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Asymmetries in bank lending behaviour. Austria during the 1990s

Kaufmann, Sylvia - European Central Bank - 2001

This paper investigates both cross-sectional asymmetry (related to bank-specific characteristics like size and … to monetary policy. The first type of asymmetry is accounted for by including interaction terms, and the second type is …-sectional asymmetry. JEL Classification: C11, C23, E51 …

Persistent link: https://www.econbiz.de/10005530769

The role of credit aggregates and asset prices in the transmission mechanism: a comparison between the euro area and the US

Kaufmann, Sylvia; Valderrama, Maria Teresa - European Central Bank - 2007

We analyze the interaction between credit and asset prices in the transmission of shocks to the real economy. We estimate a Markov switching VAR for the euro area and the US, including additionally GDP, CPI and a short-term interest rate. We find evidence for two distinct states in both regions....

Persistent link: https://www.econbiz.de/10005530956

Instability and nonlinearity in the euro area Phillips curve

Musso, Alberto; Stracca, Livio; van Dijk, Dick - European Central Bank - 2007

This paper provides a comprehensive analysis of the functional form of the euro area Phillips curve over the past three decades. In particular, compared to previous literature we analyse the stability of the relationship in detail, especially as regards the possibility of a time-varying mean of...

Persistent link: https://www.econbiz.de/10005530964

Is there a role for domestic demand pressure on export performance?

Soares Esteves, Paulo; Rua, António - European Central Bank - 2013

Traditionally, exports behavior is modeled only as a function of the foreign demand and the real exchange rate. However, it is by now widely acknowledged that these variables are not able to fully explain exports developments. This paper suggests considering domestic demand pressure as an...

Persistent link: https://www.econbiz.de/10010709537

How wages respond to shocks: asymmetry in the speed of adjustment

Rõõm, Tairi; Dabusinskas, Aurelijus - European Central Bank - 2011

The time series of various economic variables often exhibit asymmetry: decreases in the values tend to be sharp and … fast, whereas increases usually occur slowly and gradually. We detect signs of an analogous asymmetry in firms’ wage … shocks in the same variables. As well as describing the presence of asymmetry in the speed of wage adjustment, we investigate …

Persistent link: https://www.econbiz.de/10009024966

Labour supply and incentives to work in Europe

Gómez Salvador, Ramón (contributor) - What explains the pattern of labour supply in Europe … - 2005

Labour Supply and Incentives to Work in Europe highlights recent developments in the labour supply in Europe and gives …pt. 1. Incentives to work -- pt. 2. Factors affecting labour force participation -- pt. 3. New forms of employment …

Persistent link: https://www.econbiz.de/10011851054

Ranking, risk-taking and effort: an analysis of the ECB's foreign reserves management

Scalia, Antonio; Sahel, Benjamin - European Central Bank - 2011

The investment of the ECB reserves in US dollars and yen, delegated to a network of portfolio managers in the Eurosystem’s national central banks, involves a periodic assessment of performance against a common benchmark, controlled by the ECB and subject to revision on a monthly basis....

Persistent link: https://www.econbiz.de/10009278180

How far are we from the slippery slope? The Laffer curve revisited

Trabandt, Mathias; Uhlig, Harald - European Central Bank - 2010

We characterize the Laffer curves for labor taxation and capital income taxation quantitatively for the US, the EU-14 and individual European countries by comparing the balanced growth paths of a neoclassical growth model featuring ”constant Frisch elasticity” (CFE) preferences. We derive...

Persistent link: https://www.econbiz.de/10008476126