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On secular stagnation and low interest rates : demography matters
Ferrero, Giuseppe; Groß, Marco; Neri, Stefano - 2017
literature within the secular stagnation view: adverse demographic developments. The main conclusion that we draw from our …
Persistent link: https://www.econbiz.de/10011697366
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Measuring the Natural Rate of Interest : International Trends and Determinants
Holston, Kathryn - 2016
U.S. estimates of the natural rate of interest – the real short-term interest rate that would prevail absent transitory disturbances – have declined dramatically since the start of the global financial crisis. For example, estimates using the Laubach-Williams (2003) model indicate the...
Persistent link: https://www.econbiz.de/10013210446
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Measuring the natural rate of interest : international trends and determinants
Holston, Kathryn; Laubach, Thomas; Williams, John C. - 2016
U.S. estimates of the natural rate of interest – the real short-term interest rate that would prevail absent transitory disturbances – have declined dramatically since the start of the global financial crisis. For example, estimates using the Laubach-Williams (2003) model indicate the...
Persistent link: https://www.econbiz.de/10011578458
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Low Real Rates as Driver of Secular Stagnation : Empirical Assessment
van den End, Jan Willem - 2014
, which could be a harbinger of secular stagnation if the real rate declines. Outcomes of VAR models for Japan, Germany and … natural rate will be more effective in avoiding secular stagnation than reducing the real rate through higher inflation …
Persistent link: https://www.econbiz.de/10013045212
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The role of systemic risk spillovers in the transmission of Euro area monetary policy
Skouralis, Alexandros - 2021
This paper empirically investigates the transmission of systemic risk across the Euro Area by employing a Global VAR model. We find that a union aggregate systemic risk shock results in a sharp decline in output, with two thirds of the response to be attributed to cross-country spillovers. The...
Persistent link: https://www.econbiz.de/10012704731
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Market integration dynamics and asymptotic price convergence in distribution
García-Hiernaux, Alfredo; Guerrero, David E.; McAleer, … - 2013
Persistent link: https://www.econbiz.de/10010191280
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The Euro Crisis and Economic Growth : A Novel Counterfactual Approach
Terzi, Alessio - 2019
warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone's specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …
Persistent link: https://www.econbiz.de/10012866042
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Low real rates as driver of secular stagnation : empirical assessment
End, Jan-Willem van den; Hoeberichts, Marco - 2014
Persistent link: https://www.econbiz.de/10010425572
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The Impact of Unconventional Monetary Policy on the Sovereign Bank Nexus within and Across EU Countries. A Time-Varying Conditional Correlation Analysis
Cifarelli, Giulio - 2016
We investigate the time varying dynamics of the linkages between sovereign and bank default risks over the period 2006-2015, using the credit default swap (CDS) spreads of the bonds of major international banks and of sovereign issuers as indicators of risk within four major European countries....
Persistent link: https://www.econbiz.de/10012988476
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States, banks, and the financing of the economy : monetary policy and regulatory perspectives
Balling, Morten (ed., introduction);  … - Colloquium "States, Banks and the Financing of the …; … - 2013
On 5-6 September 2012 SUERF held its 30th Colloquium "States, Banks, and the Financing of the Economy" at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the chapters in this publication discuss from different...
Persistent link: https://www.econbiz.de/10011711721