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Markups in the euro area and the US over the period 1981-2004 : a comparison of 50 sectors
Christopoulou, Rebekka (contributor);  … - 2008
This paper provides estimates of price-marginal cost ratios or markups for 50 sectors in 8 euro area countries and the US over the period 1981-2004. The estimates are obtained applying the methodology developed by Roeger (1995) on the EU KLEMS March 2007 database. Five stylized facts are...
Persistent link: https://www.econbiz.de/10003636104
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International transmission and monetary policy cooperation
Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008
We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...
Persistent link: https://www.econbiz.de/10003636288
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How does competition affect efficiency and soundness in banking? : new empirical evidence
Schaeck, Klaus (contributor); Čihák, Martin (contributor) - 2008
A growing body of literature indicates that competition increases bank soundness. Applying an industrial organization based approach to large data sets for European and U.S. banks, we offer new empirical evidence that efficiency plays a key role in the transmission from competition to soundness....
Persistent link: https://www.econbiz.de/10003789457
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The German block of the ESCB multi-country model
Vetlov, Igor (contributor); Warmedinger, Thomas (contributor) - 2006
The paper presents the German block of the ESCB multi-country model. It builds on previous modelling work on the Area Wide Model and other country blocks of the ESCB multicountry-model. Whilst being analogous to these models in following a common modelling approach and the same theoretical...
Persistent link: https://www.econbiz.de/10003358598
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The impact of ECB monetary policy decisions and communication on the yield curve
Brand, Claus (contributor); Buncic, Daniel (contributor);  … - 2006
We analyse high-frequency changes in the euro area money market yield curve on dates when the ECB regularly sets and communicates decisions on policy interest rates to construct different indicators of monetary policy news relating to policy decisions and to central bank communication. The...
Persistent link: https://www.econbiz.de/10003358614
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The Italian block of the ESCB multi-country model
Angelini, Elena (contributor);  … - 2006
This paper documents the structure, estimation and simulation properties of the Italian block of the ESCB-multi-country model (MCM). The model is used regularly as an input into Eurosystem projection exercises and, to a lesser extent, in simulation analysis. The specic̄ation of the Italian...
Persistent link: https://www.econbiz.de/10003358630
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The behaviour of the real exchange rate : evidence from regression quantiles
Nikolaou, Kleopatra (contributor) - 2006
We test for mean reversion in real exchange rates using a recently developed unit root test for non-normal processes based on quantile autoregression inference in semi-parametric and non-parametric settings. The quantile regression approach allows us to directly capture the impact of different...
Persistent link: https://www.econbiz.de/10003358655
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Declining valuations and equilibrium bidding in central bank refinancing operations
Ewerhart, Christian (contributor); Cassola, Nuno (contributor) - 2006
It is argued that bidders in liquidity-providing central bank operations should typically possess declining marginal valuations. Based on this hypothesis, we construct an equilibrium in central bank refinancing operations organised as variable rate tenders. In the case of the discriminatory...
Persistent link: https://www.econbiz.de/10003358659
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Forecasting economic aggregates by disaggregates
Hendry, David F. (contributor); Hubrich, Kirstin (contributor) - 2006
We suggest an alternative use of disaggregate information to forecast the aggregate variable of interest, that is to include disaggregate information or disaggregate variables in the aggregate model as opposed to first forecasting the disaggregate variables separately and then aggregating those...
Persistent link: https://www.econbiz.de/10003280663
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Sectoral explanations of employment in Europe : the role of services
D'Agostino, Antonello (contributor);  … - 2006
sector, four sub-sectors and twelve service sector branches. Recently, both Europe and the US have experienced an increase in … the share of service jobs in Europe relative to the US persists. Understanding the main factors behind this gap is key to … achieving higher employment levels in Europe. This paper focuses on the role of barriers in the EU-15 which may have hindered …
Persistent link: https://www.econbiz.de/10003337138