-neutral technical change and timevarying factor utilization rates. This ensures the resulting real marginal cost measures match …-cyclical cost elements plus pro-cyclical (and co-varying) utilization rates. Although pro-cyclical elements dominate, real marginal … commonly found. Our results challenge existing views of inflation determinants and have important implications for modeling …

utilization rate is a sufficient statistic for the supply elasticity. Using data on capacity utilization and three different …

equity and labour markets. Equity positively affects money demand through wealth effects, as equities are a significant store … of household wealth and thus part of a financial transaction motive. Negative substitution effects through the expected … money. All three new elements, in particular housing and financial wealth, have been found statistically and economically …

In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an …

is affected by the gap between `target' and actual wealth, with the target wealth determined by credit conditions and … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …

in the measurement of household welfare all material components should be covered, i.e. consumption, income and wealth … consumption, income and wealth can be analysed. Current researches linking macro and micro information for the households have … to household wealth using both survey data and financial accounts. It builds a link between wealth survey and national …

Crossing borders, be it international or regional, often go together with price, wage or indeed wealth discontinuities …. This paper identifies substantial wealth differences between Luxembourg resident households and cross-border commuter … households despite their similar incomes. The average (median) net wealth difference is estimated to be €367,000 (€129,000) and …

-simulations to investigate heterogeneity in the euro area. We quantify shocks to wealth, income and financial pressure faced by … affected the income-poor, while the declining wealth the income-rich. Although borrowers benefited from the substantial … consumption growth driven by both rich and poor households: while the former were hit by large shocks to wealth, the latter also …

Wealth survey data suffers simultaneously from under-representation at the top and underreporting of assets. Addressing …, financial assets and liabilities and net wealth of the top one percent in Austria, Belgium, Finland, France, Germany, Italy …