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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

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

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

Mathä, Thomas Y. - 2019

We use firm-level survey data from 25 EU countries to analyse how firms adjust their labour costs (employment, wages and hours) in response to shocks. We develop a theoretical model to understand how firms choose between different ways to adjust their labour costs. The basic intuition is that...

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

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

Are Specific Skills an Obstacle to Labor Market Adjustment? Theory and an Application to the EU Enlargement

Lamo, Ana; Messina, Julián; Wasmer, Etienne - 2021

We argue that the existence of large amounts of specific human capital makes costly and slows down the adjustment in the labor market after large reallocation shocks. To illustrate this point we build a theoretical framework in which young agents' career is heavily determined by initial...

Persistent link: https://www.econbiz.de/10013318030

Bubble Thy Neighbor : Portfolio Effects and Externalities from Capital Controls

Forbes, Kristin J. - 2012

We use changes in Brazil's tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and …. We find that an increase in Brazil's tax on foreign investment in bonds causes investors to significantly decrease their … portfolio allocations to Brazil in both bonds and equities. Investors simultaneously increase allocations to other countries …

Persistent link: https://www.econbiz.de/10013103299

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