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Trade adjustment in the European Union - a structural estimation approach

Corbo, Vesna; Osbat, Chiara - European Central Bank - 2013

to obtain better elasticity measures, and to better characterize their accuracy. Our results show much heterogeneity in … the estimates of the elasticity of substitution across industrial sectors. This, in turn, points to heterogeneity across …

Persistent link: https://www.econbiz.de/10010686740

A method to generate structural impulse-responses for measuring the effects of shocks in structural macro models

Beyer, Andreas; Farmer, Roger E. A. - European Central Bank - 2006

We develop a technique for analyzing the response dynamics of economic variables to structural shocks in linear rational expectations models. Our work differs fromstandard SVARs since we allow expectations of future variables to enter structural equations. We show how to estimate the...

Persistent link: https://www.econbiz.de/10005816140

An Analysis of the Sectoral Balances in EY Countries.

Kennedy, N.O. - European Central Bank - 1996

This study addresses the issue of relations between the balances of individual sectors, applying standard statistical measures. A number of general observations were make. First, it is apparent that imbalances of the public, private and external sectors in most EU countries have tended to...

Persistent link: https://www.econbiz.de/10005486857

Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy?

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2006

The paper shows that there is a substantial degree of heterogeneity in forecast accuracy among Fed watchers. Based on a … basis points between the best and worst-performers across the sample. This heterogeneity is found to be related to both the … anticipating monetary policy. Moreover, systematic forecaster heterogeneity is economically important as it leads to greater …

Persistent link: https://www.econbiz.de/10005530863

Monetary policy and core inflation

Lenza, Michele - European Central Bank - 2007

This paper studies optimal monetary policy responses in an economy featuring sectorial heterogeneity in the frequency …

Persistent link: https://www.econbiz.de/10005530877

Forecasting ECB monetary policy: accuracy is (still) a matter of geography

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2006

involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand … banking in the past. In large part this heterogeneity can be traced to differences in forecasting models. While some …

Persistent link: https://www.econbiz.de/10005530894

Liquidity and real equilibrium interest rates: a framework of analysis

Stracca, Livio - European Central Bank - 2005

This paper proposes a general equilibrium model with heterogeneous households and a financial market where each financial instrument provides liquidity services in addition to enabling a transfer of purchasing power over time. Importantly, liquidity services may be asymmetric according to...

Persistent link: https://www.econbiz.de/10005530958

US shocks and global exchange rate configurations

Fratzscher, Marcel - European Central Bank - 2007

The paper analyses the heterogeneity in the link between macroeconomic fundamentals and exchange rates. For a set of … exchange rate configurations over the past 25 years. Despite a significant decline over time, this heterogeneity remains high … effective US dollar exchange rate. The paper finds that this heterogeneity is not only due to policy choices of inflexible …

Persistent link: https://www.econbiz.de/10005530987

Bank finance versus bond finance: what explains the differences between US and Europe?

De Fiore, Fiorella; Uhlig, Harald - European Central Bank - 2005

We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose among two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The...

Persistent link: https://www.econbiz.de/10005530991

How do exporters react to changes in cost competitiveness?

Decramer, Stefaan; Fuss, Catherine; Konings, Jozef - European Central Bank - 2014

Policy-making institutions such as the European Commission, the ECB and the OECD often use unit labor costs as a measure of international competitiveness. The goal of this paper is to examine how well this measure is related to international export performance at the firm level. To this end, we...

Persistent link: https://www.econbiz.de/10011100156