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requirements of jobs in Estonia during the years 1997-2003. We find large wage penalties associated with the phenomenon of …
Persistent link: https://www.econbiz.de/10013142408
an effect on the output volatility of firms. We use large representative firm-level databases from Estonia, Hungary …
Persistent link: https://www.econbiz.de/10012992414
-in-differences approach is used and the control group for the treatment country, Estonia, is built from 12 euro area countries. The Nielsen …
Persistent link: https://www.econbiz.de/10013315581
, Poland, and a small open economy with increased flexibility, Estonia, we document and find support for our claim … and persistent unemployment compared to Estonia during the period of EU enlargement …
Persistent link: https://www.econbiz.de/10013318030
In this paper, we use the Furfine (1999) statistical procedure to identify money market operations from Payments Systems data. Given the availability of an alternative data set, recording money market operations we could confirm the accuracy of the method. We examine evidence on integration of...
Persistent link: https://www.econbiz.de/10014212409
This paper presents first the estimation of a two-country DSGE model for the euro area and the rest-of-the-world including relevant oil-price channels. We then investigate the optimal resolution of the policy tradeoffs emanating from oil-price disturbances. Our simulations show that the...
Persistent link: https://www.econbiz.de/10014213432
In this paper we present a novel approach to the empirical validation of the intertemporal approach to the current account. We develop a calibrated model highlighting the role of consumption smoothing and capital accumulation in the economic convergence process. After solving the model, we...
Persistent link: https://www.econbiz.de/10014218841
We propose a new and time-varying optimum currency area (OCA) index for the euro area in assessing the evolution of the OCA properties of the monetary union from an international business cycle perspective. It is derived from the relative importance of symmetric vs. asymmetric shocks that result...
Persistent link: https://www.econbiz.de/10014076631
Payments are a key focus of central banks, as - together with the safe, efficient operation of the payments market – wide access to cash is fundamentally important for a healthy economy. In this study, three main research areas were investigated: 1. socioeconomic characteristics that can be...
Persistent link: https://www.econbiz.de/10014076632
We estimate the euro area output gap by applying the Beveridge-Nelson decomposition based on a large Bayesian vector autoregression. Our approach incorporates multivariate information through the inclusion of a wide range of variables in the analysis and addresses data issues associated with the...
Persistent link: https://www.econbiz.de/10014078099