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An application of index numbers theory to interest rates
Huerga, Javier; Steklacova, Lucia - 2008
This paper uses index number theory to disentangle changes in aggregate retail interest rates due to changes in individual component rates (“interest rate effect”) from those caused by changes in the weights of each component (“weight effect”), on the basis of the “difference” index...
Persistent link: https://www.econbiz.de/10011604985
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Macroeconomic determinants of MIR interest rate margin in the Euro area
Anastasiou, Dimitrios - In: Journal of Central Banking Theory and Practice 10 (2021) 1, pp. 39-53
This study aims to examine the determinants of the MIR interest rate in the Euro area for the period 2003Q1-2015Q3. By employing Fixed and Random Effects as econometric methodologies, I examine whether the MIR rate is affected by the following macroeconomic factors: unemployment rate, inflation...
Persistent link: https://www.econbiz.de/10014558537
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Adjusting to the euro
Fagan, Gabriel; Gaspar, Vítor - 2007
In this paper we argue that, for a group of converging economies of the European Union, participation in the euro area has been associated with easier access to financing by domestic economic agents. Easier access to financing was a significant impulse leading to a sharp increase in households'...
Persistent link: https://www.econbiz.de/10011604762
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Mortgage interest rate dispersion in the euro area
Kok, Christoffer; Lichtenberger, Jung-Duk - 2007
Despite the remarkable economic and financial convergence over the last ten years in the euro area, mortgage interest rates still differ across countries. This note presents some stylised facts on the heterogeneity of mortgage interest rates across euro area countries on the basis of the...
Persistent link: https://www.econbiz.de/10011604779
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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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Macroeconomic adjustment to monetary union
Fagan, Gabriel; Gaspar, Vítor - 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/10011604992
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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
, though cannot equally well capture differences in the investment ratios. The conclusion that we draw is that consumption …
Persistent link: https://www.econbiz.de/10011604941
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Die Zinslast des Bundes in der Schuldenkrise: Wie lukrativ ist der 'sichere Hafen'?
Boysen-Hogrefe, Jens - 2012
In the aftermath of the Great Recession and during the debt crisis in the euro area yields on German federal bonds have been exceptionally low. This analysis tries to calculate the profits that the federal government makes due to the low yields. The interest payments that are due to emissions of...
Persistent link: https://www.econbiz.de/10010287008
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Monetary-fiscal policy relations in the euro area: The impact on the primary balance
Dascher-Preising, Fabienne; Greiner, Alfred - 2022
With this paper, our objective is to empirically study public debt sustainability by estimating a fiscal reaction function where the primary balance relative to GDP is assumed to be a function of the public debt to GDP ratio of the previous year and of other macroeconomic variables. In...
Persistent link: https://www.econbiz.de/10014565894
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Interest rate hysteresis in macroeconomic investment under uncertainty
Belke, Ansgar; Göcke, Matthias - 2019
important driver of macroeconomic investment. As an innovation, this paper derives the exact shape of the "hysteretic" impact of … changes in the interest rate on macroeconomic investment under the scenarios of certainty and uncertainty. We capture the … direct interest rate-hysteresis effects on investment and the capital stock and, explicitly, stochastic changes of the …
Persistent link: https://www.econbiz.de/10011994803