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Shoe-Leather Costs in the Euro Area and the Foreign Demand for Euro Banknotes
Calza, Alessandro - 2015
We estimate the shoe-leather costs of inflation in the euro area using monetary data adjusted for holdings of euro banknotes abroad. While we find evidence of marginally negative shoe-leather costs for very low levels of the nominal interest rate, our estimates suggest that the shoe-leather...
Persistent link: https://www.econbiz.de/10013019615
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Consumer Cash Usage : A Cross-Country Comparison with Payment Diary Survey Data
Bagnall, John - 2014
We measure consumers' use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys … United States). Our paper finds cross-country differences – for example, the level of cash usage differs across countries …. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash …
Persistent link: https://www.econbiz.de/10013054093
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Structural Reforms and Macroeconomic Performance in the Euro Area Countries : A Model-Based Assessment
Gomes, Sandra - 2011
benefits from implementing unilateral structural reforms. A reduction of markup by 15 percentage points in the German … (Portuguese) labor and services market would induce an increase in the long-run German (Portuguese) output equal to 8.8 (7 … unilaterally. This is true in particular for a small and open economy such as Portugal. Specifically, in the long run German output …
Persistent link: https://www.econbiz.de/10013127922
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The ECB's New Multi-Country Model for the Euro Area : NMCM - With Boundedly Rational Learning Expectations
Dieppe, Alistair - 2011
Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...
Persistent link: https://www.econbiz.de/10013128293
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The ECB's New Multi-Country Model for the Euro Area : NMCM - Simulated with Rational Expectations
Dieppe, Alistair - 2011
The model presented here is a New estimated medium-scale Multi-Country Model (NMCM) which covers the five largest euro area countries and is used for forecasting and scenarios analysis at the European Central Bank. The model has a tight theoretical structure which allows for non-unitary...
Persistent link: https://www.econbiz.de/10013128296
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Does the Euro Make a Difference? Spatio-Temporal Transmission of Global Shocks to Real Effective Exchange Rates in an Infinite VAR
Bussière, Matthieu - 2011
This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro area countries and assesses whether their responses to...
Persistent link: https://www.econbiz.de/10013130602
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Corporate Bond Spreads and Real Activity in the Euro Area - Least Angle Regression Forecasting and the Probability of the Recession
Buchmann, Marco - 2011
This paper aims at providing a detailed analysis of the leading indicator properties of corporate bond spreads for real economic activity in the euro area. In- and out-of-sample predictive content of corporate bond spreads are examined along three dimensions: the bonds' quality, their term to...
Persistent link: https://www.econbiz.de/10013131847
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Euro Area Labour Markets : Different Reaction to Shocks?
Bruha, Jan - 2011
A small labour market model for the six largest euro area countries (Germany, France, Italy, Spain, the Netherlands, Belgium) is estimated in a state-space framework. The model entails, in the long run, four driving forces: a trend labour force component, a trend labour productivity component, a...
Persistent link: https://www.econbiz.de/10013132048
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Interest Rate Effects of Demographic Changes in a New-Keynesian Life-Cycle Framework
Kara, Engin - 2010
This paper develops a small-scale DSGE model which embeds a demographic structure within a monetary policy framework. We extend the tractable, though non-monetary overlapping-generations model of Gertler (1999) and present a small synthesis model which combines the set-up of Gertler with a...
Persistent link: https://www.econbiz.de/10013135617
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An Analysis of Euro Area Sovereign CDS and Their Relation with Government Bonds
Fontana, Alessandro - 2010
This paper studies the relative pricing of euro area sovereign CDS and the underlying government bonds. Our sample comprises weekly CDS and bond spreads of ten euro area countries for the period from January 2006 to June 2010. We first compare the determinants of CDS spreads and bond spreads and...
Persistent link: https://www.econbiz.de/10013135678