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Life below zero : bank lending under negative policy rates

Heider, Florian; Saidi, Farzad; Schepens, Glenn - 2018

We show that negative policy rates affect the supply of bank credit in a novel way. Banks are reluctant to pass on … low-deposit banks. As a consequence, the introduction of negative policy rates by the European Central Bank in mid-2014 …

Persistent link: https://www.econbiz.de/10011881156

Domestic and external sectoral portfolios : network structure and balance-sheet contagion

Heipertz, Jonas; Rancière, Romain; Valla, Natacha - 2018

This paper uses a unique comprehensive database on French security assets and liabilities to study the dynamics of domestic and external sectoral portfolios, their network structure, and their role in the propagation of shocks. We ﬁrst show how the sharp deterioration of the net external...

Persistent link: https://www.econbiz.de/10011959224

How frequently do prices change?

Aucremanne, Luc; Dhyne, Emmanuel - 2004

This paper examines the degree of price rigidity in Belgian consumer prices, using a large database. As to the observed degree of rigidity, the results reveal a substantial amount of heterogeneity, not only across but also within product categories. While prices turn out to be perfectly flexible...

Persistent link: https://www.econbiz.de/10009636700

How do firms adjust their wage bill in Belgium? : a decomposition along the intensive and extensive margins

Fuss, Catherine (contributor) - 2008

This paper decomposes wage bill changes at the firm level into components due to wage changes, and components due to net flows of employment. The analysis relies on an administrative employer-employee dataset of individual annual earnings matched with firms' annual accounts for Belgium over the...

Persistent link: https://www.econbiz.de/10003636088

The patterns and determinants of price setting in the Belgian industry

Cornille, David (contributor); Dossche, Maarten (contributor) - 2006

This paper documents the patterns and determinants of price setting in the Belgian industry. We analyse the micro data underlying the Producer Price Index (PPI) over the period from February 2001 to January 2005. On average only one out of four prices changes in a typical month, whereas the...

Persistent link: https://www.econbiz.de/10003320754

The response of firms' investment and financing to adverse cash flow shocks : the role of bank relationships

Fuss, Catherine (contributor); Vermeulen, Philip (contributor) - 2006

We test whether firms with a single bank are better shielded from loss of credit and investment cuts in periods of … adverse cash flow shocks than firms with multiple bank relationships. Our estimates of the cash flow sensitivity of investment … adverse cash flow shocks, the probability of obtaining extra bank debt becomes more sensitive to the size and leverage of the …

Persistent link: https://www.econbiz.de/10003358619

Understanding sectoral differences in downward real wage rigidity : workforce composition, institutions, technology and competition

Du Caju, Philip; Fuss, Catherine; Wintr, Ladislav - 2009

This paper examines whether differences in wage rigidity across sectors can be explained by differences in workforce composition, competition, technology and wage-bargaining institutions. We adopt the measure of downward real wage rigidity (DRWR) developed by Dickens and Goette (2006) and rely...

Persistent link: https://www.econbiz.de/10003831755

Rigid labour compensation and flexible employment? : firm-level evidence with regard to productivity for Belgium

Fuss, Catherine; Wintr, Ladislav - 2009

Using firm-level data for Belgium over the period 1997-2005, we evaluate the elasticity of firms' labour and real average labour compensation to microeconomic total factor productivity (TFP). Our results may be summarised as follows. First, we find that the elasticity of average labour...

Persistent link: https://www.econbiz.de/10003832001

Downward wage rigidity and optimal steady-state inflation

Fagan, Gabriel; Messina, Julián - 2009

This paper examines the impact of downward wage rigidity (nominal and real) on optimal steady-state inflation. For this purpose, we extend the workhorse model of Erceg, Henderson and Levin (2000) by introducing asymmetric menu costs for wage setting. We estimate the key parameters by simulated...

Persistent link: https://www.econbiz.de/10003832636

The impact of financial position on investment : an anlysis for non-financial corporations in the euro area

Martínez-Carrascal, Carmen (contributor); … - 2008

This paper analyses the impact that firms' financial position has on investment decisions using panel data from a large sample of non-financial corporations (around 120,000 firms) in six euro area countries (Belgium, Germany, France, Italy, the Netherlands and Spain). The results indicate that...

Persistent link: https://www.econbiz.de/10003790950

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