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Capital and Labour (Mis)Allocation in the Euro Area : Some Stylized Facts and Determinants

Gamberoni, Elisa - 2017

We analyse the evolution of capital and labour (mis)allocation across firms in five euro-area countries (Belgium … efficiency of labour reallocation has not changed significantly. Second, the observed increase in capital misallocation has been … particularly severe in services as opposed to industry. Third, misallocation of both labour and capital dropped in all countries in …

Persistent link: https://www.econbiz.de/10012963907

How Far are We from the Slippery Slope? The Laffer Curve Revisited

Trabandt, Mathias - 2010

We characterize the Laffer curves for labor taxation and capital income taxation quantitatively for the US, the EU-14 and individual European countries by comparing the balanced growth paths of a neoclassical growth model featuring "constant Frisch elasticity" (CFE) preferences. We derive...

Persistent link: https://www.econbiz.de/10013145143

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

Trade with Central and Eastern Europe : Is it Really a Threat to Wages in the West?

Polgar, Eva Katalin - 2010

This paper analyses the relationship between openness to trade and wages at the industry level (15 manufacturing industries) in 25 EU countries over the period from 1995 to 2005. By applying a cross-country and industry-specific approach, it is possible to control for unobserved heterogeneity at...

Persistent link: https://www.econbiz.de/10013138239

GDP-Inflation Cyclical Similarities in the CEE Countries and the Euro Area

Macchiarelli, Corrado - 2013

In this paper we look at business cycles similarities between CEE countries and the euro area. Particularly, we uncover GDP-inflation cycles by adopting a trend-cycle decomposition model which allows the trend to be either stochastic or deterministic i.e. of the non-linear type. Once cyclical...

Persistent link: https://www.econbiz.de/10013081633

Brexit, What Brexit? Euro Area Portfolio Exposures to the United Kingdom Since the Brexit Referendum

Carvalho, Daniel; Schmitz, Martin - 2022

We study euro area investors' portfolio adjustment since the Brexit referendum in terms of securities issued in the UK or denominated in pound sterling, in the context of heightened policy uncertainty surrounding the exit process of the UK from the EU. Our sector-level analysis "looks-through"...

Persistent link: https://www.econbiz.de/10014239454

Inflation Persistence : Euro Area and New EU Member States

Franta, Michal - 2009

Is inflation persistence in the new EU Member States (NMS) comparable to that in the euro area countries? We argue that persistence may not be as different between the two country groups as one might expect. We confirm that one should work carefully with the usual estimation methods when...

Persistent link: https://www.econbiz.de/10012767014

Cross-Border Production Chains and Business Cycle Co-Movement between Central and Eastern European Countries and Euro Area Member States

Iossifov, Plamen K. - 2021

In this paper, we highlight the role of global value chains in the synchronization of economic activity between countries in Central and Eastern Europe (CEE) and the euro area. We start off by demonstrating that the degree of synchronization of the business cycles of CEE countries and their main...

Persistent link: https://www.econbiz.de/10013315647

The Political Economy Under Monetary Union : Has the Euro Made a Difference?

Fratzscher, Marcel; Stracca, Livio - 2021

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Persistent link: https://www.econbiz.de/10013316460

The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries

Lipinska, Anna - 2021

The EMU accession countries are obliged to fulfill the Maastricht convergence criteria prior to entering the EMU. This paper uses a DSGE model of a two-sector small open economy, to address the following question: how do the Maastricht convergence criteria modify optimal monetary policy in an...

Persistent link: https://www.econbiz.de/10013316539