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Wage setting and wage flexibility in Ireland - Results from a firm-level survey

Keeney, Mary; Lawless, Martina - European Central Bank - 2010

This paper investigates the wage-setting behaviour of Irish firms. We place particular emphasis on the use of flexible pay components and examine how these allow firms to deal with shocks requiring a reduction in costs without having to cut base wages. The results presented in this paper are...

Persistent link: https://www.econbiz.de/10008476136

Taking stock: monetary policy transmission to equity markets

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2004

This paper analyses the effects of US monetary policy on stock markets. We find that, on average, a tightening of 50 basis points reduces returns by about 3%. Moreover, returns react more strongly when no change had been expected, when there is a directional change in the monetary policy stance...

Persistent link: https://www.econbiz.de/10005070377

EMU and the adjustment to asymmetric shocks: the case of Italy

Amisano, Gianni; Giammarioli, Nicola; Stracca, Livio - European Central Bank - 2009

at a time-varying VAR model of Italy’s relative performance compared with the rest of the euro area, spanning from 1976 …

Persistent link: https://www.econbiz.de/10008502692

Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro

Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2009

’s prosperity. The paper focuses on olitical events in Italy over the past 35 years and asks whether the adoption of the euro in … 1999 has helped insulate Italy’s financial markets from the adverse consequences of its traditionally unstable political … system. We find that important political events have exerted a statistically and economically significant effect on Italy …

Persistent link: https://www.econbiz.de/10005002792

The Italian block of the ESCB multi-country model

Angelini, Elena; D’Agostino, Antonello; McAdam, Peter - European Central Bank - 2006

This paper documents the structure, estimation and simulation properties of the Italian block of the ESCB-multi-country model (MCM). The model is used regularly as an input into Eurosystem projection exercises and, to a lesser extent, in simulation analysis. The specification of the Italian...

Persistent link: https://www.econbiz.de/10005530934

Price effects of sovereign debt auctions in the Euro-zone: the role of the crisis

Beetsma, Roel; Giuliodori, Massimo; de Jong, Frank; … - European Central Bank - 2013

Exploring the period since the inception of the euro, we show that secondary-market yields on Italian public debt increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present for German public debt. However, these yield movements...

Persistent link: https://www.econbiz.de/10010709527

Asset price misalignments and the role of money and credit

Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara - European Central Bank - 2009

This paper contributes to the literature on the properties of money and creditindicators for detecting asset price misalignments. After a review of the evidence inthe literature on this issue, the paper discusses the approaches that can be consideredto detect asset price busts. Considering a...

Persistent link: https://www.econbiz.de/10005866513

What explains global exchange rate movements during the financial crisis?

Fratzscher, Marcel - European Central Bank - 2009

A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...

Persistent link: https://www.econbiz.de/10005866568

Bidding behaviour in the ECB’s main refinancing operations during the financial crisis

Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - European Central Bank - 2009

Liquidity provision through its repo auctions has been one of the main instrumentsof the European Central Bank (ECB) to address the recent tensions infinancial markets since summer 2007. In this paper, we analyse banks’ biddingbehaviour in the ECB’s main refinancing operations (MROs) during...

Persistent link: https://www.econbiz.de/10005866598

Securitization and lending standards: evidence from the wholesale loan market

Kara, Alper; Marqués-Ibáñez, David; Ongena, Steven - European Central Bank - 2011

We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests...

Persistent link: https://www.econbiz.de/10009216682