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Monetary Policy Shocks in the Euro Area and Global Liquidity Spillovers
Sousa, João; Zaghini, Andrea - 2021
We analyse the international transmission of monetary policy shocks with a focus on the effects of foreign liquidity on the euro area. We estimate two domestic structural VAR models for the euro area and then we introduce a global liquidity aggregate. The impulse responses show that a positive...
Persistent link: https://www.econbiz.de/10013319486
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Cross-Border Commuting and Consuming : An Empirical Investigation
Mathä, Thomas Y.; Porpiglia, Alessandro; Ziegelmeyer, … - 2021
; it analyses the cross-border consumption behaviour of cross-border commuter households residing in Belgium, France and … Germany and working in Luxembourg. In total, it is estimated that these households spend € 925 million per annum in Luxembourg …, reflecting about 17% of their gross annual income from Luxembourg and contributing about 10% to total household final consumption …
Persistent link: https://www.econbiz.de/10013315629
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Wealth Differences across Borders and the Effect of Real Estate Price Dynamics : Evidence from Two Household Surveys
Mathae, Thomas - 2014
. This paper identifies substantial wealth differences between Luxembourg resident households and cross-border commuter …
Persistent link: https://www.econbiz.de/10013055306
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What is Global Excess Liquidity, and Does it Matter?
Rueffer, Rasmus; Stracca, Livio - 2021
This paper endeavours to provide a comprehensive analysis of the nature and the possible importance of "global excess liquidity," a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on the...
Persistent link: https://www.econbiz.de/10013317361
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Optimal Reserve Composition in the Presence of Sudden Stops : The Euro and the Dollar as Safe Haven Currencies
Beck, Roland - 2008
We analytically derive optimal central bank portfolios in a minimum variance framework with two assets and quot;transaction demandsquot; caused by sudden stops in capital inflows. In this model, the transaction demands become less important relative to traditional portfolio objectives as debt to...
Persistent link: https://www.econbiz.de/10012771394
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Global Liquidity Glut or Global Savings Glut? A Structural VAR Approach
Bracke, Thierry - 2008
Since the late-1990s, the global economy is characterised by historically low risk premia and an unprecedented widening of external imbalances. This paper explores to what extent these two global trends can be understood as a reaction to three structural shocks in different regions of the global...
Persistent link: https://www.econbiz.de/10012771616
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Ranking, Risk-Taking and Effort : An Analysis of the ECB's Foreign Reserves Management
Scalia, Antonio; Sahel, Benjamin - 2021
The investment of the ECB reserves in US dollars and yen, delegated to a network of portfolio managers in the Eurosystem’s national central banks, involves a periodic assessment of performance against a common benchmark, controlled by the ECB and subject to revision on a monthly basis....
Persistent link: https://www.econbiz.de/10013315986
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Wages, Labor or Prices : How do Firms React to Shocks?
Dhyne, Emmanuel - 2010
Survey results in 15 European countries for almost 15,000 firms reveal that Belgian firms react more than the average European firm to adverse shocks by reducing permanent and temporary employment. On the basis of a firm-level analysis, this paper confirms that the different reaction to shocks...
Persistent link: https://www.econbiz.de/10013141681
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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
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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