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The long-term distribution of expected inflation in the euro area : what has changed since the great recession?
Dovern, Jonas; Kenny, Geoff - Task Force on Low Inflation (LIFT) - 2017
This paper analyses the distribution of long-term inflation expectations in the euro area using individual density …
Persistent link: https://www.econbiz.de/10011636332
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Inflation expectations spillovers between the United States and euro area
Netšunajev, Aleksei; Winkelmann, Lars - 2014
We quantify spillovers of inflation expectations between the United States (US) and Euro Area (EA) based on break …-even inflation (BEI) rates. In contrast to previous studies, we model US and EA BEI rates jointly in a structural vector … autoregressive (SVAR) model. The SVAR approach allows to identify US and EA specific inflation expectations shocks. By modeling the …
Persistent link: https://www.econbiz.de/10010255370
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Inflation, deflation, and uncertainty : what drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?
Scharnagl, Michael; Stapf, Jelena - 2014
We tackle two questions in this paper: In the sovereign debt crisis, what moves the euro area inflation outlook and has … the firm anchoring of medium to long-term inflation expectations been touched? Deriving densities from a new data set on … options on the euro area harmonized index of consumer prices provides us with the full distribution of inflation expectations …
Persistent link: https://www.econbiz.de/10010415789
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The Long-Term Distribution of Expected Inflation in the Euro Area : What has Changed Since the Great Recession?
Dovern, Jonas - 2017
This paper analyses the distribution of long-term inflation expectations in the euro area using individual density …
Persistent link: https://www.econbiz.de/10012963929
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Financial heterogeneity and monetary union
Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - 2018
We analyze the economic consequences of forming a monetary union among countries with varying degrees of financial distortions, which interact with the firms' pricing decisions because of customer-market considerations. In response to a financial shock, firms in financially weak countries (the...
Persistent link: https://www.econbiz.de/10011932300
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Dynamics and factors of inflation convergence in the European Union
Broz, Vaclav; Kočenda, Evžen - 2017
We provide comprehensive evidence of the widespread occurrence of inflation convergence between all countries of the … inflation benchmarks (the cross-sectional average, the inflation target of the European Central Bank, and the Maastricht … criterion), structural breaks, and a core inflation measure. Our main findings imply that further enlargement of the euro area …
Persistent link: https://www.econbiz.de/10011758407
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Inflation dynamics during the financial crisis in Europe : cross-sectional identification of long-run inflation expectations
Dany-Knedlik, Geraldine; Holtemöller, Oliver - 2017
We investigate drivers of Euro area inflation dynamics using a panel of regional Phillips curves and identify long …-run inflation expectations by exploiting the crosssectional dimension of the data. Our approach simultaneously allows for the … inclusion of country-specific inflation and unemployment-gaps, as well as time-varying parameters. Our preferred panel …
Persistent link: https://www.econbiz.de/10011764910
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Wealth Redistribution in Bubbles and Crashes
An, Li - 2020
What are the social-economic consequences of financial market bubbles and crashes? Using novel comprehensive administrative data from China, we document a substantial increase in inequality of wealth held in risky assets by Chinese households in the 2014-15 bubble-crash episode: the largest 0.5%...
Persistent link: https://www.econbiz.de/10012848961
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The Distribution of Wealth Since the Great Recession
Weicher, John C - 2021
Two things have happened to the wealth of American households since the Great Recession started in 2007. First, the distribution became much more unequal; second, the wealth of the typical family dropped sharply, and, at least through 2016, did not recover. These changes are largely due to the...
Persistent link: https://www.econbiz.de/10013214204
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Inflation and the rich after the global financial crisis
Jovanovic, Branimir - 2014
This paper investigated the link between inflation and the top decile income share after the global financial crisis …. The analysis was done on a sample of 42 countries. We found that higher inflation has reduced the income going to the top … decile. The main explanation is that inflation has eroded their labour income, differently from the low-income individuals …
Persistent link: https://www.econbiz.de/10010374488