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In search of the Euro area fiscal stance
Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016
This paper investigates the role of fiscal policies over the aggregate EMU business cycle. Previous studies, based on the assumption of non-separability between public and private consumption, obtain a large public consumption multiplier, a small fraction of non-Ricardian households and,...
Persistent link: https://www.econbiz.de/10011529025
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Identifying the shocks behind business cycle asynchrony in Euroland
Trenkler, Carsten; Weber, Enzo - 2012
This paper investigates which shocks drive asynchrony of business cycles in the euro area. Thereby, it unites two strands of literature, those on common features and on structural VAR analysis. In particular, we show that the presence of a common cycle implies collinearity of structural impulse...
Persistent link: https://www.econbiz.de/10011489953
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Great recession, slow recovery and muted fiscal policies in the US
Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016
This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...
Persistent link: https://www.econbiz.de/10011434680
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Financial frictions and the real economy
Pietrunti, Mario - 2017
This paper investigates in a non-linear setting the impact on the real economy of frictions stemming from the financial sector. We develop a medium scale DSGE model with a banking sector where an occasionally binding constraint on banks' capital induces a relevant non-linearity. The model -...
Persistent link: https://www.econbiz.de/10011976236
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Exposure to international crises : trade vs. financial contagion
Grant, Everett - 2016
distance, trade, and finance to the US subprime mortgage and Eurozone debt crisis areas. To understand the causes of the cross …
Persistent link: https://www.econbiz.de/10011975657
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Implications of macroeconomic volatility in the Euro area
Hauzenberger, Niko; Böck, Maximilian; Pfarrhofer, Michael - 2018
In this paper we estimate a Bayesian vector autoregressive model with factor stochastic volatility in the error term to assess the effects of an uncertainty shock in the Euro area. This allows us to treat macroeconomic uncertainty as a latent quantity during estimation. Only a limited number of...
Persistent link: https://www.econbiz.de/10011978764
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Caught in the cycle : economic conditions at enrollment and labor market outcomes of college graduates
Bičáková, Alena; Cortes, Guido Matias; Mazza, Jacopo - 2020
We find robust evidence that cohorts of graduates who enter college during worse economic times earn higher average wages than those who enter during better times. This difference is not explained by differences in economic conditions at the time of college graduation, changes in field of study...
Persistent link: https://www.econbiz.de/10012197284
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The effectiveness of forward guidance in an estimated DSGE model for the Euro area : the role of expectations
Cardani, Roberta; Paccagnini, Alessia; Bekiros, Stelios - 2016
-VAR models. DSGE model with expectations outperforms others for inflation; while for output and short term-interest rate the DSGE …
Persistent link: https://www.econbiz.de/10011583778
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Price level changes and the redistribution of nominal wealth across the Euro Area
Adam, Klaus; Zhu, Junyi - 2014
, and Belgium and Malta being the largest losers. Governments are net winners of inflation, while the household (HH) sector …, while HHs in Finland and Spain turn out to be net winners of inflation. Considerable heterogeneity exists also within the HH … sector: relatively young middle class HHs are net winners of inflation, while older and richer HHs are losers. As a result …
Persistent link: https://www.econbiz.de/10011490481
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Determinants of the credit cycle : a flow analysis of the extensive margin
Cuciniello, Vincenzo; Di Iasio, Nicola - 2021
Using loan-level data covering almost all loans to households and businesses from banks in Italy over the past 20 years, we offer new empirical evidence that credit declines during a recession primarily because of the reduction in the net creation of borrowers. We then build on a flow approach...
Persistent link: https://www.econbiz.de/10012622824