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In standard error correction models GDP and credit share a long-run cointegration relationship with causality running from GDP to credit. The models are inconclusive about the question whether credit has also a positive impact on GDP. A reason for the mixed effects is the dual nature of credit,...
Persistent link: https://www.econbiz.de/10013031774
We apply Diebold-Yilmaz spillover index methodology to monthly industrial production indices to study business cycle interdependence among G-6 industrialized countries since 1958. The business cycle spillover index fluctuates substantially over time, increasing especially after the 1973-75,...
Persistent link: https://www.econbiz.de/10010277269
Diese Anmerkung zeigt, dass das reale Bruttoinlandsprodukt der Bundesrepublik Deutschland einem trendstationären Prozess folgt. Dabei werden sowohl ökonometrische Tests, bei denen die Trendstationarität die Alternativhypothese ist, eingesetzt als auch solche, bei denen sie die Nullhypothese...
Persistent link: https://www.econbiz.de/10011495591
This paper analyses whether and since when East and West German business cycles are synchronised. We investigate real GDP, unemployment rates and survey data as business cycle indicators and employ several empirical methods. Overall, we find that the regional business cycles have synchronised...
Persistent link: https://www.econbiz.de/10011981554
Persistent link: https://www.econbiz.de/10013345776
global cycle during these years. We find that Bundesbank policy spillovers were much stronger in major EMS economies with … Deutschmark pegs than in non-EMS economies with floating exchange rates. Furthermore, compared to monetary spillovers from the U ….S., German spillovers were comparable or even larger in magnitude for both pegs and floats. …
Persistent link: https://www.econbiz.de/10013412978
, German fiscal spillovers to the CE4 and more broadly to the rest of the euro area, have increased over time, but are still …
Persistent link: https://www.econbiz.de/10013073772
global cycle during these years. We find that Bundesbank policy spillovers were much stronger in major EMS economies with … Deutschmark pegs than in non-EMS economies with floating exchange rates. Furthermore, compared to monetary spillovers from the U ….S., German spillovers were comparable or even larger in magnitude for both pegs and floats …
Persistent link: https://www.econbiz.de/10014238817
global cycle during these years. We find that Bundesbank policy spillovers were much stronger in major EMS economies with … Deutschmark pegs than in non-EMS economies with floating exchange rates. Furthermore, compared to monetary spillovers from the U ….S., German spillovers were comparable or even larger in magnitude for both pegs and floats. …
Persistent link: https://www.econbiz.de/10013361910
and living environment. In this paper we ask whether the recent financial market crisis has caused a deterioration of … and different consequences of the crisis for the labour market. For our analysis we use data from the German Socio … 2006, the year before the financial crisis started. This could be due to the largely different employment structures in …
Persistent link: https://www.econbiz.de/10010128239