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Real Convergence, Price Level Convergence and Inflation Differentials in Europe
Égert, Balázs - 2021
descriptive statistics. Subsequently, we set out the possible mismatches between price level convergence and inflation rates … factors on observed inflation rates first in an accounting framework and then by relying on panel estimations. Our estimation … economic convergence may push up inflation rates in transition economies. Cyclical effects and regulated prices are found to be …
Persistent link: https://www.econbiz.de/10013316808
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Measuring Euro Area Monetary Policy
Altavilla, Carlo - 2019
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
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Interest Rate Linkages in EMU Countries : A Rolling Threshold Vector Error-Correction Approach
Poghosyan, Tigran; de Haan, Jakob - 2021
This paper revisits financial market integration in the European Economic and Monetary Union, using a threshold vector error-correction model (TVECM) for a fixed rolling window. This approach enables us to analyze the dynamics of transaction costs and detect any co-movements with (policy...
Persistent link: https://www.econbiz.de/10013316906
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The COVID-19 Pandemic and European Trade Flows : Evidence from a Dynamic Panel Model
Caporale, Guglielmo Maria; Sova, Anamaria; Sova, Robert - 2022
This paper investigates the impact of the Covid-19 pandemic on trade flows in the case of the European countries. First, an ARDL dynamic panel model is estimated using the PMG method to analyse monthly data covering the most recent period (2019M1-2021M12); then, the GMM and PCSE approaches are...
Persistent link: https://www.econbiz.de/10014080051
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The Short-Run and Long-Run Effects of Trade Openness on Financial Development : Some Panel Evidence for Europe
Caporale, Guglielmo Maria; Sova, Anamaria; Sova, Robert - 2021
This paper analyses the short- and long-run effects of trade openness on financial development in a panel including data on 35 European countries over the period 2001-2019. For this purpose, it uses the PMG (pooled mean group) estimator for dynamic panels developed by Pesaran et al. (1999). The...
Persistent link: https://www.econbiz.de/10013227601
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Sectoral Okun's Law and Cross-Country Cyclical Differences
Goto, Eiji - 2020
We estimate Okun's law, the negative relationship between output and the unemployment rate, at the sector level for the US, the UK, Japan, and Switzerland to test several hypotheses that may explain why the aggregate Okun's coeffcients are different across countries. Specifically, we show that...
Persistent link: https://www.econbiz.de/10012841145
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Quarterly GDP Estimates for the German States : New Data for Business Cycle Analyses and Long-Run Dynamics
Lehmann, Robert; Wikman, Ida - 2023
calculate quarterly regional GDP estimates for the period between 1995 to 2021, thereby improving the regional database for …
Persistent link: https://www.econbiz.de/10014260700
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The Contribution of Human Capital and its Policies to Per Capita Income in Europe and the OECD
Égert, Balázs; Botev, Jarmila; Turner, David - 2021
This paper studies empirically the effect of education policies on human capital and per capita income. The results suggest for European and OECD countries that higher attendance at pre-primary education, greater autonomy of schools and universities, a lower student-to-teacher ratio, higher age...
Persistent link: https://www.econbiz.de/10013314766
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An Unemployment Re-Insurance Scheme for the Eurozone? Stabilizing and Redistributive Effects
Dolls, Mathias - 2020
-state level. Average annual net contributions would have amounted to -0.1–0.1 per cent of GDP. The paper discusses how different …
Persistent link: https://www.econbiz.de/10012836930
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Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus
Hristov, Nikolay - 2020
We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...
Persistent link: https://www.econbiz.de/10012838235