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The Ease of Trade Imbalances Within the Euro Area After the 2008 Recession
Scheiblecker, Marcus - 2013
Right from the start of the European currency union, trade imbalances could be observed in the current accounts and … competitiveness in comparison to the periphery. This led to an increase in foreign trade imbalances. With the sharp drop of economic …
Persistent link: https://www.econbiz.de/10011435352
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On the empirical evidence of the intertemporal current account model for the euro area countries
Ca' Zorzi, Michele; Rubaszek, Michał - 2008
In this paper we present a novel approach to the empirical validation of the intertemporal approach to the current account. We develop a calibrated model highlighting the role of consumption smoothing and capital accumulation in the economic convergence process. After solving the model, we...
Persistent link: https://www.econbiz.de/10011604941
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Convergence and anchoring of yield curves in the euro area
Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU) has led to substantial convergence in euro area sovereign...
Persistent link: https://www.econbiz.de/10011604863
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Current account benchmarks for central and eastern Europe: a desperate search?
Ca' Zorzi, Michele; Chudik, Alexander; Dieppe, Alistair - 2009
sustainability approach á la Lane and Milesi-Ferretti (LM) versus the structural current accounts literature (SCA) based on panel …
Persistent link: https://www.econbiz.de/10011605041
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Understanding inter-industry wage structures in the euro area
Genre, Véronique; Kohn, Karsten; Momferatou, Daphne - 2009
-country panel of 22 industries in 8 euro area countries for 1991-2002. Data inspection confirms the existence of a fairly stable … inter- industry wage structure that is similar across countries. We then apply panel data techniques to identify factors …
Persistent link: https://www.econbiz.de/10011605068
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Interest rate reaction functions for the euro area Evidence from panel data analysis
Ruth, Karsten - 2004
interest rate reaction functions based on a panel including actual EMU Member States. We find that exploiting the cross …-section dimen- sion of a multi-country panel and accounting for cross-country heterogeneity in advance of the single monetary policy … panel reaction function which is demonstrated to be a valuable tool for evaluating episodes of monetary policy since 1999. …
Persistent link: https://www.econbiz.de/10010295660
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Competitiveness and current account adjustments in the euro area
Böing, Tobias; Stadtmann, Georg - 2016
Euro area. For this purpose, we estimate a panel with annual observations from 2000 to 2013. Our findings confirm the …
Persistent link: https://www.econbiz.de/10011444642
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How important are foreign shocks in small open economy? The case of Slovakia
Horváth, Roman; Rusnák, Marek - 2008
In this paper, we provide evidence on the nature and the relative importance of domestic and foreign shocks in Slovak economy based on block-restriction vector autoregression model in 1999-2007. We document well-functioning monetary transmission mechanism in Slovakia. Subject to various...
Persistent link: https://www.econbiz.de/10010322189
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An estimated dynamic stochastic general equilibrium model of the euro area
Smets, Frank; Wouters, Raf - 2002
This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...
Persistent link: https://www.econbiz.de/10011506557
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Forecasting with a Bayesian DSGE Model: an application to the euro area
Smets, Frank; Wouters, Raf - 2004
In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...
Persistent link: https://www.econbiz.de/10011506582