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Do banks practice what they preach? : brown lending and environmental disclosure in the euro area
Gambacorta, Leonardo; Polizzi, Salvatore; Reghezza, Alessio - 2023
This study examines whether the level of environmental disclosure in banks' financial reports matches less brown lending portfolios. Using granular credit register data and detailed information on firm-level greenhouse gas emission intensities, we find a negative relationship between...
Persistent link: https://www.econbiz.de/10014482925
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The impact of environmental regulation on clean innovation : are there crowding out effects?
Benatti, Nicola; Groiss, Martin; Kelly, Petra; … - 2024
We examine the extent to which environmental regulation affects innovation and which policy types provide the strongest incentives to innovate. Using a local projection framework, we estimate the regulatory impact on patenting activity over a five-year horizon. As a proxy for environmental...
Persistent link: https://www.econbiz.de/10014558850
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Environmental regulation and productivity growth in the euro area : testing the Porter hypothesis
Benatti, Nicola; Groiss, Martin; Kelly, Petra; … - 2023
This paper analyses the impact of changes in environmental regulations on productivity growth at country- and firm-level. We exploit several data sources and the environmental policy stringency index, to evaluate the Porter hypothesis, according to which firms' productivity can benefit from more...
Persistent link: https://www.econbiz.de/10014315280
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Is there a signalling role for public wages? : evidence for the euro area based on macro data
Pérez, Javier J.; Sánchez Fuentes, A. Jesús - 2010
setting? This paper tries to isolate the pure signalling effect that one sector might exert on the other by controlling for … (signalling effect). There is strong evidence of public wages’ leadership, either in conjunction with bi-directional links from …-the-year linkages). - Government wages ; private sector wages ; signalling, causality ; mixed frequency data ; causal graph …
Persistent link: https://www.econbiz.de/10003970201
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Robust monetary rules under unstructured and structured model uncertainty
Levine, Paul (contributor); Pearlman, Joseph (contributor) - 2008
This paper compares two contrasting approaches to robust monetary policy design. The first developed by Hansen and Sargent (2003, 2007) assumes unstructured model uncertainty and uses a minimax robustness criterion to design monetary rules. This contrasts with an older literature that structures...
Persistent link: https://www.econbiz.de/10003778827
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The usefulness of infra-annual government cash budgetary data for fiscal forecasting in the euro area
Onorante, Luca; Pedregal, Diego J.; Pérez, Javier J.; … - 2008
Short-term fiscal indicators based on public accounts data are often used by European policy makers. They represent one of the main sources of publicly available intra-annual fiscal information. Nevertheless, these indicators have received limited attention from the academic literature analysing...
Persistent link: https://www.econbiz.de/10003778829
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Fiscal consolidation in the euro area : long-run benefits and short-run costs
Coenen, Günter (contributor); Mohr, Matthias (contributor);  … - 2008
In this paper, we examine the macroeconomic effects of alternative fiscal consolidation policies in the New Area-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al., 2007). We model fiscal consolidation as a permanent...
Persistent link: https://www.econbiz.de/10003778833
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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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The role of labor markets for euro area monetary policy
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009
In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behaviour...
Persistent link: https://www.econbiz.de/10003832582
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Macroeconomic adjustment to monetary union
Fagan, Gabriel (contributor); Gaspar, Vítor (contributor) - 2008
The move to monetary union in Europe led to convergence of interest rates among the participating countries. This was associated with notable cross-country differences in the behaviour of key macroeconomic aggregates. Compared to the low interest rate countries, former high interest rate...
Persistent link: https://www.econbiz.de/10003790953