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The COVID-19 consumption game-changer: Evidence from a large-scale multi-country survey
Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021
Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending....
Persistent link: https://www.econbiz.de/10012661627
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Fiscal Policies, the Current Account and Ricardian Equivalence
Nickel, Christiane - 2008
This paper analyses the empirical relationship between fiscal policy and the current account of the balance of payments and considers how Ricardian equivalence changes this relationship. To do so, we estimate a dynamic panel threshold model for 22 industrialised countries in which the...
Persistent link: https://www.econbiz.de/10012770620
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Making sense of consumer inflation expectations: The role of uncertainty
Reiche, Lovisa; Meyler, Aidan - 2022
Consumers' inflation expectations play a key role in the monetary transmission mechanism. As such, it is crucial for … expectations. These include the apparent overestimation of inflation by consumers as well as the negative correlation observed … between the economic outlook and inflation expectations. We also show that the uncertainty framework fits with some of the …
Persistent link: https://www.econbiz.de/10013272133
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Will the green transition be inflationary? Expectations matter
Ferrari, Alessandro; Nispi Landi, Valerio - 2022
expectations assumption, we show the transition may initially be inflationary. …
Persistent link: https://www.econbiz.de/10014278233
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Equilibrium bidding in the Eurosystem's open market operations
Bindseil, Ulrich - 2002
Open market operations play a key role in allocating central bank funds to the banking system and thereby to steer short-term interest rates in line with the stance of monetary policy. This note presents some elements of a theory of bidding in central bank tenders in a framework such as the one...
Persistent link: https://www.econbiz.de/10011604183
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MRO bidding in the presence of LTROs: an empirical analysis of the pre-crisis period
Vogel, Edgar - 2014
Using individual data from the Eurosystem’s liquidity providing tenders for the pre-crisis period we investigate banks’ joint bidding behaviour in Main Refinancing Operation (MRO) and Longer Term Refinancing Operations (LTRO). We test whether banks bid at lower rates in MROs before the LTRO...
Persistent link: https://www.econbiz.de/10011605798
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MRO Bidding in the Presence of LTROs : An Empirical Analysis of the Pre-crisis Period
Vogel, Edgar - 2014
Using individual data from the Eurosystem's liquidity providing tenders for the pre-crisis period we investigate banks' joint bidding behaviour in Main Refinancing Operation (MRO) and Longer Term Refinancing Operations (LTRO). We test whether banks bid at lower rates in MROs before the LTRO and...
Persistent link: https://www.econbiz.de/10013040608
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Sticky expectations and consumption dynamics
Carroll, Christopher D.; Crawley, Edmund; Slacalek, Jiri; … - 2018
knowledge of their personal circumstances but "sticky expectations" about the macroeconomy. In our model, the persistence of …
Persistent link: https://www.econbiz.de/10011916856
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Households' response to the wealth effects of inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2024
We study the redistributive effects of surprise inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are concerned about its impact on their wealth;...
Persistent link: https://www.econbiz.de/10014543616
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Modeling the consumption response to the CARES Act
Carroll, Chris; Crawley, Edmund S.; Slacalek, Jirka; … - 2020
To predict the effects of the 2020 U.S. "CARES" act on consumption, we extend a model that matches responses of households to past consumption stimulus packages. The extension allows us to account for two novel features of the coronavirus crisis. First, during the lockdown, many types of...
Persistent link: https://www.econbiz.de/10012422103