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Financial integration in Europe through the lens of composite indicators
Hoffmann, Peter; Kremer, Manfred; Zaharia, Sonia - 2019
This paper develops composite indicators of financial integration within the euro area for both price-based and quantity-based indicators covering money, bond, equity and banking markets. Prior to aggregation, individual integration indicators are harmonised by applying the probability integral...
Persistent link: https://www.econbiz.de/10012104477
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Business cycles in the euro area
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2009
This paper shows that the EMU has not affected historical characteristics of member countries' business cycles and their cross-correlations. Member countries which had similar levels of GDP per-capita in the seventies have also experienced similar business cycles since then and no significant...
Persistent link: https://www.econbiz.de/10003831782
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Fiscal policy and growth : do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10003983667
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Tracking growth in the euro area subject to a dimensionality problem
Comunale, Mariarosaria; Mongelli, Francesco Paolo - 2021
We investigate which variables have supported growth in the euro area over the last 30 years. This is a challenging task due to dimensionality problems: a large set of potential determinants, limited data, and the prospect that some variables could be non-stationary. We assemble a set of 35...
Persistent link: https://www.econbiz.de/10012625874
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The impact of high and growing government debt on economic growth : an empirical investigation for the euro area
Checherita-Westphal, Cristina; Rother, Philipp C. - 2010
rate are: (i) private saving; (ii) public investment; (iii) total factor productivity (TFP) and (iv) sovereign long …
Persistent link: https://www.econbiz.de/10008657130
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Labor adjustment and productivity in the OECD
Dossche, Maarten; Gazzani, Andrea; Lewis, Vivien - 2021
Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized … our model with variable effort, greater labor market frictions are associated with procyclical labor productivity as well … data. By implication, labor market deregulation has a greater effect on the cyclicality of labor productivity and on the …
Persistent link: https://www.econbiz.de/10012547644
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Output growth and fluctuation : the role of financial openness
Popov, Alexander - 2011
I analyze output growth, volatility, and skewness as the joint outcomes of financial openness. Using an industry panel of 53 countries over 45 years, I find that financial openness increases simultaneously mean growth and the negative skewness of the growth process. The increase in output...
Persistent link: https://www.econbiz.de/10009354652
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Economic consequences of high public debt: evidence from three large scale DSGE models
Burriel, Pablo; Checherita-Westphal, Cristina; … - 2020
The paper reviews the economic risks associated with regimes of high public debt through DSGE model simulations. The large public debt build-up following the 2009 global financial and economic crisis acted as a shock absorber for output, while in the recent and more severe COVID19-crisis, an...
Persistent link: https://www.econbiz.de/10012251324
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Product market regulation, business churning and productivity : evidence from the European Union countries
Anderton, Bob; Di Lupidio, Benedetta; Jarmulska, Barbara - 2019
Productivity performance in European countries has been a policy concern for some time. This paper shows that … productivity can be enhanced by product market policies which, by increasing competition and efficiency, facilitate higher rates of … churning, in turn, appears to be positively related to higher total factor productivity at the sector level by facilitating the …
Persistent link: https://www.econbiz.de/10012132481
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Imposing parsimony in cross-country growth regressions
Jarociński, Marek - 2010
The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from...
Persistent link: https://www.econbiz.de/10008657134