Showing 1 - 10 of 1,036
This paper explores the behavior of profits in the four largest euro area countries (Germany, France, Italy and Spain …
Persistent link: https://www.econbiz.de/10013117688
In this paper, we study the dynamics and drivers of sovereign bond yields in euro area countries using a factor model with time-varying loading coeffi cients and stochastic volatility, which allows for capturing changes in the pricing mechanism of bond yields. Our key contribution is exploring...
Persistent link: https://www.econbiz.de/10012963728
workers who received overtime payments. The procyclicality of earnings revealed for Germany is of comparable size with the one …
Persistent link: https://www.econbiz.de/10012773491
This paper attempts to model the nominal and real exchange rate for Ireland, relative to Germany and the UK from 1975 … exchange rates are effectively modelled, and in the case of Ireland and Germany, Ppp is found to be valid not only in the long …
Persistent link: https://www.econbiz.de/10012775859
The Eurosystem staff forecasts are conditional on the financial markets, the global economy and fiscal policy outlook, and include expert judgement. We develop a multi-country BVAR for the four largest countries of the euro area and we show that it provides accurate conditional forecasts of...
Persistent link: https://www.econbiz.de/10012893903
Starting in summer 2014, markets began to build up expectations that the European Central Bank (ECB) would embark on large-scale sovereign bond purchases. The ECB's Public Sector Purchase Programme (PSPP) was eventually announced on 22 January 2015 and purchases started in March. Both during the...
Persistent link: https://www.econbiz.de/10012944299
-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
Unified Germany prior to 1991, and then use them for the construction of corresponding time series for the euro area. The … resulting series for Germany and the euro area are compared with existing ones on the basis of both descriptive statistics and …
Persistent link: https://www.econbiz.de/10013317098
This paper studies the determinants of interest rate spreads of euro area 10 year government bonds against the benchmark, the German bund, after the introduction of the euro. In particular, it pays attention to the question whether market discipline is advanced or obstructed by financial...
Persistent link: https://www.econbiz.de/10013317173
The paper presents the German block of the ESCB multi-country model. It builds on previous modelling work on the Area Wide Model and other country blocks of the ESCB multicountry-model. Whilst being analogous to these models in following a common modelling approach and the same theoretical...
Persistent link: https://www.econbiz.de/10013317558