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Determinants of Euro Term Structure of Credit Spreads

Van Landschoot, Astrid - 2004

In this paper, we analyze wether the sensitivity of credit spread changes to financial and macroeconomic variables depends on bond characteristics such as rating and maturity. First, we estimate the term structure of credit spreads for different rating categories by applying an extension of the...

Persistent link: https://www.econbiz.de/10011506579

Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach

Smets, Frank; Wouters, Raf - 2004

This paper estimates a DSGE model with many types of shocks and frictions for both the US and the euro area economy …

Persistent link: https://www.econbiz.de/10011506583

Price setting in the euro area: Some stylized facts from Individual Consumer Price Data

Dhyne, Emmanuel; Álvarez, Luis J.; Le Bihan, Hervé; … - 2005

This paper documents patterns of price setting at the retail level in the euro area, summarized in six stylized facts …. First, the average euro area monthly frequency of price adjustment is 15 p.c., compared to about 25 p.c. in the US. Second … are not highly synchronized across retailers. Moreover, the frequency of price changes in the euro area is related to …

Persistent link: https://www.econbiz.de/10011506596

The single European electricity market: A long road to convergence

Coppens, François; Vivet, David - 2006

In the context of a first Working Paper the authors argued that electricity has a number of characteristics that set it apart from other commodities. It was demonstrated that some of these characteristics might complicate the deregulation process. This paper analyses the ongoing deregulation...

Persistent link: https://www.econbiz.de/10011506606

The dynamics of trade and competition

Chen, Natalie; Imbs, Jean; Scott, Andrew - 2006

We present, extend and estimate a model of international trade with firm heterogeneity in the tradition of Melitz (2003) and Melitz and Ottaviano (2005). The model is constructed to yield testable implications for the dynamics of international prices, productivity levels and markups as functions...

Persistent link: https://www.econbiz.de/10011506613

Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model

Plasmans, Joseph; Michalak, Tomasz; Fornero, Jorge - 2006

In this paper we derive a microfounded macro New Keynesian model for open economies, be them large or small. We consider habit formation in consumption, sectoral linkages, domestic and foreign governments, tradable and non-tradable final and intermediate goods and imperfect pass-through in these...

Persistent link: https://www.econbiz.de/10011506616

How wages change: micro evidence from the International Wage Flexibility Project

Dickens, William T.; Goette, Lorenz; Groshen, Erica L.; … - 2006

How do the complex institutions involved in wage setting affect wage changes? The International Wage Flexibility Project provides new microeconomic evidence on how wages change for continuing workers. We analyze individuals’ earnings in 31 different data sets from sixteen countries, from which...

Persistent link: https://www.econbiz.de/10011506618

The kinked demand curve and price rigidity: evidence from scanner data

Dossche, Maarten; Heylen, Freddy; Van den Poel, Dirk - 2006

This paper uses scanner data from a large euro area retailer. We extend Deaton and Muellbauer's Almost Ideal Demand …

Persistent link: https://www.econbiz.de/10011506621

Fiscal sustainability indicators and policy design in the face of ageing

Langenus, Geert - 2006

and empirical tests for sustainability and assesses the sustainability of public finances in euro area countries on the … for three individual euro area countries. Pre-funding strategies that create the budgetary room that is needed to finance … ageing costs in advance require important consolidation efforts for most euro area countries and can imply aiming at …

Persistent link: https://www.econbiz.de/10011506623

Can Excess Liquidity Signal an Asset Price Boom?

Bruggeman, Annick - 2007

This paper analyses the relationship between the prevailing liquidity conditions (such as measures of money, credit and interest rates) and developments in asset prices from a monetary analysis perspective. After having identified periods of sustained excess liquidity, we analyse under which...

Persistent link: https://www.econbiz.de/10011506638