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3-step analysis of public finances sustainability: the case of the European Union
Afonso, António; Rault, Christophe - 2008
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF … and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal …
Persistent link: https://www.econbiz.de/10011604954
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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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Inflation Risk Premia in the US and the Euro Area
Hördahl, Peter - 2010
We use a joint model of macroeconomic and term structure dynamics to estimate inflation risk premia in the United States and the euro area. To sharpen our estimation, we include in the information set macro data and survey data on inflation and interest rate expectations at various future...
Persistent link: https://www.econbiz.de/10013135685
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Do EU Structural Funds Promote Regional Employment? Evidence from Dynamic Panel Data
Mohl, Philipp - 2011
mainly focused on investigating the Cohesion Policy's growth effects. This ignores the fact that part of the EU expenditures … impact of EU structural funds on employment drawing on a panel dataset of 130 European NUTS regions over the time period 1999 … indicate that high-skilled population in particular benefits from EU structural funds …
Persistent link: https://www.econbiz.de/10013118136
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Inflation Persistence in the European Union, the Euro Area, and the United States
Gadzinski, Gregory - 2011
In this paper we report results on inflation persistence using 79 inflation series covering the EU countries, the euro …
Persistent link: https://www.econbiz.de/10013120765
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Consumer Confidence as a Predictor of Consumption Spending : Evidence for the United States and the Euro Area
Dees, Stephane - 2011
For most academics and policy makers, the depth of the 2007-09 financial crisis, its longevity and its impacts on the real economy resulted from an erosion of confidence. This paper proposes to assess empirically the link between consumer sentiment and consumption expenditures for the United...
Persistent link: https://www.econbiz.de/10013124648
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The Business Cycle Implications of Banks' Maturity Transformation
Andreasen, Martin M. - 2012
This paper develops a DSGE model where banks use short-term deposits to provide firms with long-term credit. The demand for long-term credit arises because firms borrow in order to finance their capital stock which they only adjust at infrequent intervals. Within an RBC framework, we show that...
Persistent link: https://www.econbiz.de/10013099027
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Gauging the Effects of Fiscal Stimulus Packages in the Euro Area
Coenen, Günter - 2012
We seek to quantify the impact on euro area GDP of the European Economic Recovery Plan (EERP) enacted in response to the financial crisis of 2008-09. To do so, we estimate an extended version of the ECB's New Area-Wide Model with a richly specified fiscal sector. The estimation results point to...
Persistent link: https://www.econbiz.de/10013100017
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Debt and Growth : New Evidence for the Euro Area
Baum, Anja - 2012
Against the background of the euro area sovereign debt crisis, our paper investigates the relationship between public debt and economic growth and adds to the existing literature in the following ways. First, we extend the threshold panel methodology by Hansen (1999) to a dynamic setting in...
Persistent link: https://www.econbiz.de/10013104431