Narrow search
Showing 1 - 10 of 969
Cover Image
The scarcity effect of quantitative easing on repo rates : evidence from the euro area
Arrata, William; Nguyen, Benoit; Rahmouni-Rousseau, Imene; … - 2018
Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks' excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we...
Persistent link: https://www.econbiz.de/10011978433
Cover Image
Trade uncertainty and investment in the euro area
Ebeke, Christian; Siminitz, Jesse - 2018
We analyze the impact of trade policy uncertainty on investment in the euro area. Our identification strategy assumes … that countries that are relatively more dependent on global trade networks exhibit a higher sensitivity of investment with … respect to trade uncertainty. We find that the investment-to-GDP ratio is on average 0.8 percentage points lower for five …
Persistent link: https://www.econbiz.de/10011978678
Cover Image
One money, many markets : monetary transmission and housing financing in the euro area
Corsetti, Giancarlo; Duarte, Joao B.; Mann, Samuel - 2020
We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption,...
Persistent link: https://www.econbiz.de/10012252067
Cover Image
It is only natural : Europe's low interest rates (trajectory and drivers)
Arena, Marco; Di Bella, Gabriel; Cuevas, Alfredo; … - 2020
Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization...
Persistent link: https://www.econbiz.de/10012252665
Cover Image
Capital Markets and External Current Accounts : What to Expect From the Euro
Decressin, Jörg - 2000
Italy and provinces in Canada. Analyzing saving-investment correlations, and developing as well as fitting to the data a …
Persistent link: https://www.econbiz.de/10014403500
Cover Image
Corporate Balance Sheet Restructuring and Investment in the Euro Area
Jaeger, Albert - 2003
legacy of high debt or leverage. Models of corporate investment behavior based on imperfect capital markets predict that … highly leveraged balance sheets can act as a brake on investment spending. The paper''s empirical analysis suggests that … leverage effects on corporate investment can be substantial and persistent, particularly if leverage exceeds threshold values …
Persistent link: https://www.econbiz.de/10014403893
Cover Image
Additional Evidenceon Ems Interest Rate Linkages
Thornton, John - 1996
This note examines interest rate linkages within the EMS. Cointegration tests suggest the existence of a long-run equilibrium relationship between German and other EMS interest rates. Bivariate VAR analysis finds that Granger-causality either stems from German to other European interest rates...
Persistent link: https://www.econbiz.de/10014396063
Cover Image
Numerical fiscal rules for economic unions : the role of sovereign spreads
Hatchondo, Juan Carlos; Martinez, Leonardo; Roch, Francisco - 2021
We study gains from introducing a common numerical fiscal rule in a "Union" of model economies facing sovereign default risk. We show that among economies in the Union, there is significant disagreement about the common debt limit the Union should implement: the limit preferred by some economies...
Persistent link: https://www.econbiz.de/10012605545
Cover Image
This changes everything : climate shocks and sovereign bonds
Cevik, Serhan; Jalles, João Tovar - 2020
Climate change is already a systemic risk to the global economy. While there is a large body of literature documenting potential economic consequences, there is scarce research on the link between climate change and sovereign risk. This paper therefore investigates the impact of climate change...
Persistent link: https://www.econbiz.de/10012251897
Cover Image
Unemployment surges in the EU : the role of risk premium shocks
Bakker, Bas B.; Korczak, Marta; Krogulski, Krzysztof - 2019
In the last decade, over half of the EU countries in the euro area or with currencies pegged to the euro were hit by large risk premium shocks. Previous papers have focused on the impact of these shocks on demand. This paper, by contrast, focuses on the impact on supply. We show that risk...
Persistent link: https://www.econbiz.de/10012009587