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To sign or not to sign? : on the response of prices to financial and uncertainty shocks
Meinen, Philipp; Röhe, Oke - 2018
Based on SVAR models identified by sign restrictions, we estimate the macroeconomic effects of financial and uncertainty shocks in the euro area and the US, paying particular attention to their effects on prices. While our results confirm that such disturbances are important drivers of output...
Persistent link: https://www.econbiz.de/10011897983
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Minimum wages and the China syndrome: causal evidence from US local labor markets
Milsom, Luke; Roland, Isabelle - 2021
Persistent link: https://www.econbiz.de/10012655856
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Spillovers of U.S. unconventional monetary policy to emerging markets : the role of capital flows
Anaya Longaric, Pablo Andrés; Hachula, Michael; … - 2015 - This version: November 2, 2015
A growing literature stresses the importance of the “global financial cycle”, a common global movement in asset prices and credit conditions, for emerging market economies (EMEs). It is argued that one of the key drivers of this global cycle is monetary policy in the U.S., which is...
Persistent link: https://www.econbiz.de/10011405101
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The fiscal footprint of macroprudential policy
Reis, Ricardo - 2020
Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint,...
Persistent link: https://www.econbiz.de/10012222608
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Cobweb diagram as a tool for assessing changes in the most important financial stability risks
Lielkalne, Olga; Siņenko, Nadežda - 2015
Persistent link: https://www.econbiz.de/10011438252
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Fundamentals matter : idiosyncratic shocks and interbank relations
Bednarek, Peter; Dinger, Valeriya; Westernhagen, Natalja von - 2015
shocks affecting banks’ capital, liquidity and credit quality as well as revised banklevel risk perceptions. Relationship …
Persistent link: https://www.econbiz.de/10011414244
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Uncertainty shocks and financial crisis indicators
Hristov, Nikolay; Roth, Markus - 2019
The current paper broadens the understanding for the role of uncertainty in the context of a macroeconomic environment. It focuses on the implications of uncertainty shocks on indicators that tend to precede financial crises. In an empirical analysis we show for a set of four euro area countries...
Persistent link: https://www.econbiz.de/10012102657
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Investor fears and risk premia for rare events
Schwarz, Claudia - 2014 - This version: January 13, 2014
This paper uses the method developed by Bollerslev and Todorov (2011b) to estimate risk premia for extreme events for … method to German data yields very similar results to the ones shown for the US data. The risk premia for rare events … constitute a considerable part of the total equity and variance risk premia for both markets. When using the results to build an …
Persistent link: https://www.econbiz.de/10010249730
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Households' financial resilience, risk perceptions, and financial literacy : evidence from a survey experiment
Bucher-Koenen, Tabea; Fessler, Pirmin; Silgoner, Maria … - 2023 - This version: 21 December 2023
We examine the financial resilience of Austrian households, relating it to their experience of financial shocks earlier in life and to their financial literacy. We find that previous negative (positive) financial shocks are negatively (positively) related to financial resilience. Financial...
Persistent link: https://www.econbiz.de/10014473206
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Learning about fiscal policy and the effects of policy uncertainty
Hollmayr, Josef; Matthes, Christian - 2013
The recent crisis in the United States has often been associated with substantial amounts of policy uncertainty. In this paper we ask how uncertainty about fiscal policy affects the impact of fiscal policy changes on the economy when the government tries to counteract a deep recession. The...
Persistent link: https://www.econbiz.de/10010211956