Similar Search Results

Is there a signalling role for public wages? Evidence for the euro area based on macro data

Pérez, Javier J.; Sánchez, Jesús - European Central Bank - 2010

Do public sector wages exert pressures on private sector wages, or has the private sector a leadership role in wage setting? This paper tries to isolate the pure signalling effect that one sector might exert on the other by controlling for other determinants of wages (prices, productivity,...

Persistent link: https://www.econbiz.de/10008597021

Public and private sector wages: co-movement and causality

Lamo, Ana; Pérez, Javier J.; Schuknecht, Ludger - European Central Bank - 2008

in all countries. Finally, causality analysis suggests that feedback effects between private and public wages occur in a …

Persistent link: https://www.econbiz.de/10004969168

Revisiting fiscal sustainability: panel cointegration and structural breaks in OECD countries

Afonso, António; Jalles, João Tovar - European Central Bank - 2012

cointegration analysis, both country and panel based, controlling for endogenous breaks. Results notably show: lack of cointegration … for Australia, Belgium, Germany, Ireland, Netherlands and the UK; Granger causality from government debt to the primary …

Persistent link: https://www.econbiz.de/10010686817

A markup model of inflation for the euro area

Bowdler, Christopher; Jansen, Eilev S. - European Central Bank - 2004

Equilibrium correction models of the price level are often used to model inflation. Such models assume that the long-run markup of prices over costs is fixed, but this may not be true for the Euro area economy, which has undergone major structural reforms over the last 25 years. We allow for...

Persistent link: https://www.econbiz.de/10005079101

Aggregate loans to the euro area private sector

Calza, Alessandro; Manrique, Marta; Sousa, João - European Central Bank - 2003

This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices,...

Persistent link: https://www.econbiz.de/10005344909

Interest rate reaction functions and the Taylor rule in the euro area

Gerlach-Kristen, Petra - European Central Bank - 2003

JEL Classification: C22, E52

Persistent link: https://www.econbiz.de/10005816240

Bayesian inference in cointegrated VAR models: with applications to the demand for euro area M3

Warne, Anders - European Central Bank - 2006

The paper considers a Bayesian approach to the cointegrated VAR model with a uniform prior on the cointegration space …. Building on earlier work by Villani (2005b), where the posterior probability of the cointegration rank can be calculated … the marginal likelihood identity is used for calculating these probabilities, a point estimator of the cointegration space …

Persistent link: https://www.econbiz.de/10005816301

A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth

Beyer, Andreas - European Central Bank - 2009

In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show...

Persistent link: https://www.econbiz.de/10008558668

Modelling loans to non-financial corporations in the euro area

Kok, Christoffer; Marqués-Ibáñez, David; Rossi, Carlotta - European Central Bank - 2009

We model the determinants of loans to non-financial corporations in the euro area. Using the Johansen (1992) methodology, we identify three cointegrating relationships. These relationships are interpreted as the long-run loan demand, investment and loan supply equations. The short-run dynamics...

Persistent link: https://www.econbiz.de/10004969181

Does it matter how aggregates are measured? The case of monetary transmission mechanisms in the euro area

Beyer, Andreas; Juselius, Katarina - European Central Bank - 2010

impact on the cointegration properties in empirical modelling, the monetary model in Coenen & Vega (2001) based on fixed …

Persistent link: https://www.econbiz.de/10008480911