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Homogeneity of determinants in the financial sector and investment in EU countries
Urbankova, Erika; Krizek, David - In: Economies : open access journal 8 (2020) 1/14, pp. 1-17
determinants of the financial sector in individual EU countries on the investment by economic entities in the given countries. The …. The paper also evaluates the interdependence between the loan amount (debt and liabilities of the financial sector) on one …. However, in the case of investment activity that is no longer. Partial integration therefore takes place within the EU, in …
Persistent link: https://www.econbiz.de/10012168676
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Agency costs and investment behavior
Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin Duff - 2005
How do differences in the creit channel affect investment behavior in the U.S. and the Euro area? To analyze this … default premium associated with bank loans and bankruptcy rates, to identify the differences in the U.S. and European … elasticities for capital are less elastic than the U.S. -- agency costs ; credit channel ; investment behavior ; E.U. area …
Persistent link: https://www.econbiz.de/10009730390
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Persistence, the transmission mechanism and robust monetary policy
Angeloni, Ignazio; Coenen, Günter; Smets, Frank - 2003
In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy...
Persistent link: https://www.econbiz.de/10009635926
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The natural real rate of interest in the euro area
Giammarioli, Nicola; Valla, Natacha - 2003
In this paper, we discuss the consequences of taking into account the variations of the natural real interest rate (r t *) in simple monetary policy rules. We also provide one possible model-based analysis of the level of r t * that has prevailed in the euro area since the early 1970s, and...
Persistent link: https://www.econbiz.de/10009635981
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Forecasting with a Bayesian DSGE model : an application to the euro area
Smets, Frank; Wouters, Rafael - 2004
In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...
Persistent link: https://www.econbiz.de/10003285769
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Monetary policy and housing prices in an estimated DSGE for the US and the euro area
Darracq Pariès, Matthieu; Notarpietro, Alessandro - 2008
We estimate a two-country Dynamic Stochastic General Equilibrium model for the US and the euro area including relevant housing market features and examine the monetary policy implications of housing-related disturbances. In particular, we derive the optimal monetary policy cooperation consistent...
Persistent link: https://www.econbiz.de/10003825943
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The external finance premium in the euro area : a useful indicator for monetary policy?
Gelain, Paolo - 2010
the unobserved external finance premium that entrepreneurs pay on their loans, with the further aim of providing a dynamic …
Persistent link: https://www.econbiz.de/10003972629
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An estimated two country DSGE model of Austria and the Euro Area
Breuss, Fritz; Rabitsch, Katrin - 2008
We present a two-country New Open Economy Macro model of the Austrian economy within the European Union's Economic & Monetary Union (EMU). The model includes both nominal and real frictions that have proven to be important in matching business cycle facts, and that allows for an investigation of...
Persistent link: https://www.econbiz.de/10011347045
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Optimal monetary policy and the transmission of oil-supply shocks to the euro area under rational expectations
Adjemian, Stéphane; Darracq Pariès, Matthieu - 2008
This paper presents first the estimation of a two-country DSGE model for the euro area and the rest-of-the-world including relevant oil-price channels. We then investigate the optimal resolution of the policy tradeoffs emanating from oil-price disturbances. Our simulations show that the...
Persistent link: https://www.econbiz.de/10003803330
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An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area
Smets, Frank - 2010
: GDP, consumption, investment, prices, real wages, employment and the nominal interest rate. The introduction of ten … orthogonal structural shocks (including productivity, labour supply, investment, preference, cost-push and monetary policy shocks …
Persistent link: https://www.econbiz.de/10013137060