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Is Wealth Increasingly Driving Consuption?

Bayoumi, Tamim; Edison, Hali - de Nederlandsche Bank - 2003

This paper estimates the wealth effect on consumption of both equity and housing wealth, Using data across 16 … consumption is higher than the equivalent increase in equity wealth; countries with market- based financial systems have larger …

Persistent link: https://www.econbiz.de/10005101958

Monetary transmission channels, monetary regimes and consumption behaviour

Sgherri, S. - de Nederlandsche Bank - 1999

evidence that the interest sensitivity of consumption becomes significantly lower when consumers 'excessively discount' the …

Persistent link: https://www.econbiz.de/10005021862

Credit Channels and Consumption: European Evidence

Bondt, G.J. de - de Nederlandsche Bank - 1999

external finance premium (EFP), that may vary over the business cycle, on private consumption in Europe. A consumption model … consumption, but also external finance, which availability depends on the EFP. The empirical analysis shows an accelerator effect … of the EFP on consumption for Germany, Italy and the Netherlands. In contrast, for France, the United Kingdom and Belgium …

Persistent link: https://www.econbiz.de/10005101950

The Impact of Newspapers on Consumer Confidence: Does Spin Bias Exist?

Alsem, Karel-Jan; Brakman, Steven; Hoogduin, Lex; … - de Nederlandsche Bank - 2004

Mullainathan and Shleifer (2002) argue that there are two types of media bias. One bias, called ideology, reflects a news outlet's desire to affect reader opinions in a particular direction. The second bias, referred to as spin, reflects the outlet's attempt to simply create a memorable story....

Persistent link: https://www.econbiz.de/10004970700

Openness and the (inverted) aggregate demand logic

Boerma, Job - de Nederlandsche Bank - 2014

I build a small open economy version of the Calvo-type staggered price-setting model with limited asset market participation, and I show that the inverted aggregate demand logic is less likely to apply to small open economies. The equilibrium dynamics of the model are reduced to a representation...

Persistent link: https://www.econbiz.de/10010885308

Low real rates as driver of secular stagnation: empirical assessment

End, Jan Willem van den; Hoeberichts, Marco - de Nederlandsche Bank - 2014

We empirically test whether there is a causal link between the real interest rate and the natural rate of interest, which could be a harbinger of secular stagnation if the real rate declines. Outcomes of VAR models for Japan, Germany and the US show that a fall in the real rate indeed affects...

Persistent link: https://www.econbiz.de/10010945601

Does the clarity of inflation reports affect volatility in financial markets?

Bulíř, Aleš; Číhak, Martin; Jansen, David-Jan - de Nederlandsche Bank - 2014

We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, and Sveriges Riksbank using the Flesch-Kincaid grade level, a standard readability...

Persistent link: https://www.econbiz.de/10011004565

Determinants of the rate of the Dutch unsecured overnight money market

Heijmans, Ronald; Hernández, Lola; Heuver, Richard - de Nederlandsche Bank - 2013

This paper investigates how changes in the monetary policy framework have affected the overnight money market lending rate for the Dutch segment of the euro area during tranquil and crisis times. We present an EGARCH model on the volatility of the overnight lending rate. The results show that...

Persistent link: https://www.econbiz.de/10011004570

Are Product and Labour Market Reforms Mutually Reinforcing?

Cavelaars, Paul - de Nederlandsche Bank - 2008

This paper analyses the relationship between product market competition and labour market institutions in a general equilibrium context. It concludes that an increase in product market competition, enhanced .exibility of labour supply, social security reform and a reduction in union bargaining...

Persistent link: https://www.econbiz.de/10005021823

A Measure for Credibility: Tracking US Monetary Developments

Demertzis, Maria; Marcellino, Massimiliano; Viegi, Nicola - de Nederlandsche Bank - 2008

Our objective is to identify a way of checking empirically the extent to which expectations are de-coupled from inflation, how well they might be anchored in the long run, and at what level. This methodology allows us then to identify a measure for the degree of anchorness, and as anchored...

Persistent link: https://www.econbiz.de/10005021831

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