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The role of asset markets for private consumption: evidence from paneleconometric models

Dreger, Christian; Reimers, Hans-Eggert - 2009

We explore the long and short run relationship between private consumption, disposable income and housing and financial wealth approximated by price indices for a panel of industrialized countries. Consumption, income and wealth are cointegrated in their common, but not in their idiosyncratic...

Persistent link: https://www.econbiz.de/10010271108

On the Stability of the German Beveridge Curve: A Spatial Econometric Perspective

Kosfeld, Reinhold; Dreger, Christian; Eckey, Hans-Friedrich - 2006

In this paper, the framework of the aggregated Beveridge curve is used to investigate the effectiveness of the job matching process using German regional labour market data. For a fixed matching technology, the Beveridge curve postulates a negative relationship between the unemployment rate and...

Persistent link: https://www.econbiz.de/10010260953

European Regional Convergence in a Human Capital Augmented Solow Model

Eckey, Hans-Friedrich; Dreger, Christian; Türck, Matthias - 2006

In this paper, the process of productivity convergence is investigated for the enlarged European Union using regional (NUTS-2) data. The Solow model extended by human capital is employed as a workhorse. Alternative strategies are proposed to control for spatial effects. All specifications...

Persistent link: https://www.econbiz.de/10010260988

Do wealthier households save more? The impact of the demographic factor

Belke, Ansgar; Dreger, Christian; Ochmann, Richard - 2012

the savings rate is not homogeneous. On average, the effect attributed to real estate dominates the other components of … wealth. In addition, the savings rate strongly responds to demographic trends. Besides the direct impact of the age structure …, an indirect effect arises through the accumulation of wealth. The savings rate does not decrease with age in a monotonic …

Persistent link: https://www.econbiz.de/10010287332

M3 money demand and excess liquidity in the euro area

Dreger, Christian; Wolters, Jürgen - 2008

Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent data are used. If the link between money balances and...

Persistent link: https://www.econbiz.de/10010291768

Money velocity and asset prices in the euro area

Dreger, Christian; Wolters, Jürgen - 2008

Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand function seems to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in...

Persistent link: https://www.econbiz.de/10010291770

Energy consumption and economic growth: New insights into the cointegration relationship

Belke, Ansgar; Dreger, Christian; de Haan, Frauke - 2010

This paper examines the long-run relationship between energy consumption and real GDP, including energy prices, for 25 OECD countries from 1981 to 2007. The distinction between common factors and idiosyncratic components using principal component analysis allows to distinguish between...

Persistent link: https://www.econbiz.de/10010274071

Common and spatial drivers in regional business cycles

Artis, Michael J.; Dreger, Christian; Kholodilin, … - 2009

We examine real business cycle convergence for 41 euro area regions and 48 US states. Results obtained by a panel model with spatial correlation indicate that the relevance of common business cycle factors is rather stable over the past two decades in the euro area and the US. Ongoing business...

Persistent link: https://www.econbiz.de/10010274374

Money and Inflation in the euro area during the financial crisis

Dreger, Christian; Wolters, Jürgen - 2011

This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset prices are allowed to enter the long run relationship. By...

Persistent link: https://www.econbiz.de/10010286288

A further examination of the export-led growth hypothesis

Dreger, Christian; Herzer, Dierk - 2011

This paper challenges the common view that exports generally contribute more to GDP growth than a pure change in export volume, as the export-led growth hypothesis predicts. Applying panel cointegration techniques to a production function with non-export GDP as the dependent variable, we find...

Persistent link: https://www.econbiz.de/10010286623