Germany in the European Union: economic policy under ceded sovereignty

Siebert, Horst - 2004

The member states of the European Union have given up sovereignty in quite a number of policy areas and subjected themselves to joint decisionmaking at the European level. Policy instruments are no longer available nationally in many policy areas, including monetary policy, trade policy, the...

Persistent link: https://www.econbiz.de/10010265421

Europe - quo vadis? Reflections on the future institutional framework of the European Union

Siebert, Horst - 2001

With twelve new members the decision making in the European Union via intergovernmental cooperation will become ineffective. In order to avoid a Stagno-Europe the EU has a choice: Either it looks for the very essentials in the common institutional frame or the member states agree in ceding...

Persistent link: https://www.econbiz.de/10010265499

European economic integration in econometric modelling: Concepts, measures and illustration

Krieger-Boden, Christiane; Soltwedel, Rüdiger - 2010

Processes of regional economic integration have been shaping the economic relations between countries significantly during the last decades. In addition, an increasing integration of the national economies into the global economy has affected these economic relations, too. In an effort to...

Persistent link: https://www.econbiz.de/10010272106

A simple decomposition of the variance of output growth across countries

Reicher, Christopher Phillip - 2011

This paper outlines a simple regression-based method to decompose the variance of an aggregate time series into the variance of its components, which is then applied to measure the relative contributions of productivity, hours per worker, and employment to cyclical output growth across a panel...

Persistent link: https://www.econbiz.de/10010274432

Stylized facts of Euroland's business cycle

Döpke, Jörg - 1998

The paper presents some stylized facts of Euroland's business cycle using aggregated data. The main results are: The determination of turning points in Euroland's business cycle is not very sensitive to the detrending method used, although the level of the recent output gap depends on it....

Persistent link: https://www.econbiz.de/10010275493

On the (de)stabilizing effects of news shocks

Winkler, Roland C.; Wohltmann, Hans-Werner - 2009

This paper analyzes the impacts of news shocks on macroeconomic volatility. Whereas anticipation amplifies volatility in any purely forward-looking model, such as the baseline New Keynesian model, the results are ambiguous when including a backward-looking component. In addition to these...

Persistent link: https://www.econbiz.de/10010285357

Measures of the Output Gap in the Euro-Zone: An Empirical Assessment of Selected Methods

Döpke, Jörg; Chagny, Odile - 2001

The paper discusses some widely used methods for estimating output gaps based on aggregated data for the eurozone … methods commonly used have only limited information content for inflation forecasting in the euro-zone. Conclusions for … die Euro-Zone. Obwohl die Methoden einige wichtige gemeinsame Eigenschaften aufweisen, zeigen sie auch erhebliche …

Persistent link: https://www.econbiz.de/10010260457

Financial Market Integration and Business Cycle Volatility in a Monetary Union

Pierdzioch, Christian - 2002

This paper uses a dynamic general equilibrium two-country optimizing sticky-price model to analyze the consequences of international financial market integration for the propagation of asymmetric productivity shocks in a monetary union. The model implies that business cycle volatility is higher...

Persistent link: https://www.econbiz.de/10010260515

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