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The Integration of Migrants and its Effects on the Labour Market
Eichhorst, Werner; Giulietti, Corrado; Guzi, Martin - 2011
intracorporate transferees from outside the EU is outlined in Section 3, where immigration legislation for these types of workers is … well as their assimilation into the labour market. The role of both restrictive immigration policies and of practical … barriers to integration is investigated. The impact of immigration on the wages and on the welfare state is considered in …
Persistent link: https://www.econbiz.de/10011902468
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Identifying the monetary transmission mechanism using structural breaks
Beyer, Andreas; Farmer, Roger E. A. - 2003
We propose a method for estimating a subset of the parameters of a structural rational expectations model by exploiting changes in policy. We define a class of models, midway between a vector autoregression and a structural model, that we call the recoverable structure. As an application of our...
Persistent link: https://www.econbiz.de/10009635894
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Benefits and spillovers of greater competition in Europe
Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo - 2004
Using a general-equilibrium simulation model featuring nominal rigidities and monopolistic competition in product and labor markets, this paper estimates the macroeconomic benefits and international spillovers of an increase in competition. After calibrating the model to the euro area vs. the...
Persistent link: https://www.econbiz.de/10009639395
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Modelling the implied probability of stock market movements
Glatzer, Ernst; Scheicher, Martin - 2003
In this paper we study risk-neutral densities (RNDs) for the German stock market. The use of option prices allows us to quantify the risk-neutral probabilities of various levels of the DAX index. For the period from December 1995 to November 2001, we implement the mixture of log-normals model...
Persistent link: https://www.econbiz.de/10009639855
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Aggregate loans to the euro area private sector
Calza, Alessandro; Manrique, Marta; Sousa, João - 2003
This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices,...
Persistent link: https://www.econbiz.de/10009639865
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Econometric analysis of high dimensional VARs featuring a dominant unit
Pesaran, M. Hashem; Chudik, Alexander - 2010
This paper extends the analysis of infinite dimensional vector autoregressive models (IVAR) proposed in Chudik and Pesaran (2010) to the case where one of the variables or the cross section units in the IVAR model is dominant or pervasive. This extension is not straightforward and involves...
Persistent link: https://www.econbiz.de/10009640346
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Combining disaggregate forecasts or combining disaggregate information to forecast an aggregate
Hendry, David F.; Hubrich, Kirstin - 2010
To forecast an aggregate, we propose adding disaggregate variables, instead of combining forecasts of those disaggregates or forecasting by a univariate aggregate model. New analytical results show the effects of changing coefficients, mis-specification, estimation uncertainty and...
Persistent link: https://www.econbiz.de/10009640404
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Euro area labour markets
Bruha, Jan; Pierluigi, Beatrice; Serafini, Roberta - 2011
A small labour market model for the six largest euro area countries (Germany, France, Italy, Spain, the Netherlands, Belgium) is estimated in a state -space framework. The model entails, in the long run, four driving forces: a trend labour force component, a trend labour productivity component,...
Persistent link: https://www.econbiz.de/10009640610
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Bayesian prior elicitation in DSGE models
Lombardi, Marco J.; Nicoletti, Giulio - 2011
Bayesian approaches to the estimation of DSGE models are becoming increasingly popular. Prior knowledge is normally formalized either be information concerning deep parameters’ values (‘microprior’) or some macroeconomic indicator, e.g. moments of observable variables (‘macroprior’)....
Persistent link: https://www.econbiz.de/10009640615
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The ECB's New Multi-Country Model for the euro area
Dieppe, Alistair; González Pandiella, Alberto; … - 2011
The model presented here is a New estimated medium-scale Multi-Country Model (NMCM) which covers the five largest euro area countries and is used for forecasting and scenarios analysis at the European Central Bank. The model has a tight theoretical structure which allows for non-unitary...
Persistent link: https://www.econbiz.de/10009640691