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Transmission of Financial Stress in Europe : The Pivotal Role of Italy and Spain, But Not Greece
González-Hermosillo, Brenda - 2014
This paper proposes a stochastic volatility model to measure sovereign financial distress. It examines howkey European sovereign credit default swap (CDS) spreads affect each other; specifically, the paperanalyses the volatility structure of Germany, Greece, Ireland, Italy, Spain and Portugal....
Persistent link: https://www.econbiz.de/10013053040
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Asymmetric Effects of Government Spending : Does the Level of Real Interest Rates Matter?
Choi, Woon Gyu; Devereux, Michael B. - 2021
This paper empirically explores how fiscal policy (represented by increases in government spending) has asymmetric effects on economic activity at different levels of real interest rates. It suggests that the effect of fiscal policy depends on the level of real rates, since the Ricardian effect...
Persistent link: https://www.econbiz.de/10013318098
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Judge Bias in Labor Courts and Firm Performance
Cahuca, Pierre; Carcillo, Stéphane; Patault, Berengere; … - 2021
Does labor court uncertainty and judge subjectivity influence firms' performance? We study the economic consequences of judge decisions by collecting information on more than 145,000 Appeal court rulings, combined with administrative firm-level records covering the whole universe of French...
Persistent link: https://www.econbiz.de/10013243055
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Crime and Output : Theory and Application to the Northern Triangle of Central America
Plotnikov, Dmitry - 2020
This paper presents a structural model of crime and output. Individuals make an occupationalchoice between criminal and … level of crime andeconomic activity. I calibrate the model to the Northern Triangle countries and conductseveral policy … experiments. I find that for a country like Honduras crime reduces GDP byabout 3 percent through its negative effect on employment …
Persistent link: https://www.econbiz.de/10012842207
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Crime and the Economy in Mexican States : Heterogeneous Panel Estimates (1993-2012)
Verdugo Yepes, Concepción - 2015
This paper studies the transmission of crime shocks to the economy in a sample of 32 Mexican states over the period … associated with the sign and magnitude of the responses of economic variables to crime shocks …
Persistent link: https://www.econbiz.de/10013020268
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Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries
Cevik, Serhan - 2012
This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing...
Persistent link: https://www.econbiz.de/10013098603
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Policy Analysis and Forecasting in the World Economy : A Panel Unobserved Components Approach
Vitek, Francis - 2012
This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within...
Persistent link: https://www.econbiz.de/10013102206
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GPM6 : The Global Projection Model with 6 Regions
Carabenciov, Ioan - 2013
This is the sixth of a series of papers that are being written as part of a project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this...
Persistent link: https://www.econbiz.de/10013082484
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Measuring Systemic Risk-Adjusted Liquidity (SRL) : A Model Approach
Jobst, Andreas (Andy) - 2013
Little progress has been made so far in addressing - in a comprehensive way - the externalities caused by impact of the interconnectedness within institutions and markets on funding and market liquidity risk within financial systems. The Systemic Risk-adjusted Liquidity (SRL) model combines...
Persistent link: https://www.econbiz.de/10013083627
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Systemic Contingent Claims Analysis – Estimating Market-Implied Systemic Risk
Jobst, Andreas (Andy) - 2013
The recent global financial crisis has forced a re-examination of risk transmission in the financial sector and how it affects financial stability. Current macroprudential policy and surveillance (MPS) efforts are aimed establishing a regulatory framework that helps mitigate the risk from...
Persistent link: https://www.econbiz.de/10013085135