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International Effects of Euro Area Forward Guidance

Bock, Maximilian - 2020

This paper explores the domestic and international effects of an increase in observed interest rates (conventional monetary policy) and expected interest rates (forward guidance). We find significant spillovers to a broad range of countries when both are subject to a tightening shock: Output...

Persistent link: https://www.econbiz.de/10012833360

Who Did It? A European Detective Story Was It Real, Financial, Monetary and/or Institutional : Tracking Growth in the Euro Area with an Atheoretical Tool

Comunale, Mariarosaria - 2020

During the past thirty years, euro area countries have undergone significant changes and experienced diverse shocks. We aim to investigate which variables have consistently supported growth in this tumultuous period. The paper unfolds in three parts. First, we assemble a set of 35 real,...

Persistent link: https://www.econbiz.de/10012842780

Analyzing Credit Risk Transmission to the Non-Financial Sector in Europe : A Network Approach

Gross, Christian - 2019

We use a factor model and elastic net shrinkage to model a high-dimensional network of European CDS spreads. Our empirical approach allows us to assess the joint transmission of bank and sovereign risk to the non-financial corporate sector. Our findings identify a sectoral clustering in the CDS...

Persistent link: https://www.econbiz.de/10012867909

Investigating a Measure of Conventional and Unconventional Stimulus for the Euro Area

Halberstadt, Arne; Krippner, Leo - 2021

Older version is available at: https://ssrn.com/abstract=2899670We investigate the effect of the “Effective Monetary Stimulus” (EMS) on German and euro-area macroeconomic variables using a small-scale vector autoregression (VAR). The EMS is obtained from yield curve data and survey data, and...

Persistent link: https://www.econbiz.de/10013241257

What's in a Second Opinion? Shadowing the ECB and the Bank of England

Neuenkirch, Matthias - 2014

One way of evaluating how well monetary authorities perform is to provide the public with a regular and independent second opinion. The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professional and academic economists who provide a separate policy rate recommendation...

Persistent link: https://www.econbiz.de/10013063248

Benchmarking Macroprudential Policies : An Initial Assessment

Lombardi, Domenico - 2016

In recognition of the severe consequences of the recent international financial crisis, the topic of macroprudential policy has elicited considerable research effort. The present study constructs, for 46 economies around the globe, an index of the capacity to deploy macroprudential policies....

Persistent link: https://www.econbiz.de/10012982273

Labour Market Responses to the COVID-19 Crisis in the United States and Europe

Policy Studies, Centre for European; Gros, Daniel; … - 2021

differences in hours worked overall are much smaller than for unemployment.Using data from US states and EU member states, an … pandemic as it played out between March and November 2020. In the EU, unemployment showed little variation. The Non …-Pharmaceutical Interventions (NPIs) used in different US states and EU countries, as can be demonstrated through a regression analysis, did not …

Persistent link: https://www.econbiz.de/10013231157

How to Achieve a Better Budget for the European Union?

Gros, Daniel - 2009

In recent decades the EU has widened and deepened to such an extent that it now deals in almost all areas of policy …

Persistent link: https://www.econbiz.de/10014210722