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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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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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Unemployment, marginal attachment and labor force participation in Canada and the United States
Jones, Stephen R. G.; Riddell, William Craig - 2017
We analyze changes in unemployment, marginal labor force attachment and participation in Canada and the U.S. Using two complementary decompositions, we show the importance for the comparative evolution of aggregate unemployment of changes in the fraction of the non-employed who are unemployed...
Persistent link: https://www.econbiz.de/10012064016
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How do international stock markets respond to oil demand and supply shocks?
Günter, Jochen H. F. - 2011
Persistent link: https://www.econbiz.de/10009539405
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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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Accurate and efficient methods for spline smoothing using a state space approach
Kohn, Robert; Ansley, Craig F.; Tharm, David - 1990
Persistent link: https://www.econbiz.de/10000847218
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Is sterilized foreign exchange intervention effective after all? : An event study approach
Fatum, Rasmus; Hutchison, Michael M. - 1999
Persistent link: https://www.econbiz.de/10001362076
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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