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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
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Optimism bias? The elasticity puzzle in international economics revisited
Corbo, Vesna; Osbat, Chiara - European Central Bank - 2012
The elasticity of substitution between domestic and imported goods is a central parameter in macroeconomic models, but after decades of empirical studies there is no consensus on its magnitude. Earlier literature using time series arrives at low values, while more recent studies using...
Persistent link: https://www.econbiz.de/10010686854
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Heterogeneous transmission mechanism: monetary policy and financial fragility in the euro area
Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2013
country heterogeneity. Using detailed data on lending conditions and standards, we analyse how financial fragility has …
Persistent link: https://www.econbiz.de/10010686876
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Financial shocks and the macroeconomy: heterogeneity and non-linearities
Hubrich, Kirstin; D’Agostino, Antonello; Cervená, … - European Central Bank - 2013
on output over the full sample on average? 2) Are financial developments leading real activity? 3) Is there heterogeneity …
Persistent link: https://www.econbiz.de/10010688330
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Financial shocks and the macroeconomy: heterogeneity and non-linearities
Hubrich, Kirstin; D’Agostino, Antonello; Cervená, … - European Central Bank - 2013
on output over the full sample on average? 2) Are financial developments leading real activity? 3) Is there heterogeneity …
Persistent link: https://www.econbiz.de/10010693513
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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
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Wealth mobility and dynamics over entire individual working life cycles
Hochguertel, Stefan; Ohlsson, Henry - European Central Bank - 2011
variables that allow for individual heterogeneity in both constants and autoregressive parameters, and control for heterogeneity …
Persistent link: https://www.econbiz.de/10008854652
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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
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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
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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