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Did COVID-19 Induce a Reallocation Wave?
Consolo, Agostino; Petroulakis, Filippos - 2022
Recent research has argued that the COVID-19 shock has also brought about a reallocation shock. We examine the evidence for such an occurrence in the United States, taking a broad perspective. We first consider micro data from CPS and JOLTS; there is no noticeable uptick in occupation or sector...
Persistent link: https://www.econbiz.de/10013403176
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The Great Lockdown : Pandemic Response Policies and Bank Lending Conditions
Altavilla, Carlo - 2020
of new coronavirus (COVID-19) pandemic. We focus on monetary, microprudential and macroprudential policies designed …
Persistent link: https://www.econbiz.de/10012823403
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Firms’ Expectations on Access to Finance at the Early Stages of the Covid-19 Pandemic
Ferrando, Annalisa - 2020
firms. Firms' expectations on the availability of credit lines, bank loans and trade credit deteriorated significantly in … not seem to matter, except for trade credit, in which case SMEs had more positive conditional expectations. Together with … the overall deterioration of expectations, there seems to have also been a reallocation of opportunities to access finance …
Persistent link: https://www.econbiz.de/10012827867
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Ecb-Basir : A Primer on the Macroeconomic Implications of the Covid-19 Pandemic
Angelini, Elena - 2020
This paper studies the macroeconomic consequences of the COVID-19 pandemic and makes a first step in adapting the central bank modelling apparatus to the new economic landscape. We augment the ECB-BASE model with the predictive dynamics of the SIR model in order to assess the interplay between...
Persistent link: https://www.econbiz.de/10012829746
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Global Models for a Global Pandemic : The Impact of COVID-19 on Small Euro Area Economies
Garcia, Pablo; Jacquinot, Pascal; Lenarčič, Črt; … - 2021
This paper analyses the effects of the COVID-19 pandemic shock on small open economies in a monetary union with an application to the euro area. Accounting for a high degree of openness and a strong dependence on intra and extra union trade, we focus on the size and the direction of...
Persistent link: https://www.econbiz.de/10013323904
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Pandemic Lending : Micro and Macro Effects of Model-Based Regulation
Fiordelisi, Franco; Maddaloni, Angela; Fusi, Giulia; … - 2022
When the Covid-19 crisis struck, banks using internal-rating based (IRB) models quickly recognized the increase in risk and reduced lending more than banks using a standardized approach. This effect is not driven by borrowers’ quality or by banks in countries with credit booms before the...
Persistent link: https://www.econbiz.de/10014258764
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Daily Tracker of Global Economic Activity : A Close-Up of the Covid-19 Pandemic
Diaz, Elena Maria; Quirós, Gabriel Pérez - 2021
This paper develops a novel indicator of global economic activity, the GEA Tracker, which is based on commodity prices selected recursively through a genetic algorithm. The GEA Tracker allows for daily real-time knowledge of international business conditions using a minimum amount of...
Persistent link: https://www.econbiz.de/10013314795
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Forecasting Macroeconomic Risk in Real Time : Great and Covid-19 Recessions
De Santis, Roberto A. - 2020
We show that financial variables contribute to the forecast of GDP growth during the Great Recession, providing additional insights on both first and higher moments of the GDP growth distribution. If a recession is due to an unforeseen shock (such as the Covid-19 recession), financial variables...
Persistent link: https://www.econbiz.de/10012829414
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Estimating the Euro Area Output Gap Using Multivariate Information and Addressing the COVID-19 Pandemic
Morley, James; Palenzuela, Diego Rodriguez; Sun, Yiqiao; … - 2022
We estimate the euro area output gap by applying the Beveridge-Nelson decomposition based on a large Bayesian vector autoregression. Our approach incorporates multivariate information through the inclusion of a wide range of variables in the analysis and addresses data issues associated with the...
Persistent link: https://www.econbiz.de/10014078099
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The Rise in the Cross-Sectoral Dispersion of Earnings Expectations During COVID-19
Bats, Joost; Greif, William; Kapp, Daniel - 2022
This paper documents a durable increase in the cross-sectoral dispersion of earnings expectations during the COVID-19 … particularly adverse impact on the travel sector. Accordingly, in terms of earnings expectations, countries that are relatively … changer: more stringent lockdown measures added far less to the cross-sectoral dispersion in earnings expectations once …
Persistent link: https://www.econbiz.de/10013406428