Showing 1 - 10 of 75
leave the European Union (EU). In this paper we evaluate the consequences of this event for EU integration. In particular …, we analyze how the extent of EU economic integration would change once the UK leaves the Union. To that end we develop an … in the EU is incomplete and its trend is non-linear while Brexit would not bring negative consequences to its development …
Persistent link: https://www.econbiz.de/10012908727
We estimate a three-region (DE-REA-RoW) structural macroeconomic model, and we provide a counterfactual on how nominal exchange rate flexibility would have affected the German trade balance (TB) by simulating the shocks of the estimated model under a counterfactual flexible exchange rate regime....
Persistent link: https://www.econbiz.de/10012890627
effect arising from unilateral policy under the EU-ETS. Quantifying these risks we find that to be on the “safe side” target … certificates and forming coalitions with other countries is essential to reduce the risk that EU climate policy will renationalize …
Persistent link: https://www.econbiz.de/10012892148
Every month, the ifo Business Survey (IBS) asks a representative set of 9000 German firms about their current and expected economic conditions. Thus, the micro data of the IBS are ideally suited to study various aspects of firm behavior. However, methodological heterogeneities between different...
Persistent link: https://www.econbiz.de/10012892157
Using European Commission real-time data, we show that potential output (PO) estimates were substantially and persistently revised downwards after the Great Recession. We decompose PO revisions into revisions of the capital stock, trend labor, and trend total-factor productivity (TFP)....
Persistent link: https://www.econbiz.de/10012866365
This paper examines persistence, structural breaks and non-linearities in the case of five European stock market indices, namely the FTSE100 (UK), DAX30 (Germany), CAC40 (France), IBEX35 (Spain) and FTSE MIB40 (Italy), using fractional integration methods. The empirical results provide no...
Persistent link: https://www.econbiz.de/10012866377
This paper uses fractional integration techniques to examine the stochastic behaviour of high and low stock prices in Europe and then to test for the possible existence of long-run linkages between them by looking at the range, i.e., the difference between the two logged series. Specifically,...
Persistent link: https://www.econbiz.de/10012866394
We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three factors capture about all of the variation in the yield curve but that these are different factors with different variance shares in the window that contains the policy decision...
Persistent link: https://www.econbiz.de/10012867012
general equilibrium model that captures inter- and intranational production networks. We isolate three important layers of EU … integration for the UK: First, we distinguish directional treatment heterogeneity in the relation between the UK and the EU27 … economies. Second, we disentangle tariff and non-tariff barriers in EU agreements affecting the UK, which show differential …
Persistent link: https://www.econbiz.de/10012850083
This paper uses a modelling framework which includes two singularities (or poles) in the spectral density function, one corresponding to the long-run (zero) frequency and the other to the cyclical (non-zero) frequency. The adopted specification is very general, since it allows for fractional...
Persistent link: https://www.econbiz.de/10012859046