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Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the Euro area
Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability …. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank … impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate …
Persistent link: https://www.econbiz.de/10012099559
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Capital prices and Eurozone competitiveness differentials
Askenazy, Philippe - 2013
Competitiveness differentials are blamed for the instability of the Eurozone. Most of the analyses focus on labour … additional dividends. The yearly charge counts for at least 4% of their value added. -- Eurozone ; competitiveness ; non …
Persistent link: https://www.econbiz.de/10009715724
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On the relationship between public and private investment in the euro area
Dreger, Christian; Reimers, Hans-Eggert - 2014
This paper explores the long run relationship between public and private investment in the euro area in terms of … capital stocks and gross investment flows. Panel techniques ac-counting for international spillovers are employed. While … private and public capital stocks are cointegrated, the evidence is quite fragile for public and private investment flows …
Persistent link: https://www.econbiz.de/10010252646
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Interest rate hysteresis in macroeconomic investment under uncertainty
Belke, Ansgar; Göcke, Matthias - 2019
The interest rate is generally considered as an important driver of macroeconomic investment. As an innovation, this … paper derives the exact shape of the "hysteretic" impact of changes in the interest rate on macroeconomic investment under … capital stock and, explicitly, of stochastic changes on the interest rate-investment hysteresis. Starting with hysteresis …
Persistent link: https://www.econbiz.de/10012099522
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External monetary shocks and monetary integration : evidence from the Bulgarian currency board
Minea, Alexandru; Rault, Christophe - 2011
Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration...
Persistent link: https://www.econbiz.de/10009309508
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Fiscal policy, interest rate spreads, and the zero lower bound
Bredemeier, Christian; Jüßen, Falko; Schabert, Andreas - 2015
This paper questions unconventional fiscal policy effects when the monetary policy rate is at the zero lower bound. We provide evidence for the US that the spread between the policy rate and the US-LIBOR, which is more relevant for private sector transactions, increases with government...
Persistent link: https://www.econbiz.de/10010510610
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The distribution of well-being among Europeans
Brandolini, Andrea; Rosolia, Alfonso - 2019
We analyse the evolution of EU citizens' living standards, considering the EU as a single country. Average living standards have improved considerably as the European integration process has unfolded. EU28 income inequality has steadily declined, mostly as a result of the macroeconomic...
Persistent link: https://www.econbiz.de/10012015871
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Testing mundell's intuition of endogenous OCA theory
Warin, Thierry (contributor);  … - 2008
investment within the European Union. A fixed effects model based on a panel data of foreign direct investment (FDI) flows within … the EU-15 shows that horizontal investment promotes the diffusion of the production process across the national border …
Persistent link: https://www.econbiz.de/10003760087
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Instability of the Eurozone? : On monetary policy, house prices and labor market reforms
Belke, Ansgar (contributor); Gros, Daniel (contributor) - 2007
"This paper deals with potential instabilities in the Eurozone stemming from an insufficient interplay between monetary …
Persistent link: https://www.econbiz.de/10003429626
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Welfare effects of the euro cash changeover
Wunder, Christoph; Schwarze, Johannes; Krug, Gerhard; … - 2006
Using merged data from the British Household Panel Survey (BHPS) and the German Socio-Economic Panel (SOEP), this paper applies a parametric difference-in-differences approach to assess the real effects of the introduction of the euro on subjective well-being. A complementary nonparametric...
Persistent link: https://www.econbiz.de/10003522939