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Financial frictions and the real economy

Pietrunti, Mario - 2017

This paper investigates in a non-linear setting the impact on the real economy of frictions stemming from the financial sector. We develop a medium scale DSGE model with a banking sector where an occasionally binding constraint on banks' capital induces a relevant non-linearity. The model -...

Persistent link: https://www.econbiz.de/10011976236

Implications of macroeconomic volatility in the Euro area

Hauzenberger, Niko; Böck, Maximilian; Pfarrhofer, Michael - 2018

assess the effects of an uncertainty shock in the Euro area. This allows us to treat macroeconomic uncertainty as a latent … consequences jointly, and most are based on single country models. We analyze the special case of a shock restricted to the Euro … for all countries over a period of roughly a year following an uncertainty shock. Moreover, equity prices, short …

Persistent link: https://www.econbiz.de/10011978764

Adjustment dynamics and business cycle heterogeneity in the EMU : evidence from estimated DSGE models

Giovannini, Massimo; Hohberger, Stefan; Ratto, Marco; … - 2018

The paper reviews adjustment dynamics in the EMU on the basis of estimated DSGE models for four large EA Member States (DE, FR, IT, ES). We compare the response of the four countries to identical shocks and find a particularly strong response of employment and wages in ES, a high sensitivity of...

Persistent link: https://www.econbiz.de/10012054993

EDGE-M3: a dynamic general equilibrium micro-macro model for the EU member states

D'Andria, Diego; DeBacker, Jason; Evans, Richard W.; … - 2020

This paper provides a technical description of the overlapping generations model used by the Joint Research Centre to analyse tax policy reforms, including in particular pension and demographic issues. The main feature of the EDGE-M3 model lies in its high level of disaggregation and the close...

Persistent link: https://www.econbiz.de/10012241664

Exposure to international crises : trade vs. financial contagion

Grant, Everett - 2016

I identify new patterns in countries' economic performance over the 2007-2014 period based on proximity through distance, trade, and finance to the US subprime mortgage and Eurozone debt crisis areas. To understand the causes of the cross-country variation, I develop an open economy model with...

Persistent link: https://www.econbiz.de/10011975657

Real and financial cycles in EU countries : stylised facts and modelling implications

Rünstler, Gerhard (contributor); … - European System of Central Banks / Working Group on … - 2018

This paper studies the cyclical properties of real GDP, house prices, credit, and nominal liquid financial assets in 17 EU countries, by applying several methods to extract cycles. The estimates confirm earlier findings of large medium-term cycles in credit volumes and house prices. GDP appears...

Persistent link: https://www.econbiz.de/10011779865

Short-term gain or pain? : a DSGE model-based analysis of the short-term effects of structural reforms in labour and product markets

Cacciatore, Matteo; Duval, Romain; Fiori, Giuseppe - 2012

This paper explores the short-term effects of labour and product market reforms through a dynamic general equilibrium model that features endogenous producer entry, equilibrium unemployment and costly job creation and destruction. Unlike in existing work, the link between labour and product...

Persistent link: https://www.econbiz.de/10009690169

Financial intermediation, resource allocation, and macroeconomic interdependence

Ozhan, G. Kemal - 2016

This paper studies the role of the financial sector in affecting domestic resource allocation and cross-border capital flows. I develop a quantitative, two-country, macroeconomic model in which banks face endogenous and occasionally binding leverage constraints. Banks lend funds to be invested...

Persistent link: https://www.econbiz.de/10011975295

Impacts of green growth policies on labour markets and wage income distribution : a general equilibrium application to climate and energy policies

Chateau, Jean; Bibas, Ruben; Lanzi, Elisa - 2018

This paper explores the consequences on the labour markets of structural changes induced by decarbonisation policies. These policies are likely going to have consequences on labour-income distribution given i) existing rigidities in the labour markets, and ii) their different impacts on sectors...

Persistent link: https://www.econbiz.de/10011989981

Will oil prices decline over the long run?

Kaufmann, Robert Kurt; Karadeloglou, Pavlos V.; Di … - 2008

At present, oil markets appear to be behaving in a fashion similar to that in the late 1970s and early 1980s when oil prices rose sharply over an extended period. Furthermore, like at that time, analysts are split on whether such increases will persist or reverse, and if so by how much. The...

Persistent link: https://www.econbiz.de/10011639811

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