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Macroeconomic effects of simultaneous implementation of reforms after the crisis

Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2014

This paper evaluates the macroeconomic effects of simultaneously implementing fiscal consolidation and competition-friendly reforms in a country of the euro area by simulating a large-scale dynamic general equilibrium model. We find, first, that the joint implementation of reforms has additional...

Persistent link: https://www.econbiz.de/10011103310

Understanding global liquidity

Eickmeier, Sandra; Gambacorta, Leonardo; Hofmann, Boris - Deutsche Bundesbank - 2013

We explore the concept of global liquidity based on a factor model estimated using a large set of financial and … macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common … global factors in the dynamics of liquidity indicators. By imposing theoretically motivated sign restrictions on factor …

Persistent link: https://www.econbiz.de/10010957104

Monetary policy and the oil futures market

Eickmeier, Sandra; Lombardi, Marco J. - Deutsche Bundesbank - 2012

We assess the transmission of monetary policy shocks on oil prices using a VAR model. We identify monetary policy and financial activity shocks disentangled from demand and oil supply shocks using sign restrictions. We obtain the following main findings. (i) Monetary policy and financial...

Persistent link: https://www.econbiz.de/10010957148

Monetary policy, housing booms and financial (im)balances

Eickmeier, Sandra; Hofmann, Boris - Deutsche Bundesbank - 2010

This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...

Persistent link: https://www.econbiz.de/10008595899

Macroeconomic factors and micro-level bank risk

Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - Deutsche Bundesbank - 2010

The interplay between banks and the macroeconomy is of key importance for financial and economic stability. We analyze this link using a factor-augmented vector autoregressive model (FAVAR) which extends a standard VAR for the U.S. macroeconomy. The model includes GDP growth, inflation, the...

Persistent link: https://www.econbiz.de/10008727825

Macroeconomic effects of greater competition in the service sector: the case of Italy

Forni, Lorenzo; Gerali, Andrea; Pisani, Massimiliano - Banca d'Italia - 2009

The paper assesses the effects of increasing competition in the service sector in Italy which, based on cross-country comparisons, is the OECD country with the highest markups in non-manufacturing industries. We propose a two-region (Italy and the rest of the euro area) dynamic general...

Persistent link: https://www.econbiz.de/10005642129

In search for yield? Survey-based evidence on bank risk taking

Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - Deutsche Bundesbank - 2011

There is growing consensus that the conduct of monetary policy can have an impact on stability through the risk-taking incentives of banks. Falling interest rates might induce a 'search for yield' and generate incentives to invest into risky activities. This paper provides evidence on the link...

Persistent link: https://www.econbiz.de/10009024639

Structural reforms and zero lower bound in a monetary union

Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2015

We assess the short- and medium-term macroeconomic effects of competition-friendly reforms in the service sector when the monetary policy rate is stuck at the zero lower bound (ZLB) in a monetary union. We calibrate a large-scale multi-country multi-sector dynamic general equilibrium model to...

Persistent link: https://www.econbiz.de/10011184261

Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment

Locarno, Alberto; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2013

This paper briefly reviews the literature on fiscal multipliers and then presents results for the Italian economy obtained by simulating a dynamic general equilibrium model that allows for the possibility (a) that the zero lower bound may be binding and (b) that the initial public debt-to-GDP...

Persistent link: https://www.econbiz.de/10011099679