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National prices and wage setting in a currency union
Sánchez, Marcelo - European Central Bank - 2009
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...
Persistent link: https://www.econbiz.de/10005866574
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The dynamic effects of shocks to wages and prices in the United States and the euro area
Duarte, Rita; Marques, Carlos Robalo - European Central Bank - 2009
as morepersistent in the EA than in the US in the face of import price, unemployment, orpermanent productivity shocks …
Persistent link: https://www.econbiz.de/10005866514
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Euro area cross-border financial flows and the global financial crisis
Forster, Katrin; Vasardani, Melina A.; Ca' Zorzi, Michele - European Central Bank - 2011
This paper analyses the impact of the global financial crisis on euro area cross-border financial flows by comparing recent developments with the main pre-crisis trends. Two prominent features of the period of turmoil were (i) the sizeable deleveraging of external financial exposures by the...
Persistent link: https://www.econbiz.de/10009216679
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Explaining EU citizens’ trust in the ECB in normal and crisis times
Ehrmann, Michael; Soudan, Michel; Stracca, Livio - European Central Bank - 2012
We study the determinants of trust in the ECB as measured by the European Commission's Eurobarometer survey. The formulation of the corresponding question in this survey is very general, and compatible with very different notions of "trust" by respondents. In particular, the survey does not ask...
Persistent link: https://www.econbiz.de/10010686791
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Liquidity, risk and the global transmission of the 2007-08 financial crisis and the 2010-2011 sovereign debt crisis
Chudik, Alexander; Fratzscher, Marcel - European Central Bank - 2012
The paper analyses the transmission of liquidity shocks and risk shocks to global financial markets. Using a Global VAR methodology, the findings reveal fundamental differences in the transmission strength and pattern between the 2007-08 financial crisis and the 2010-11 sovereign debt crisis....
Persistent link: https://www.econbiz.de/10010686821
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Euro area cross-border financial flows and the global financial crisis
Forster, Katrin; Vasardani, Melina A.; Ca' Zorzi, Michele - European Central Bank - 2011
This paper analyses the impact of the global financial crisis on euro area cross-border financial flows by comparing recent developments with the main pre-crisis trends. Two prominent features of the period of turmoil were (i) the sizeable deleveraging of external financial exposures by the...
Persistent link: https://www.econbiz.de/10010688341
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Institutional features of wage bargaining in 23 European countries, the US and Japan
Du Caju, Philip; Gautier, Erwan; Momferatou, Daphne; … - European Central Bank - 2008
This paper presents information on wage bargaining institutions, collected using a standardised questionnaire. Our data provide information from 1995 and 2006, for four sectors of activity and the aggregate economy, considering 23 European countries, plus the US and Japan. Main findings include...
Persistent link: https://www.econbiz.de/10005344868
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Price, wage and employment response to shocks: evidence from the WDN survey
Bertola, Giuseppe; Dabusinskas, Aurelijus; Hoeberichts, … - European Central Bank - 2010
This paper analyses information from survey data collected in the framework of the Eurosystem’s Wage Dynamics Network (WDN) on patterns of firm-level adjustment to shocks. We document that the relative intensity and the character of price vs. cost and wage vs. employment adjustments in...
Persistent link: https://www.econbiz.de/10008478975
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The euro plus pact: cost competitiveness and external capital flows in the EU countries
Gabrisch, Hubert; Staehr, Karsten - European Central Bank - 2014
The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses...
Persistent link: https://www.econbiz.de/10010753760
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The effect of durable goods and ICT on euro area productivity growth?
Jalava, Jukka; Kavonius, Ilja Kristian - European Central Bank - 2008
and productivity change; when expenditure on consumer durables is recorded as capital investment. The capitalization of … consumer durables impacts both the levels and growth rates of the capital stock, productivity and GDP. Our growth accounting … productivity growth in 1995-2004. ICT's impacts were larger, i.e., one-fifth of GVA growth and one-sixth of labour productivity …
Persistent link: https://www.econbiz.de/10005344875