Similar Search Results

Search in the product market and the real business cycle

Mathä, Thomas Y.; Pierrard, Olivier - European Central Bank - 2009

’ relative bargaining power. Product market frictions decrease the steady state equilibrium, improve the cyclical properties of … the model and provide a more realistic picture of firms’ business environment. This suggests that product market frictions … rigidities are negligible relative to welfare costs of frictions. JEL Classification: E10, E31, E32 …

Persistent link: https://www.econbiz.de/10005002750

Liquidity constraints, risk premia, and themacroeconomic effects of liquidity shocks

Jaccard, Ivan - European Central Bank - 2013

We study the transmission of liquidity shocks in a dynamic general equilibrium model where firms and households are subject to liquidity risk. The provision of liquidity services is undertaken by financial intermediaries that allocate the stock of liquid asset between the different sectors of...

Persistent link: https://www.econbiz.de/10010686744

Was unofficial dollarisation/euroisation an amplifier of the 'Great Recession' of 2007-09 in emerging economies

Chiţu, Livia - European Central Bank - 2012

This paper investigates whether, and if so why, the recent ‘Great Recession’ was more severe in unofficially dollarised/euroised economies than in other economies. To that end, the paper builds on a novel dataset on unofficial dollarisation/euroisation to test whether the latter was a...

Persistent link: https://www.econbiz.de/10010686813

Non-standard monetary policy measures and monetary developments

Giannone, Domenico; Lenza, Michele; Pill, Huw; … - European Central Bank - 2011

Standard accounts of the Great Depression attribute an important causal role to monetary policy errors in accounting for the catastrophic collapse in economic activity observed in the early 1930s. While views vary on the relative importance of money versus credit contraction in the propagation...

Persistent link: https://www.econbiz.de/10008788687

Unconventional monetary policy and the great recession - Estimating the impact of a compression in the yield spread at the zero lower bound

Baumeister, Christiane; Benati, Luca - European Central Bank - 2010

We explore the macroeconomic impact of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a Bayesian time-varying parameter structural VAR. We identify a ‘pure’ spread shock which, leaving the short-term rate unchanged by construction,...

Persistent link: https://www.econbiz.de/10008679925

Household heterogeneity in the euro area since the onset of the great recession

Ampudia, Miguel; Pavlickova, Akmaral; Slacalek, Jiri; … - European Central Bank - 2014

We extend household-level data from the Household Finance and Consumption Survey using aggregate series and micro-simulations to investigate heterogeneity in the euro area. We quantify shocks to wealth, income and financial pressure faced by various categories of households since the onset of...

Persistent link: https://www.econbiz.de/10011067258

Investment, the cost of capital, and monetary policy in the nineties in France: a panel data investigation

Chatelain, Jean-Bernard; Tiomo, André - European Central Bank - 2001

investment from 1990 to 1999 through the cost-of-capital and the cash-flow channels. We compare several specifications of neo …

Persistent link: https://www.econbiz.de/10005344839

Financial flexibility across the euro area and the UK

Ferrando, Annalisa; Marchica, Maria-Teresa; Mura, Roberto - European Central Bank - 2014

future investment, despite market frictions hampering possible profitable growth opportunities. JEL Classification: G31, G32 … investment decisions. Our findings support the hypothesis that financial flexibility relates to companies’ ability to undertake …

Persistent link: https://www.econbiz.de/10010753764

Firm investment and monetary transmission in the euro area

Chatelain, Jean-Bernard; Generale, Andrea; Hernando, Ignacio - European Central Bank - 2001

We present a comparable set of results on the monetary transmission channels on firm investment for the four largest … channel. For each of those countries we estimate neo-classical investment relationships, explaining investment by its user … cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This …

Persistent link: https://www.econbiz.de/10004969190

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

output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. JEL Classification …

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