Narrow search
Showing 1 - 10 of 1,722
Cover Image
The Role of Labor Markets for Euro Area Monetary Policy
Christoffel, Kai Philipp - 2009
In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behaviour...
Persistent link: https://www.econbiz.de/10012764518
Cover Image
Credit Supply Dynamics and Economic Activity in Euro Area Countries : A Time-Varying Parameter VAR Analysis
Bijsterbosch, Martin - 2014
This paper aims to shed light on the role of credit supply shocks in euro area countries during the recent pre-crisis, bust, and post-crisis periods. A time-varying parameter vector autoregression (TVP-VAR) with stochastic volatility à la Primiceri (2005) is estimated for each country, and the...
Persistent link: https://www.econbiz.de/10013049850
Cover Image
Making Sense of the EU Wide Stress Test : A Comparison with the SRISK Approach
Homar, Timotej - 2016
We analyse the SRISK measure with respect to its usage as a benchmark for the ECB/EBA 2014 stress test. By regressing the ECB/EBA stress test impact and the SRISK stress impact on a set of factors that are commonly associated with bank credit losses and bank vulnerability, we find that the...
Persistent link: https://www.econbiz.de/10012988597
Cover Image
A Multivariate Unobserved Components Model to Estimate Potential Output in the Euro Area : A Production Function Based Approach
Tóth, Máté - 2021
This paper builds an unobserved components model that combines a multivariate filter approach with a Cobb-Douglas production function. This combination allows potential output estimates to incorporate more economic structure than the traditional production function approach, while retaining the...
Persistent link: https://www.econbiz.de/10013243813
Cover Image
Determinants of Credit to Households in a Life-Cycle Model
Rubaszek, Michał - 2012
This paper applies a life-cycle model with individual income uncertainty to investigate the determinants of credit to households. We show that the value of household credit to GDP ratio depends on the lending-deposit interest rate spread, individual income uncertainty, individual productivity...
Persistent link: https://www.econbiz.de/10013111589
Cover Image
Do Financial Reforms Help Stabilize Inequality?
Christopoulos, Dimitris - 2015
We explore the relationship between financial reforms and income inequality using a panel of 29 countries over 1975-2005. We extend panel unit root tests to allow for the presence of some financial-reform covariates and further suggest an associated but novel, semi-parametric approach. Results...
Persistent link: https://www.econbiz.de/10013024727
Cover Image
Macroeconomic Effects of Carbon Transition Policies : An Assessment Based on the Ecb's New Area-Wide Model with a Disaggregated Energy Sector
Coenen, Günter; Priftis, Romanos; Lozej, Matija - 2023
We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB’s New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...
Persistent link: https://www.econbiz.de/10014354636
Cover Image
Determinants of Workers' Remittances : Evidence from the European Neighbouring Region
Schiopu, Ioana C.; Siegfried, Nikolaus - 2021
Workers' remittances have become the second largest source of net financial flows to developing countries. However, the main motives for sending remittances remain controversial. This paper examines the importance of altruistic versus investment motives using a new panel data set of bilateral...
Persistent link: https://www.econbiz.de/10013317412
Cover Image
Systemic Risk-Taking : Amplification Effects, Externalities, and Regulatory Responses
Korinek, Anton - 2011
This paper analyzes the efficiency of risk-taking decisions in an economy that is prone to systemic risk, captured by financial amplification effects that occur in response to strong adverse shocks. It shows that decentralized agents who have unconstrained access to a complete set of Arrow...
Persistent link: https://www.econbiz.de/10013124901
Cover Image
Fiscal Equalization and the Tax Structure
Holm-Hadulla, Federic - 2021
this pattern and tests them in a natural experiment from Germany. The first hypothesis is that fiscal redistribution … the perspective of local governments; the second is that a desire for redistribution within jurisdictions induces a shift … taxation serves as a Pigouvian intervention to correct externalities. The empirical analysis supports redistribution between …
Persistent link: https://www.econbiz.de/10013315380