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Short-time work in the great recession: Firm-level evidence from 20 EU countries
Lydon, Reamonn; Mathä, Thomas; Millard, Stephen Patrick - 2018
Using firm-level data from a large-scale European survey among 20 countries, we analyse the determinants of firms using short-time work (STW). We show that firms are more likely to use STW in case of negative demand shocks. We show that STW schemes are more likely to be used by firms with high...
Persistent link: https://www.econbiz.de/10012142056
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Business Cycle Synchronisation : Disentangling Trade and Financial Linkages
Dees, Stephane - 2011
business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as … well as the similarity in sectoral specialisation. Overall, our results confirm that trade integration fosters business … cycle synchronisation. Similar patterns of sectoral specialisation also lead to closer business cycle co-movement. By …
Persistent link: https://www.econbiz.de/10013128036
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Corporate Bond Spreads and Real Activity in the Euro Area - Least Angle Regression Forecasting and the Probability of the Recession
Buchmann, Marco - 2011
implied the highest probability of a recession occurring from a pre-crisis perspective …
Persistent link: https://www.econbiz.de/10013131847
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Can We Prevent Boom-Bust Cycles During Euro Area Accession?
Brzoza-Brzezina, Michal - 2010
Euro-area accession caused boom-bust cycles in several catching-up economies. Declining interest rates and easier financing conditions fuelled spending and worsened the current account balance. Over time inflation deteriorated external competitiveness and lowered domestic demand, turning the...
Persistent link: https://www.econbiz.de/10013135123
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Unconventional Monetary Policy and the Great Recession - Estimating the Impact of a Compression in the Yield Spread at the Zero Lower Bound
Baumeister, Christiane - 2010
Recession of 2007-2009 via a Bayesian time-varying parameter structural VAR. We identify a ‘pure' spread shock which, leaving …
Persistent link: https://www.econbiz.de/10013137091
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Credit Risk Transfers and the Macroeconomy
Faia, Ester - 2010
The recent financial crisis has highlighted the limits of the "originate to distribute" model of banking, but its nexus with the macroeconomy and monetary policy remains unexplored. I build a DSGE model with banks (along the lines of Holmström and Tirole [28] and Parlour and Plantin [39]) and...
Persistent link: https://www.econbiz.de/10013137588
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Monetary Policy and the Financing of Firms
De Fiore, Fiorella - 2012
How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idiosyncratic shocks which may force them to default on their debt. Firms' assets and liabilities are denominated in nominal terms and predetermined when...
Persistent link: https://www.econbiz.de/10013116576
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Cyclical Fluctuations in the Mediterranean Basin
Canova, Fabio - 2011
We investigate the similarities of macroeconomic fluctuations in the Mediterranean basin and their convergence. A model with three indicators, covering the West, the East and the MENA portions of the Mediterranean, characterizes well the historical experience since the early 1980. Convergence...
Persistent link: https://www.econbiz.de/10013121520
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Determinants of Credit-Less Recoveries
Bijsterbosch, Martin - 2011
This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After building a dataset and documenting some stylised facts of credit-less recoveries in emerging market economies, this paper uses panel probit models to analyse key determinants...
Persistent link: https://www.econbiz.de/10013123785
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The Business Cycle Implications of Banks' Maturity Transformation
Andreasen, Martin M. - 2012
This paper develops a DSGE model where banks use short-term deposits to provide firms with long-term credit. The demand for long-term credit arises because firms borrow in order to finance their capital stock which they only adjust at infrequent intervals. Within an RBC framework, we show that...
Persistent link: https://www.econbiz.de/10013099027