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The employment effects of low-wage subsidies

Huttunen, Kristiina; Pirttilä, Jukka; Uusitalo, Roope - 2010

empirical evidence on the effects of low-wage subsidies is surprisingly scarce. This paper examines the employment effects of a … difference-in-difference-in-differences approach. Our results indicate that the subsidy system had no effects on the employment … rate. However, it appears to have increased the probability of part-time workers obtaining full-time employment. …

Persistent link: https://www.econbiz.de/10010271590

The price puzzle revisited: can the cost channel explain a rise in inflation after a monetary policy shock?

Henzel, Steffen; Hülsewig, Oliver; Mayer, Eric; … - 2007

This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...

Persistent link: https://www.econbiz.de/10010264162

What do we really know about fiscal sustainability in the EU?: a panel data diagnostic

Afonso, António; Rault, Christophe - 2008

We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by...

Persistent link: https://www.econbiz.de/10010264310

The stress of having a single monetary policy in Europe

Sturm, Jan-Egbert; Wollmershäuser, Timo - 2008

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the European Monetary Union (EMU) member countries. Notable differences...

Persistent link: https://www.econbiz.de/10010264325

The effects of monetary policy on unemployment dynamics under model uncertainty: evidence from the US and the Euro area

Altavilla, Carlo; Ciccarelli, Matteo - 2009

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10010264579

Discretionary fiscal policy: Review and estimates for the EU

Beetsma, Roel; Giuliodori, Massimo - 2010

We briefly review the theoretical and empirical consequences of discretionary fiscal policy changes, after which we provide our own estimates for the EU countries. A fiscal expansion raises output and consumption and reduces the trade balance. Moreover, the stimulating effect of higher...

Persistent link: https://www.econbiz.de/10010266091

The ECB's enhanced credit support

Trichet, Jean-Claude - 2009

Persistent link: https://www.econbiz.de/10010267050

A fair price for energy? Ownership versus market opening in the EU15

Fiorio, Carlo V.; Florio, Massimo - 2010

In the past two decades privatisation and liberalisation of network industries providing services of general economic interest (SGEI), have been particularly significant in the European Union. Wide variations around a common policy trend can, however, be observed across countries and sectors. We...

Persistent link: https://www.econbiz.de/10010270518

Monetary policy transmission and house prices : European cross-country evidence

Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - 2009

This paper explores the importance of housing and mortgage market heterogeneity in 12 European countries for the transmission of monetary policy. We use a panel VAR model which is estimated over the period 1995-2006 to generate impulse responses of key macroeconomic variables to a monetary...

Persistent link: https://www.econbiz.de/10010271967

Asset price shocks, real expenditures, and financial structure: a multi-country analysis

Chirinko, Robert S.; de Haan, Leo; Sterken, Elmer - 2008

This paper examines the responses of private consumption, residential investment, and business investment in 11 EU countries, Japan, and the United States to shocks in housing and equity prices. The effects are assessed with a Structural Vector Auto Regressive (SVAR) model, and four key findings...

Persistent link: https://www.econbiz.de/10010274043