Showing 1 - 10 of 22
model for six euro area countries suggests domestic demand and capacity constraints as additional variables for export … developments are relevant for short-run export dynamics particularly during more extreme stages of the business cycle. A …
Persistent link: https://www.econbiz.de/10011300368
export market and vice versa takes place in a smooth manner. Areas of weak reaction of exports to changes in domestic demand … constraints as additional variables for export equations. We apply the exponential and logistic variant of a smooth transition … regression model and find that domestic demand developments and uncertainty are relevant for short-run export dynamics …
Persistent link: https://www.econbiz.de/10011718600
Tradable black (CO2) and green (renewables) quotas gain in popularity and stringency within climate policies of many OECD countries. The overlapping regulation through both instruments, however, may have important adverse economic implications. Based on stylized theoretical analysis and...
Persistent link: https://www.econbiz.de/10003897546
Feed-in tariffs under the Renewable Energy Sources Act, the so-called Erneuerbare-Energien-Gesetz (EEG), have triggered a massive expansion of electricity from renewable energy sources in Germany over the last decade. The increase in non-competitive renewable power generation though went hand in...
Persistent link: https://www.econbiz.de/10010252146
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10003850175
Unilateral climate policy induces carbon leakage through the relocation of emission-intensive and trade-exposed industries to regions with no or more lenient emission regulation. Both analytical and numerical studies suggest that emission pricing combined with border carbon adjustments may be a...
Persistent link: https://www.econbiz.de/10011300313
This paper explores the potential effectiveness of the ECBś Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...
Persistent link: https://www.econbiz.de/10010246072
This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is...
Persistent link: https://www.econbiz.de/10010338974
We develop a stylized DSGE model in which banks face capital regulation and their loan portfolios are subject to non-diversifiable losses due to aggregate shocks. The framework is used to explore the importance of the interaction between macroeconomic conditions, credit default and bank...
Persistent link: https://www.econbiz.de/10011557772
This paper explores the potential effectiveness of the ECB s Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...
Persistent link: https://www.econbiz.de/10010480578