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Household saving behavior and credit constraints in the Euro area

Le Blanc, Julia; Porpiglia, Alessandro; Teppa, Federica; … - 2014

We study the role of household saving behaviour, of individual motives for saving and that of perceived liquidity … constraints in 15 Euro Area countries. The empirical analysis is based on the Household Finance and Consumption Survey, a new … harmonized data set collecting detailed information on wealth holdings, consumption and income at the household level. Since the …

Persistent link: https://www.econbiz.de/10010388544

National accounts revisions and output gap estimates in a model of monetary policy with data uncertainty

Mahadeva, Lavan (contributor); Muscatelli, Alex (contributor) - 2005

This paper looks at some implications of data uncertainty for monetary policy. We combine national accounts data revisions with optimal control and filtering experiments on a calibrated model to discuss policy implications of price-versus-volume data uncertainty in GDP data for the United...

Persistent link: https://www.econbiz.de/10003384150

Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proaño Acosta, Christian - 2015

Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...

Persistent link: https://www.econbiz.de/10011299044

Fiscal devaluation in a monetary union : conference paper

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...

Persistent link: https://www.econbiz.de/10010487256

Fiscal devaluation in a Monetary Union

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013

Persistent link: https://www.econbiz.de/10010221275

The (ir)relevance of the nominal lower bound for real yield curve analysis

Schupp, Fabian - 2020

I propose a new term structure model for euro area real and nominal interest rates which explicitly incorporates a time-varying lower bound for nominal interest rates. Results suggest that the lower bound is of importance in structural analyses implying time-varying impulse responses of yield...

Persistent link: https://www.econbiz.de/10012222610

Uncertainty about QE effects when an interest rate peg is anticipated

Gerke, Rafael; Giesen, Sebastian; Kienzler, Daniel - 2018

After hitting the lower bound on interest rates, the Eurosystem engaged in a public sector purchase programme (PSPP) and forward guidance (FG). We use prior and posterior predictive analysis to evaluate the importance of parameter uncertainty in an analysis of these policies. We model FG as an...

Persistent link: https://www.econbiz.de/10011846905

Below the zero lower bound : a shadow-rate term structure model for the euro area

Lemke, Wolfgang; Vladu, Andreea L. - 2016

We propose an arbitrage-free shadow-rate term structure model to analyze the euro-area yield curve from 1999 to mid-2015, when bond yields turned negative at various maturities. In the model the 'shadow rate' can reach any positive or negative level, while the actual one-month rate cannot fall...

Persistent link: https://www.econbiz.de/10011532627

Thoughts on a fiscal union in EMU

Gadatsch, Niklas; Hollmayr, Josef; Stähler, Nikolai - 2016

Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...

Persistent link: https://www.econbiz.de/10011546743

Money growth and consumer price inflation in the euro area : a wavelet analysis

Mandler, Martin; Scharnagl, Michael - 2014

Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the frequency spectrum and across time. We find evidence of...

Persistent link: https://www.econbiz.de/10010433361