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Evidence on finance and economic growth
Popov, Alexander - 2017
economic growth that has accumulated over the past quarter-century. The bulk of the historical evidence suggests that financial … development a¤ects economic growth in a positive, monotonic way, yet recent research endeavors have provided useful and … financial markets benefit society, as well as the channels through which finance can slow down long-term growth. …
Persistent link: https://www.econbiz.de/10011853303
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Unraveling the skill premium
McAdam, Peter; Willman, Alpo - 2015
For the US the supply and wages of skilled labor relative to those of unskilled labor have grown over the postwar period. The literature has tended to explain this through “skill-biased technical change”. Empirical work has concentrated around two variants: (1) Capital-skill complementarity,...
Persistent link: https://www.econbiz.de/10011605845
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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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Identifying endogenous fiscal policy rules for macroeconomic models
Pérez, Javier J.; Hiebert, Paul - 2002
In this paper, we present a model-based method for identifying fiscal closure rules in stochastic macroeconomic models. The methodology is based on the stability analysis of the model at hand, with an endogenous derivation of a reaction on the part of the fiscal authority to state variables in...
Persistent link: https://www.econbiz.de/10011604202
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Asymmetric dynamics in the correlations of global equity and bond returns
Sheppard, Kevin; Cappiello, Lorenzo; Engle, Robert F. - 2003
Persistent link: https://www.econbiz.de/10011604250
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Stocks, bonds, money markets and exchange rates: measuring international financial transmission
Ehrmann, Michael; Fratzscher, Marcel; Rigobon, Roberto - 2005
The paper presents a framework for analyzing the degree of financial transmission between money, bond and equity markets and exchange rates within and between the United States and the euro area. We find that asset prices react strongest to other domestic asset price shocks, and that there are...
Persistent link: https://www.econbiz.de/10011604498
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The French block of the ESCB multi-country model
Boissay, Frédéric; Villetelle, Jean-Pierre - 2005
This paper presents the French country block of the ESCB Multi-Country Model for the euro area, which has been built in collaboration by the ECB and the Banque de France. The theoretical structure of the model is in line with most current macroeconometric models, i.e. supply factors determine...
Persistent link: https://www.econbiz.de/10011604502
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Estimating multi-country VAR models
Canova, Fabio; Ciccarelli, Matteo - 2006
This paper describes a methodology to estimate the coefficients, to test specification hypotheses and to conduct policy exercises in multi-country VAR models with cross unit interdependencies, unit specific dynamics and time variations in the coefficients. The framework of analysis is Bayesian:...
Persistent link: https://www.econbiz.de/10011604649
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Real-time model uncertainty in the United States: the Fed from 1996-2003
Tetlow, Robert J.; Ironside, Brian - 2006
We study 30 vintages of FRB/US, the principal macro model used by the Federal Reserve Board staff for forecasting and policy analysis. To do this, we exploit archives of the model code, coefficients, baseline databases and stochastic shock sets stored after each FOMC meeting from the model’s...
Persistent link: https://www.econbiz.de/10011604656
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The Dutch block of the ESCB multi-country model
Angelini, Elena; Boissay, Frédéric; Ciccarelli, Matteo - 2006
The paper presents the Dutch country block of the ESCB Multi-Country Model (MCM) for the euro area. We show how a theoretical model is translated into an econometric specification and how this specification is in turn estimated and used in the projection exercises of the E(S)CB. The dynamic...
Persistent link: https://www.econbiz.de/10011604692