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The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses...
Persistent link: https://www.econbiz.de/10013058551
The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising/high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...
Persistent link: https://www.econbiz.de/10013142986
This paper analyses euro area non-financial corporations (NFC) money demand, both from a macro and a microeconomic point of view. At a macro level, money holdings are modelled as a function of real gross added value, the price level, the long-term interest rate on bank lending to non-financial...
Persistent link: https://www.econbiz.de/10013137587
impact of EU structural funds on employment drawing on a panel dataset of 130 European NUTS regions over the time period 1999 … structural funds for an extended time horizon and examine the robustness of our results by comparing different dynamic panel …
Persistent link: https://www.econbiz.de/10013118136
the period 1980-2006, and one on the individual euro area countries from1995-2006, using panel data techniques. The impact …, the panel estimation yields somewhat lower results (0.6 to 1.1 cents). The MPC out of nominal housing wealth lies between … effect of volatile house prices, we find similar effects in the times series estimation while the MPC is larger in the panel …
Persistent link: https://www.econbiz.de/10013159721
cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for … structural breaks. We also apply modern panel cointegration techniques developed by Pedroni (1999, 2004), generalized by Banerjee … policy was sustainable both for the EU15 panel set, and within subperiods (1970-1991 and 1992-2006) …
Persistent link: https://www.econbiz.de/10012775987
financial (or output) gaps within EU countries. We apply panel techniques, including a Bayesian panel VAR, to 27 EU members over …
Persistent link: https://www.econbiz.de/10012961964
This paper uses a panel VAR (PVAR) approach to estimating, analysing, and forecasting price dynamics in four different …
Persistent link: https://www.econbiz.de/10013049274
panel model for eleven euro area countries over the last two decades. The results suggest that there is a statistically …
Persistent link: https://www.econbiz.de/10013024782
, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and …
Persistent link: https://www.econbiz.de/10013316457