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Asset prices and current account fluctuations in G7 economies
Fratzscher, Marcel; Straub, Roland - 2009
The paper analyses the effect of equity price shocks on current account positions for the G7 industrialized countries in 1974-2007. It uses a Bayesian VAR with sign restrictions for the identification of asset price shocks and to test empirically for their effect on current accounts. Such shocks...
Persistent link: https://www.econbiz.de/10011605060
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Asset pricing and housing supply in a production economy
Jaccard, Ivan - 2012
We develop a representative agent model of a production economy in order to explain the joint dynamics of house prices and equity returns. In a model generating costly business cycle fluctuations, we find that restrictions on housing supply have important implications for asset pricing. Together...
Persistent link: https://www.econbiz.de/10011605499
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Monetary policy and local industry structure
Popov, Alexander; Steininger, Lea - 2023
We study how monetary policy affects local market competition in a union of countries experiencing different economic conditions: the euro area. We find that when monetary conditions tighten (loosen), from the point of view of an individual economy, market concentration increases (declines)....
Persistent link: https://www.econbiz.de/10014374466
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Asset Pricing and Housing Supply in a Production Economy
Jaccard, Ivan - 2012
We develop a representative agent model of a production economy in order to explain the joint dynamics of house prices and equity returns. In a model generating costly business cycle fluctuations, we find that restrictions on housing supply have important implications for asset pricing. Together...
Persistent link: https://www.econbiz.de/10013103615
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Asset Prices and Current Account Fluctuations in G7 Economies
Fratzscher, Marcel - 2009
The paper analyses the effect of equity price shocks on current account positions for the G7 industrialized countries in 1974-2007. It uses a Bayesian VAR with sign restrictions for the identification of asset price shocks and to test empirically for their effect on current accounts. Such shocks...
Persistent link: https://www.econbiz.de/10012765189
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Monetary Policy and Local Industry Structure
Popov, Alexander A.; Steininger, Lea - 2023
We study how monetary policy affects local market competition in a union of countries ex-periencing different economic conditions: the euro area. We find that when monetary conditions tighten (loosen), from the point of view of an individual economy, market concentration increases (declines)....
Persistent link: https://www.econbiz.de/10014254678
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Euro Area Private Consumption : Is There a Role for Housing Wealth Effects?
Skudelny, Frauke - 2009
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
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International evidence on sticky consumption growth.
Carroll, Christopher D.; Slacalek, Jiri; Sommer, Martin - 2008
We estimate the degree of ‘stickiness’ in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of auto-correlation, with a stickiness...
Persistent link: https://www.econbiz.de/10011604932
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An area-wide model (AWM) for the euro area
Fagan, Gabriel; Henry, Jérôme; Mestre, Ricardo - 2001
This paper presents a quarterly estimated structural macroeconomic model for the euro area, denoted area-wide model (AWM). This model has been developed with four uses in mind: the assessment of economic conditions in the area, macroeconomic forecasting, policy analysis and deepening...
Persistent link: https://www.econbiz.de/10011604088
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Monetary transmission in Germany: new perspectives on financial constraints and investment spending
Von Kalckreuth, Ulf - 2001
importance of the interest rate and credit channels on business fixed investment in Germany. Our unbalanced panel of financial …
Persistent link: https://www.econbiz.de/10011604155