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Bank loan supply shocks and alternative financing of non-financial corporations in the euro area

Mandler, Martin; Scharnagl, Michael - 2019

We analyse the macroeconomic effects of exogenous contractions in bank lending to non-financial corporations in the Euro Area, Germany, France, Italy and Spain using a Bayesian vector autoregressive model with endogenous hyperparameter selection and identification via sign restrictions. We focus...

Persistent link: https://www.econbiz.de/10012034573

Estimating the effects of the Eurosystem's asset purchase programme at the country level

Mandler, Martin; Scharnagl, Michael - 2020

We assess the macroeconomic effects of the Eurosystem's asset purchases on the four largest euro area economies using simulation exercises that combine unconventional monetary policy shocks with a fixed policy rate for the duration of the purchase programme. We identify unconventional monetary...

Persistent link: https://www.econbiz.de/10012222564

The incidence of VAT evasion

Asatryan, Zareh; Gomtsyan, David - 2020

Who benefits from the evasion of value added taxes (VAT)? Using a reform that enforced VAT on previously non-compliant large retailers in Armenia, we estimate a onethird passthrough of the tax burden on prices. This suggests that pre-enforcement evasion rents were broadly shared with consumers...

Persistent link: https://www.econbiz.de/10012230854

Austerity and distributional policy

Alpino, Matteo; Asatryan, Zareh; Blesse, Sebastian; … - 2020

What are the effects of austerity on distributional policy? We exploit the autonomy of Italian municipalities in setting non-linear income taxes and the exogenous introduction of a fiscal rule to show that austerity increases income tax progressivity. Consistent with this evidence, we find that...

Persistent link: https://www.econbiz.de/10012232031

Financial cycles in euro area economies : a cross-country perspective

Kunovac, Davor; Mandler, Martin; Scharnagl, Michael - 2018

We study the cross-country dimension of financial cycles for six euro area countries using three different methodologies: principal component analysis, synchronicity and similarity measures and wavelet analysis. We find that equity prices and interest rates display synchronization across...

Persistent link: https://www.econbiz.de/10011809188

Heterogeneity in euro-area monetary policy transmission : results from a large multi-country BVAR model

Mandler, Martin; Scharnagl, Michael; Volz, Ute - 2016

We study cross-country differences in monetary policy transmission across the large four euro-area countries (France, Germany, Italy and Spain) using a large Bayesian vector autoregressive model with endogenous prior selection. Drawing both on the posterior distributions of the cross-country...

Persistent link: https://www.econbiz.de/10011444752

Money growth and consumer price inflation in the euro area : a wavelet analysis

Mandler, Martin; Scharnagl, Michael - 2014

Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the frequency spectrum and across time. We find evidence of...

Persistent link: https://www.econbiz.de/10010433361

The political economy of multilateral lending to European regions

Asatryan, Zareh; Havilk, Annika - 2019

Investment Bank (EIB) - "The Bank of the EU" - which is the largest multilateral lending (and borrowing) institution in the world …

Persistent link: https://www.econbiz.de/10012118753

Evidence-based policy or beauty contest? : an LLM-based meta-analysis of EU cohesion policy evaluations

Asatryan, Zareh; Birkholz, Carlo; Heinemann, Friedrich - 2024

evaluations of EU Cohesion Policies by its Member States (MS). We use large language models quantify the findings of about 2 … analysis suggests that the market of evaluations is rather oligopolistic within MS, that it is very fragmented across the EU … (evidence-based policy). We conclude by discussing reform options to make the evaluations of EU Cohesion Policies more unbiased …

Persistent link: https://www.econbiz.de/10014574916

Enhancing objectivity and decision relevance : a better framework for evaluating cohesion policies

Heinemann, Friedrich; Asatryan, Zareh; Bachtrögler, Julia - 2024

By international comparison as well as compared to other EU policies, the EU‘s Cohesion Policy (CP) evaluation system … advancements and evaluation reports often do not transparently describe their methodological limitations. As the EU body …

Persistent link: https://www.econbiz.de/10014566802