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Credit frictions and labor market dynamics

Hristov, Atanas - 2009

We outline the case for credit frictions and a demand side aspect to labor market fluctuations. To illustrate the above proposition, we present a simple framework to analyze the joint dependence between a labor search problem in the labor market and a costly state verification problem in the...

Persistent link: https://www.econbiz.de/10011387314

Monetary policy transmission and house prices : European cross country evidence

Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - 2009

This paper explores the importance of housing and mortgage market heterogeneity in 13 European countries for the transmission of monetary policy. We use a pooled VAR model which is estimated over the period 1995-2006 to generate impulse responses of key macroeconomic variables to a monetary...

Persistent link: https://www.econbiz.de/10011389092

M3 money demand and excess liquidity in the euro area

Dreger, Christian; Wolters, Jürgen - 2008

Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find … evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent … data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in …

Persistent link: https://www.econbiz.de/10011384239

Money velocity and asset prices in the euro area

Dreger, Christian; Wolters, Jürgen - 2008

Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand … function seems to be increasingly unstable if more recent data are used. If the link between money balances and the … of money demand. This presumption is explored by means of a cointegration analysis. To separate income from wealth …

Persistent link: https://www.econbiz.de/10011384244

Foreign bank presence and its effect on firm entry and exit in transition economies

Havrylchyk, Olena - 2010

This study investigates the impact of foreign bank penetration in Central and Eastern Europe on firm entry. We demonstrate that the acquisition of domestic banks by foreign investors has led to reduced firm creation, smaller average size of entrants and increased firm exit in opaque industries...

Persistent link: https://www.econbiz.de/10011389349

Costs and benefits of Euro adoption in Bulgaria

Ganev, Georgy - 2009

This study presents a cost-benefit analysis of euro adoption for the case of Bulgaria. Based on a review of existing similar studies for other East European EU member states, it outlines the basic types of potential costs and benefits of euro adoption, and applies them to the specific Bulgarian...

Persistent link: https://www.econbiz.de/10011387183

Optimal monetary policy in a monetary union with housing and credit market heterogeneity

Elstner, Steffen; Hristov, Nikolay; Hülsewig, Oliver; … - 2010

This paper develops a two-country DSGE model for a monetary union in which each country is populated by two types of households - savers and borrowers - and two types of production sectors - a consumption goods sector and a housing sector. Households trade nominal private debt in equilibrium,...

Persistent link: https://www.econbiz.de/10011389355