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Firms' investment decisions in response to demand and price uncertainty
Fuss, Catherine; Vermeulen, Philip - 2004
We estimate the effect of demand and price uncertainty on firms’ investment decisions from a panel of manufacturing … investment, while price uncertainty is insignificant. This is consistent with the behavior of monopolistic firms with … irreversible capital (Caballero, 1991). Further, firms revise their investment plans very little. They may do so in response to new …
Persistent link: https://www.econbiz.de/10009639401
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The output composition puzzle
Angeloni, Ignazio; Kashyap, Anil K.; Mojon, Benoît; … - 2003
output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. …
Persistent link: https://www.econbiz.de/10009635907
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Capital quality improvement and the sources of growth in the euro area
Sakellaris, Plutarchos; Vijselaar, Focco W. - 2004
Capital quality improvement is a general phenomenon. Therefore quality correction is needed in price indexes. There is substantial evidence of biases in the official price indexes of capital equipment. We apply to euro area statistics estimates of these biases based on US data thus deriving...
Persistent link: https://www.econbiz.de/10009639422
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Financial factors in economic fluctuations
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10009640348
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Housing, consumption and monetary policy
Musso, Alberto; Neri, Stefano; Stracca, Livio - 2010
real house price, residential investment and mortgage debt on the two sides of the Atlantic. Then, it presents evidence …
Persistent link: https://www.econbiz.de/10009640398
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Financing obstacles among euro area firms
Ferrando, Annalisa; Griesshaber, Nicolas - 2011
In this study we investigate the determinants of financing obstacles using survey data on a sample of around 5000 firms from the euro area countries. This completely new survey – started at the end of 2009 - gives us the opportunity to test whether firm characteristics such as size, age,...
Persistent link: https://www.econbiz.de/10009640626
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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
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Explaining the money demand of non-financial corporations in the Euro area
Martinez-Carrascal, Carmen; Landesberger, Julian von - 2010
This paper analyses euro area non-financial corporations (NFC) money demand, both from a macro and a microeconomic point of view. At a macro level, money holdings are modelled as a function of real gross added value, the price level, the long-term interest rate on bank lending to non-financial...
Persistent link: https://www.econbiz.de/10009640283
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Household money holdings in the euro area
Seitz, Franz; Landesberger, Julian von - 2010
In this paper we analyse household holdings of the broad monetary aggregate M3 in the euro area from 1991 until 2009. We develop four models, two in nominal, two in real terms, with satisfactory economic and statistical properties. The main determinants are a transactions variable, wealth...
Persistent link: https://www.econbiz.de/10009640302
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Wages, labor or prices
Dhyne, Emmanuel; Druant, Martine - 2010
Survey results in 15 European countries for almost 15,000 firms reveal that Belgian firms react more than the average European firm to adverse shocks by reducing permanent and temporary employment. On the basis of a firm-level analysis, this paper confirms that the different reaction to shocks...
Persistent link: https://www.econbiz.de/10009640316