Showing 1 - 10 of 622
We evaluate forecasts for the euro area in data-rich and ‘data-lean’ environments by comparing three different approaches: a simple PMI model based on Purchasing Managers’ Indices (PMIs), a dynamic factor model with euro area data, and a dynamic factor model with data from the euro plus...
Persistent link: https://www.econbiz.de/10013315981
How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of...
Persistent link: https://www.econbiz.de/10013108718
Persistent link: https://www.econbiz.de/10010235804
Persistent link: https://www.econbiz.de/10011312211
Persistent link: https://www.econbiz.de/10011711186
This paper sheds light on how recent financial tensions in the euro area were ultimately reflected in bank interest rate setting. We make two new contributions. First, we develop a theoretical model capturing banks financing and the rate setting choices. Banks in the model can finance themselves...
Persistent link: https://www.econbiz.de/10012982915
This paper is an event study focusing on the global effects of the euro debt crisis in 2010-2013. After identifying 18 key exogenous crisis events, I analyze the impact on equity returns, exchange rates and government bond yields in 12 advanced and 13 emerging countries. The main effect of euro...
Persistent link: https://www.econbiz.de/10013078527
We implement a two-step approach to construct a financing conditions index (FCI) for the euro area and its four larger member states (Germany, France, Italy and Spain). The method, which follows Hatzius et al. (2010), is based on factor analysis and enables to summarise information on financing...
Persistent link: https://www.econbiz.de/10013058648