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Credit supply - Identifying balance-sheet channels with loan applications and granted loans

Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - European Central Bank - 2010

reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to …

Persistent link: https://www.econbiz.de/10008565827

Efficiency and risk in european banking

Fiordelisi, Franco; Marqués-Ibáñez, David; Molyneux, Phil - European Central Bank - 2010

We analyze the impact of efficiency on bank risk. We also consider whether bank capital has an effect on this … relationship. We model the inter-temporal relationships among efficiency, capital and risk for a large sample of commercial banks … contribute to shore up bank capital levels. Our findings suggest that banks lagging behind in their efficiency levels might …

Persistent link: https://www.econbiz.de/10008568193

Quantifying the impact of structural reforms

Ernst, Ekkehard; Gong, Gang; Semmler, Willi; … - European Central Bank - 2006

We estimate a dynamic, intertemporal optimisation model that mimics features of European labour markets, such as sticky nominal wages and sluggish adjustment of employment to shocks for 15 OECD countries. The estimates include a measure for the degree of labour market sluggishness that compares...

Persistent link: https://www.econbiz.de/10005344877

Macroeconomic vulnerability and disagreement in expectations

Badarinza, Cristian; Buchmann, Marco - European Central Bank - 2011

In this paper we discuss the role of the cross-sectional heterogeneity of beliefs in the context of understanding and assessing macroeconomic vulnerability. Emphasis lies on the potential of changing levels of disagreement in expectations to influence the propensity of the economy to switch...

Persistent link: https://www.econbiz.de/10009645430

Cyclical fluctuations in the Mediterranean basin

Canova, Fabio; Ciccarelli, Matteo - European Central Bank - 2011

We investigate the similarities of macroeconomic fluctuations in the Mediterranean basin and their convergence. A model with three indicators, covering the West, the East and the MENA portions of the Mediterranean, characterizes well the historical experience since the early 1980. Convergence...

Persistent link: https://www.econbiz.de/10009251319

Measuring market and inflation risk premia in France and in Germany

Cappiello, Lorenzo; Guéné, Stéphane - European Central Bank - 2005

Capital Asset Pricing Model à la Merton (1973), with inflation as an independent source of risk, for France and Germany. Our …

Persistent link: https://www.econbiz.de/10005816139

Equilibrium unemployment, job flows and inflation dynamics

Trigari, Antonella - European Central Bank - 2004

In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. Then, it estimates a set of structural parameters...

Persistent link: https://www.econbiz.de/10005816190

When does lumpy factor adjustment matter for aggregate dynamics?

Fahr, Stephan; Yao, Fang - European Central Bank - 2009

distinguishing between capital and labour as lumpy factors within the production function result in very dfferent dynamics for … aggregate output, investment and labour in an otherwise standard real business cycle model. Lumpy capital leaves the RBC mainly …

Persistent link: https://www.econbiz.de/10005002753

Labor market institutions and macroeconomic volatility in a panel of OECD countries

Rumler, Fabio; Scharler, Johann - European Central Bank - 2009

In this paper we analyze empirically how labor market institutions influence business cycle volatility in a sample of 20 OECD countries. Our results suggest that countries characterized by high union density tend to experience more volatile movements in output, whereas the degree of coordination...

Persistent link: https://www.econbiz.de/10005002793

The output composition puzzle: a difference in the monetary transmission mechanism in the euro area and U.S.

Mojon, Benoît; Angeloni, Ignazio; Terlizzese, Daniele; … - European Central Bank - 2003

We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...

Persistent link: https://www.econbiz.de/10005070380