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Shocks and Labour Cost Adjustment : Evidence from a Survey of European Firms

Mathä, Thomas Y. - 2019

shock (demand shock, access-to-finance shock, ‘availability of supplies' shock), but differs according to the direction of … the shock (positive or negative), its size and persistence. In 2010-13, firms responding to negative shocks were most … likely to reduce employment, then hourly wages and then hours worked, regardless of the source of the shock. Results for the …

Persistent link: https://www.econbiz.de/10012871877

Global Liquidity Glut or Global Savings Glut? A Structural VAR Approach

Bracke, Thierry - 2008

; hypothesis), (ii) preference shocks (quot;savings glutquot; hypothesis), and (iii) investment shocks (quot;investment droughtquot … part of the variation in imbalances and financial market prices. We find that savings shocks and investment shocks explain …

Persistent link: https://www.econbiz.de/10012771616

The Effect of Bank Shocks on Firm-Level and Aggregate Investment

Amador, João - 2016

We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the … are found to impair firm-level investment in all firms in our sample, but in particular for small firms and those with no … 20-40% of aggregate investment dynamics …

Persistent link: https://www.econbiz.de/10012988608

Structural Reforms and Macroeconomic Performance in the Euro Area Countries : A Model-Based Assessment

Gomes, Sandra - 2011

We quantitatively assess the macroeconomic effects of country-specific supply-side reforms in the euro area by simulating EAGLE, a multi-country dynamic general equilibrium model. We consider reforms in the labor and services markets of Germany (or, alternatively, Portugal) and the rest of the...

Persistent link: https://www.econbiz.de/10013127922

Adjusting to the Euro

Fagan, Gabriel - 2007

In this paper we argue that, for a group of converging economies of the European Union, participation in the euro area has been associated with easier access to financing by domestic economic agents. Easier access to financing was a significant impulse leading to a sharp increase in households'...

Persistent link: https://www.econbiz.de/10012778006

Necessity As the Mother of Invention : Monetary Policy after the Crisis

Blinder, Alan S. - 2017

We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys—one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to...

Persistent link: https://www.econbiz.de/10012958182

Euro Area External Imbalances and the Burden of Adjustment

di Mauro, Filippo - 2014

The objective of this paper is to explore the consequences of the correction of Euro area trade imbalances on real exchange rates. This analysis requires one additional dimension with respect to the standard Global Imbalances framework à la Obstfeld and Rogoff (2005), since the adjustment takes...

Persistent link: https://www.econbiz.de/10013053828

External and Macroeconomic Adjustment in the Larger Euro Area Countries

Angelini, Elena - 2014

A balanced current account in the euro area has disguised sizeable net lending imbalances at the country level, exposing the common currency area to severe pressures during the financial crisis. The key contribution of this paper is to evaluate the adjustment process through the lenses of the...

Persistent link: https://www.econbiz.de/10013058554

Labor Adjustment and Productivity in the OECD

Dossche, Marteen; Gazzani, Andrea Giovanni; Lewis, Vivien - 2021

Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in our model with variable effort, greater labor market...

Persistent link: https://www.econbiz.de/10013222414

How Do Firms Adjust their Wage Bill in Belgium? A Decomposition Along the Intensive and Extensive Margins

Fuss, Catherine - 2021

This paper decomposes wage bill changes at the firm level into components due to wage changes, and components due to net flows of employment. The analysis relies on an administrative employer-employee dataset of individual annual earnings matched with firms' annual accounts for Belgium over the...

Persistent link: https://www.econbiz.de/10013316634

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