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What Explains the Surge in Euro Area Sovereign Spreads During the Financial Crisis of 2007-09?
Attinasi, Maria Grazia; Checherita-Westphal, Cristina D.; … - 2021
-à-vis Germany in selected euro area countries during the period end-July 2007 to end-March 2009, when the financial turmoil … debt ratios relative to Germany contributed to higher government bond yield spreads in the euro area during the analysed …
Persistent link: https://www.econbiz.de/10013316284
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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence J. - 2007
. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general …
Persistent link: https://www.econbiz.de/10012776610
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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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Labour Market Adjustments in Europe and the US : How Different?
Beyer, Robert - 2015
We compare the labour market response to region-specific shocks in Europe and the US and to national shocks in Europe …-specific variables and the country factors. We find that both in Europe and the US labour mobility accounts for about 50% of the long run … adjustment to region-specific labour demand shocks and only a little more in the US than in Europe, where adjustment takes twice …
Persistent link: https://www.econbiz.de/10013025742
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Comparing Fiscal Multipliers Across Models and Countries in Europe
Kilponen, Juha - 2015
This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different...
Persistent link: https://www.econbiz.de/10013026620
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Assessing the Fiscal-Monetary Policy Mix in the Euro Area
Bańkowski, Krzysztof; Christoffel, Kai Philipp; Faria, … - 2021
This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts – a historical assessment and an assessment based on an extended scenario until 2030 – and it builds on the ECB-BASE –a...
Persistent link: https://www.econbiz.de/10013312080
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Revenue versus Spending-Based Consolidation Plans : The Role of Follow-Up
Beetsma, Roel M. W. J.; Furtuna, Oana; Giuliodori, Massimo - 2021
The literature on fiscal multipliers finds that spending-based fiscal consolidations tend to have more benign macro-economic consequences than revenue-based consolidations. By directly comparing expost data with consolidation plans, we present evidence of a systematically weaker follow-up of...
Persistent link: https://www.econbiz.de/10013315403
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Is Forecasting with Large Models Informative? Assessing the Role of Judgement in Macroeconomic Forecasts
Mestre, Ricardo; McAdam, Peter - 2021
We evaluate residual projection strategies in the context of a large-scale macro model of the euro area and smaller benchmark time-series models. The exercises attempt to measure the accuracy of model-based forecasts simulated both out-of-sample and in-sample. Both exercises incorporate...
Persistent link: https://www.econbiz.de/10013316469
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The Role of Credit Aggregates and Asset Prices in the Transmission Mechanism : A Comparison Between the Euro Area and the US
Kaufmann, Sylvia; Valderrama, Maria Teresa - 2021
We analyze the interaction between credit and asset prices in the transmission of shocks to the real economy. We estimate a Markov switching VAR for the euro area and the US, including additionally GDP, CPI and a short-term interest rate. We find evidence for two distinct states in both regions....
Persistent link: https://www.econbiz.de/10013316838
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Regional Inflation Dynamics within and Across Euro Area Countries and a Comparison with the Us
Hubrich, Kirstin; Marcellino, Massimiliano Giuseppe; … - 2021
We investigate co-movements and heterogeneity in inflation dynamics of different regions within and across euro area countries using a novel disaggregate dataset to improve the understanding of inflation differentials in the European Monetary Union. We employ a model where regional inflation...
Persistent link: https://www.econbiz.de/10013317449