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Fast micro and slow macro: can aggregation explain the persistence of inflation?
Mojon, Benoît; Altissimo, Filippo; Zaffaroni, Paolo - 2007
inflation series of the euro area CPI translates into the slow adjustment of euro area aggregate inflation. We first estimate a … dynamic factor model for 404 inflation sub-indices of the euro area CPI. This allows to decompose the dynamics of inflation … the overall variance of the 404 disaggregate inflation series, is the main driver of aggregate dynamics. In addition, the …
Persistent link: https://www.econbiz.de/10011604775
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Micro and Macro Analysis on Household Income, Wealth and Saving in the Euro Area
Honkkila, Juha - 2013
The report on the Measurement of Economic Performance and Social Progress by Stiglitz, Sen and Fitoussi concludes that in the measurement of household welfare all material components should be covered, i.e. consumption, income and wealth, from both the micro as well as the macro perspective....
Persistent link: https://www.econbiz.de/10013072608
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Private Wealth Across European Countries : The Role of Income, Inheritance and the Welfare State
Fessler, Pirmin - 2015
Using microdata from the Household Finance and Consumption Survey (HFCS), this study examines the role of inheritance, income and welfare state policies in explaining differences in household net wealth within and between euro area countries. First, about one third of the households in the 13...
Persistent link: https://www.econbiz.de/10013014961
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How Do Households Allocate Their Assets? Stylised Facts from the Eurosystem Household Finance and Consumption Survey
Arrondel, Luc - 2014
Using the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households' balance sheets in 15 euro area countries, this paper explores how households allocate their assets. We derive stylised facts on asset participation as well as levels...
Persistent link: https://www.econbiz.de/10013049467
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Wealth and Income in the Euro Area : Heterogeneity in Households' Behaviours?
Arrondel, Luc - 2014
This article aims at linking the household wealth and income distributions for 15 European countries using the Household Finance and Consumption Survey. We study the role played by the household's location in the income distributions in determining its location in the wealth distribution. A...
Persistent link: https://www.econbiz.de/10013053420
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Household Wealth in the Euro Area : The Importance of Intergenerational Transfers, Homeownership and House Price Dynamics
Mathae, Thomas - 2014
Results from the Eurosystem Household Finance and Consumption Survey reveal substantial variation in household net wealth across euro area countries that await explanation. This paper focuses on three main factors for the wealth accumulation process, i) homeownership, ii) housing value...
Persistent link: https://www.econbiz.de/10013054675
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Net Wealth across the Euro Area - Why Household Structure Matters and How to Control for It
Fessler, Pirmin - 2014
We study the link between household structure and cross country differences in the wealth distribution using a recently compiled data set for the euro area (HFCS). We estimate counterfactual distributions using non-parametric re-weighting to examine the extent to which differences in the...
Persistent link: https://www.econbiz.de/10013057160
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Is the Top Tail of the Wealth Distribution the Missing Link Between the Household Finance and Consumption Survey and National Accounts?
Chakraborty, Robin; Kavonius, Ilja Kristian; … - 2021
The financial accounts of the household sector within the system of national accounts report the aggregate asset holdings and liabilities of all households within a country. In principle, when household wealth surveys are explicitly designed to be representative of all households, aggregating...
Persistent link: https://www.econbiz.de/10013315397
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Does product market competition reduce inflation? Evidence from EU countries and sectors
Przybyla, Marcin; Roma, Moreno - 2005
In this paper we explore the link between the intensity of product market competition and inflation rates across EU … countries and sectors. We consider long-term averages of inflation rates in order to remove the cyclical behavior of inflation … product market competition, as proxied by the level of mark-up in particular, is an important driver of inflation …
Persistent link: https://www.econbiz.de/10011604499
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How is real convergence driving nominal convergence in the new EU Member States?
Lein-Rupprecht, Sarah M.; León-Ledesma, Miguel A.; … - 2007
The purpose of this paper is to evaluate the empirical relevance of real convergence on the process of nominal convergence for the new EU Member States. We discuss two of the main channels through which real convergence could affect relative prices with respect to the euro area: productivity...
Persistent link: https://www.econbiz.de/10011604873