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Can we prevent boom-bust cycles during euro area accession?

Brzoza-Brzezina, Michał; Jacquinot, Pascal; Kolasa, Marcin - 2010

Euro-area accession caused boom-bust cycles in several catching-up economies. Declining interest rates and easier financing conditions fuelled spending and worsened the current account balance. Over time inflation deteriorated external competitiveness and lowered domestic demand, turning the...

Persistent link: https://www.econbiz.de/10008771781

Switching-track after the Great Recession

Vinci, Francesca; Licandro, Omar - 2021

behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand …, when shocks are deep and persistent enough, like during the Great Recession, they call for a downward revision of potential … followed the Great Recession, as well as the V-shaped recoveries that followed the oil shock recessions. …

Persistent link: https://www.econbiz.de/10012627907

Short-time work in the great recession : firm-level evidence from 20 EU countries

Lydon, Reamonn; Mathä, Thomas; Millard, Stephen Patrick - 2018

Using firm-level data from a large-scale European survey among 20 countries, we analyse the determinants of firms using short-time work (STW). We show that firms are more likely to use STW in case of negative demand shocks. We show that STW schemes are more likely to be used by firms with high...

Persistent link: https://www.econbiz.de/10011959218

The cyclical behavior of equilibrium unemployment and vacancies revisited

Hagedorn, Marcus (contributor); … - 2008

Recently, a number of authors have argued that the standard search model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We use data on the cost of vacancy creation and cyclicality of wages to identify...

Persistent link: https://www.econbiz.de/10003636083

Resuscitating the wage channel in models with unemployment fluctuations

Christoffel, Kai (contributor); Küster, Keith (contributor) - 2008

All else equal, higher wages translate into higher inflation. More rigid wages imply a weaker response of inflation to shocks. This view of the wage channel is deeply entrenched in central banks' views and models of their economies. In this paper, we present a model with equilibrium unemployment...

Persistent link: https://www.econbiz.de/10003789409

Cyclical inflation divergence and different labor market institutions in the EMU

Campolmi, Alessia (contributor); Faia, Ester (contributor) - 2006

This paper relates the size of the cyclical inflation differentials, currently observed for euro area countries, to the differences in labor market institutions across the same set of countries. It does that by using a DSGE model for a currency area with sticky prices and labor market frictions....

Persistent link: https://www.econbiz.de/10003320758

Job flow dynamics and firing restrictions : evidence from Europe

Messina, Julián (contributor); … - 2006

We exploit homogeneous firm level data of manufacturing and non-manufacturing sectors to study the impact of firing restrictions on job flow dynamics across 14 European countries. We find that more stringent firing laws dampen the response of job destruction to the cycle, thus making job...

Persistent link: https://www.econbiz.de/10003310809

Estimating multi-country VAR models

Canova, Fabio (contributor); Ciccarelli, Matteo (contributor) - 2006

This paper describes a methodology to estimate the coefficients, to test specification hypotheses and to conduct policy exercises in multi-country VAR models with cross unit interdependencies, unit specific dynamics and time variations in the coefficients. The framework of analysis is Bayesian:...

Persistent link: https://www.econbiz.de/10003310812

Identifying the role of labor markets for monetary policy in an estimated DSGE model

Christoffel, Kai (contributor); Kuester, Keith (contributor) - 2006

We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages...

Persistent link: https://www.econbiz.de/10003337206

Assessing portfolio credit risk changes in a sample of EU large and complex banking groups in reaction to macroeconomic shocks

Castrén, Olli; Fitzpatrick, Trevor; Sydow, Matthias - 2009

In terms of regulatory and economic capital, credit risk is the most significant risk faced by banks. We implement a credit risk model - based on publicly available information . with the aim of developing a tool to monitor credit risk in a sample of large and complex banking groups (LCBGs) in...

Persistent link: https://www.econbiz.de/10003831692

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