Showing 1 - 10 of 191
Introduction -- Principles of Portfolio Management Conditions -- Evaluation of the Allocation Framework -- Multi Asset …
Persistent link: https://www.econbiz.de/10014016337
The monetary transmission mechanism in the euro area has been adversely affected by the recent crises. Using survey data on thousands of euro area firms, we study factors that affect the access to finance of SMEs. We find that changes in bank funding costs and borrower leverage matter for...
Persistent link: https://www.econbiz.de/10014411219
The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting at different pace across countries and with different compositions of wage cuts and labor shedding. There is so far limited evidence of resource re-allocation from non-tradable...
Persistent link: https://www.econbiz.de/10014411479
The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances. Thus far, tangible progress has been made through lower wages and/or higher...
Persistent link: https://www.econbiz.de/10014411480
The synchronized disinflation across Europe since end-2011 raises the question of whether non-euro area EU countries … have been more affected. The scope for monetary response to low inflation in non-euro area EU countries depends on concerns …
Persistent link: https://www.econbiz.de/10014411678
model through an extensive calibration process, and provide a wide range of model properties and evaluation exercises …
Persistent link: https://www.econbiz.de/10014411693
Real unit labor costs (RULC) growth differentials between euro area members have persisted since EMU began and even widened out in the run-up to the crisis. This paper focuses on the causes underlying such dispersion. According to our empirical findings, persistent RULC growth differentials can...
Persistent link: https://www.econbiz.de/10014412186
The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 euro area countries over the period 1979-2010, the...
Persistent link: https://www.econbiz.de/10014394634
The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of...
Persistent link: https://www.econbiz.de/10014395669
This paper investigates the asymmetries in trade spillovers from sector-specific technology shocks in China to selected euro area countries. We use a Ricardian-gravity trade model to estimate sectoral competitiveness in individual euro area countries. Simulations on the impact of productivity...
Persistent link: https://www.econbiz.de/10014395707