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Inflation, deflation, and uncertainty : what drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?

Scharnagl, Michael; Stapf, Jelena - 2014

We tackle two questions in this paper: In the sovereign debt crisis, what moves the euro area inflation outlook and has the firm anchoring of medium to long-term inflation expectations been touched? Deriving densities from a new data set on options on the euro area harmonized index of consumer...

Persistent link: https://www.econbiz.de/10010415789

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

Perceptions of ethno-cultural diversity and neighborhood cohesion in three European countries

Koopmans, Ruud - 2014

The question whether ethnic diversity is associated with declining social cohesion has produced much controversy. We maintain that more attention must be paid to cognitive mechanisms to move the debate ahead. Using survey data from 938 localities in Germany, France, and the Netherlands, we...

Persistent link: https://www.econbiz.de/10010429801

Social inequalities in Europe : facing the challenge

Allmendinger, Jutta; Driesch, Ellen von den - 2014

This discussion paper describes the extent of social inequalities both within and between the countries of the European Union. In the first three chapters we address the micro level of individual life courses: education, employment and income. The following chapters analyse the societal...

Persistent link: https://www.econbiz.de/10010430026

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

Estimating endogenous liquidity using transaction and order book information

Durand, Philippe; Gündüz, Yalın; Thomazeau, Isabelle - 2012

We distinguish exogenous liquidity, which corresponds to the variability of bid-ask spreads for usual-sized transactions, from endogenous liquidity, which we interpret as the impact of liquidity on market prices when liquidating larger positions. Endogenous liquidity measures the risk that the...

Persistent link: https://www.econbiz.de/10009674768

Which banks are more risky? : the impact of loan growth and business model on bank risk-taking

Köhler, Matthias - 2012

In this paper, we analyze the impact of loan growth and business model on bank risk in 15 EU countries. In contrast to … the literature, we include a large number of unlisted banks in our sample which represent the majority of banks in the EU …

Persistent link: https://www.econbiz.de/10009674780

The effectiveness of monetary policy in steering money market rates during the financial crisis

Abbassi, Puriya; Linzert, Tobias - 2012

The financial crisis has deeply affected money markets and thus, potentially, the proper functioning of the interest rate channel of monetary policy transmission. Therefore, we analyze the effectiveness of monetary policy in steering euro area money market rates looking at, first, the...

Persistent link: https://www.econbiz.de/10009564491

Cyclical adjustment in fiscal rules : some evidence on real-time bias for EU-15 countries

Kempkes, Gerhard - 2012

Most EU member states will adopt fiscal rules that refer to cyclically-adjusted borrowing limits. Under the standard …-time output gaps used to calculate cyclical components balance over time. We analyse real-time output gaps for EU-15 countries … over the 1996-2011 period as estimated by the EU, the IMF and the OECD. Compared to each institution’s final estimate, we …

Persistent link: https://www.econbiz.de/10009566470

Efficient fiscal spending by supranational unions

Simon, Jenny; Valasek, Justin - 2012

coalition. Exogenous tax rules, such as the linear tax rule in the EU, which is designed to increase efficiency on the … proportionale Steuerregel in der EU, welche zur Steigerung der Effizienz auf der Abgabeseite eingeführt wurde, können ebenfalls …

Persistent link: https://www.econbiz.de/10009683324