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Real Effects of Sovereign Bond Market Spillovers in the Euro Area
Gadatsch, Niklas - 2016
This paper develops a small open economy model to investigate the impact of rising sovereign bond market spreads on the real economy. One key element of the model is a “sovereign risk channel” through which tensions in the sovereign bond market tend to spill over into private credit markets....
Persistent link: https://www.econbiz.de/10012985874
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Coherence of output gaps in the euro area : the impact of the Covid-19 shock
Haan, Jakob de; Jacobs, Jan; Zijm, Renske - 2022
Using the measures proposed by Mink et al. (2012), we reexamine the coherence of business cycles in the euro area using a long sample period. We also analyze the impact of the COVID-19 pandemic on business cycle coherence and examine whether our measures for business cycle coherence indicate a...
Persistent link: https://www.econbiz.de/10013168003
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The European Central Bank's QE : A New Hope
Wieladek, Tomasz - 2016
We examine the impact of the ECB's QE on Euro Area real GDP and core CPI with a Bayesian VAR, estimated on monthly data from 2012M6 to 2016M4. We assess the total impact via a counter-factual exercise, country-by-country and through alternative transmission channels. QE announcement shocks are...
Persistent link: https://www.econbiz.de/10012986934
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Brexit Results : Macroeconomic Risks
Goryunov, Eugene - 2016
The United Kingdom's potential exit from the EU poses a number of macroeconomic risks. Considering the overall growth of uncertainty, the recession in the UK cannot be ruled out. The decline in capital inflows to the UK economy can be predicted, which could pose a threat to the stability of the...
Persistent link: https://www.econbiz.de/10012986099
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Macroeconomic volatilities and the labor market : first results from the euro experiment
Merkl, Christian; Schmitz, Tom - 2010
This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone … and inflation volatility ; labor turnover costs ; unemployment benefits ; unemployment ; eurozone …
Persistent link: https://www.econbiz.de/10003961662
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Macroeconomic volatilities and the labor market : first results from the euro experiment
Merkl, Christian; Schmitz, Tom - 2009
This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone …
Persistent link: https://www.econbiz.de/10003827228
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Fiscal Policies and Business Cycles in an Enlarged Euro Area
Staehr, Karsten - 2008
This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future … counter-cyclical in Central and Eastern European countries than in members of the eurozone. The main differences arise from … the revenue side. Differences in the formation of fiscal policy between current and future eurozone countries decrease …
Persistent link: https://www.econbiz.de/10012772398
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Fiscal Policies and Business Cycles in an Enlarged Euro Area
Staehr, Karsten - 2008
This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future … counter-cyclical in Central and Eastern European countries than in members of the eurozone. The main differences arise from … the revenue side. Differences in the formation of fiscal policy between current and future eurozone countries decrease …
Persistent link: https://www.econbiz.de/10012773620
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Implications of Macroeconomic Volatility in the Euro Area
Hauzenberger, Niko; Böck, Maximilian; Pfarrhofer, Michael - 2021
In this paper we estimate a Bayesian vector autoregressive model with factor stochastic volatility in the error term to assess the effects of an uncertainty shock in the Euro area. This allows us to treat macroeconomic uncertainty as a latent quantity during estimation. Only a limited number of...
Persistent link: https://www.econbiz.de/10013213954
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Euro area house price fluctuations and unconventional monetary policy surprises
Hülsewig, Oliver; Rottmann, Horst - 2021
This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. UsingJordà's (2005) local projection method, we find that house prices rise in response to expansionary monetary policy shocks that can be related to...
Persistent link: https://www.econbiz.de/10012418355