Similar Search Results

Measuring the Correlation of Shocks between the EU15 and the New Member Countries

Hondroyiannis, George B.; Hall, Stephen G. - 2022

This paper considers the question of the symmetry of inflation, exchange rate changes and GDP shocks between the EU15 … correlation of shocks between the EU15 and the new member countries has been evolving over time. Our results suggest that the … shocks which hit the EU are not symmetrical with those affecting the majority of new member countries. In addition, most of …

Persistent link: https://www.econbiz.de/10014080673

The European Union GDP Forecast Rationality Under Asymmetric Preferences

Christodoulakis, Nikos; Mamatzakis, Emmanuel - 2022

This paper examines the behaviour of the demand for money in Greece during 1976:1-2000:4, a period that included many of the influences that cause money-demand instability. Two empirical methodologies, vector error correction (VEC) modelling and second-generation random coefficient (RC)...

Persistent link: https://www.econbiz.de/10014080674

The Greek Model of the European System of Central Banks Multi-Country Model

Sideris, Dimitrios; Zonzilos, Nicholas - 2022

The present paper presents a quarterly econometric model for the Greek economy, the GR-MCM model. The model has been developed as part of a larger project within the European System of Central Banks (ESCB), the Multi-Country Model (MCM). The model combines short-run Keynesian dynamics determined...

Persistent link: https://www.econbiz.de/10014080706

EMU Strategies : Lessons from Past Experience in View of EU Enlargement

Papaspyrou, Theodoros - 2022

This paper, after reviewing briefly the early steps of European monetary integration and key elements of the EMU project as reflected in the Treaty of Maastricht, analyses the monetary integration strategy and convergence experience of member states, in particular that of Greece, in the 1990s...

Persistent link: https://www.econbiz.de/10014080717

Forecasting Macroeconomic Indicators for Eurozone and Greece : How Useful are the Oil Price Assumptions?

Filis, George; Degiannakis, Stavros; Bragoudakis, Zacharias - 2022

This study evaluates oil price forecasts based on their economic significance for macroeconomic predictions. More specifically, we first use the current state-of-the-art frameworks to forecast monthly oil prices and subsequently we use these forecasts, as oil price assumptions, to predict...

Persistent link: https://www.econbiz.de/10014081992

Why Firms Avoid Cutting Wages : Survey Evidence from European Firms

Kosma, Theodora; Du Caju, Philip; Lawless, Martina; … - 2022

The rarity with which firms reduce nominal wages has been frequently observed, even in the face of considerable negative economic shocks. This paper uses a unique survey of fourteen European countries to ask firms directly about the incidence of wage cuts and to assess the relevance of a range...

Persistent link: https://www.econbiz.de/10014030224

Putting the Emu Integration into a New Perspective : The Case of Capital Market Holdings

Palaiodimos, Georgios - 2022

This article investigates by means of an augmented gravity model, the impact of EMU on financial market integration across time by assessing its effect on capital (equities and bonds) holdings. We contribute to the respective literature by investigating this effect from a global perspective and...

Persistent link: https://www.econbiz.de/10014030226

Downward Nominal and Real Wage Rigidity : Survey Evidence from European Firms

Kosma, Theodora; Babeckij, Jan; Du Caju, Philip; … - 2022

It has been well established that the wages of individual workers react little, especially downwards, to shocks that hit their employer. This paper presents new evidence from a unique survey of firms across Europe on the prevalence of downward wage rigidity in both real and nominal terms. We...

Persistent link: https://www.econbiz.de/10014030368

The Single Supervisory Mechanism and its Implications for the Profitability of European Banks

Louri, Helen; Avgeri, Ioanna; Dendramis, Yiannis - 2022

The scope of this paper is to examine if and how the establishment of the Single Supervisory Mechanism (SSM) influenced the profitability of European banks. To do so, we employ the returns on assets and equity as alternative indicators for profitability. Using data for 344 European banks in...

Persistent link: https://www.econbiz.de/10013492297

Did the Absence of a Central Bank Backstop in the Sovereign Bond Markets Exacerbate Spillovers During the Euro-Area Crisis?

Tavlas, George S.; Gibson, Heather D.; Hall, Stephen G.; … - 2022

The euro-area sovereign debt crisis was characterized by feedback loops between (1) sovereign bond ratings and sovereign spreads in single jurisdictions and (2) sovereign spreads and ratings among jurisdictions. One explanation of this circumstance is that the ECB was unable to perform the role...

Persistent link: https://www.econbiz.de/10013492299