This report summarises the findings from the first wave of the Slovak Household Finance and Consumption Survey. The analysis is done at the regional level and presents results on household assets, liabilities, net wealth, income and consumption.

This paper analyses the impact of household indebtedness on household net wealth, using Slovak data from the first wave of the Household Finance and Consumption Survey. We find two different effects of household indebtedness on wealth – a highly negative impact of non-mortgage debt and a...

Despite integration of financial and goods markets, borders still impose considerable friction on the flow of goods. This paper shows that a decline in output shock variance might increase the time of mean reversion despite declining border frictions. It also proposes a new method of estimating...

A large literature documents a heterogeneous asset price response to macroeconomic news announcements. In order to explain these differences, we define the intrinsic value of a macroeconomic announcement as its ability to nowcast GDP growth, inflation and the federal funds target rate. We then...

The authors describe their experience with integrating a semester-long economic analysis project into an intermediate macroeconomic theory course. Students work in teams of "economic advisors" to write a series of nested reports that analyze the current state of the economy, and propose and...

We describe experiences from integrating a semester-long economic analysis project into an intermediate macroeconomic theory course. Students work in teams of "economic advisors" to write a series of nested reports for a decision-maker, analyzing the current economic situation, evaluating and...

We introduce the financial economics of market microstructure into the financial econometrics of asset return volatility estimation. In particular, we use market microstructure theory to derive the cross-correlation function between latent returns and market microstructure noise, which feature...

The macroeconomic evidence on the short-term impact of exchange rates on exports and prices is notoriously weak. In this paper I examine the micro-foundations of this disconnect by looking at firms' export and price setting decisions in response to fluctuations in exchange rates and credit...

Slow mean reversion of real exchange rates is commonly considered a result of border frictions that remain despite integration of financial and goods markets. This paper shows that even if border frictions decline, a contemporaneous decline in output shock variance can in fact slow down mean...

We introduce the financial economics of market microstructure into the financial econometrics of asset return volatility estimation. In particular, we use market microstructure theory to derive the cross-correlation function between latent returns and market microstructure noise, which feature...