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Euro Area Private Consumption : Is There a Role for Housing Wealth Effects?
Skudelny, Frauke - 2009
, 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 … the period 1980-2006, and one on the individual euro area countries from1995-2006, using panel data techniques. The impact …
Persistent link: https://www.econbiz.de/10013159721
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Budgetary and External Imbalances Relationship : A Panel Data Diagnostic
Afonso, António; Rault, Christophe - 2021
, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and …We assess the cointegration relationship between current account and budget balances, and effective real exchange rates …
Persistent link: https://www.econbiz.de/10013316457
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Wealth Effects on Consumption - Evidence from the Euro Area
Sousa, Ricardo M. - 2009
This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth effects are relatively large and statistically significant; (ii) housing wealth effects are virtually nil and not significant; (iii) consumption growth exhibits strong...
Persistent link: https://www.econbiz.de/10013160476
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House Prices and Monetary Policy in the Euro Area : Evidence from Structural VARs
Nocera, Andrea - 2017
We use a Bayesian stochastic search variable selection structural VAR model to investigate the heterogeneous impact of housing demand shocks on the macro-economy and the role of house prices in the monetary policy transmission, across euro area countries. A novel set of identification...
Persistent link: https://www.econbiz.de/10012954350
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Wealth Differences across Borders and the Effect of Real Estate Price Dynamics : Evidence from Two Household Surveys
Mathae, Thomas - 2014
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...
Persistent link: https://www.econbiz.de/10013055306
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Do EU Structural Funds Promote Regional Employment? Evidence from Dynamic Panel Data
Mohl, Philipp - 2011
impact of EU structural funds on employment drawing on a panel dataset of 130 European NUTS regions over the time period 1999 … structural funds for an extended time horizon and examine the robustness of our results by comparing different dynamic panel …
Persistent link: https://www.econbiz.de/10013118136
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A High Frequency Assessment of the ECB Securities Markets Programme
Ghysels, Eric - 2014
Policy impact studies often suffer from endogeneity problems. Consider the case of the ECB Securities Markets Programme: If Eurosystem interventions were triggered by sudden and strong price deteriorations, looking at daily price changes may bias downwards the correlation between yields and the...
Persistent link: https://www.econbiz.de/10013059119
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Forecasting and Assessing Euro Area House Prices through the Lens of Key Fundamentals
Gattini, Luca - 2010
This paper presents a parsimonious model for forecasting and analysing euro area house prices and their interrelations with the macroeconomy. A quarterly vector error correction model is estimated over 1970-2009 using supply and demand forces central to the determination of euro area house...
Persistent link: https://www.econbiz.de/10013138013
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Housing, Consumption and Monetary Policy : How Different are the US and the Euro Area?
Musso, Alberto - 2012
The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the real house price, residential investment and mortgage...
Persistent link: https://www.econbiz.de/10013116395
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House Price Responsiveness of Housing Investments Across Major European Economies
Gattini, Luca - 2012
and country specific models. First, co-integration among the parsimoniously specified set of fundamental variables is …
Persistent link: https://www.econbiz.de/10013102106