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  1. The link of the monetary indicator to future inflation in the Euro area - a simulation experiment
  2. Stabilisation policies to strengthen Euro area resilience
    Published: 2018
    Publisher:  OECD Publishing, Paris

    The euro area sovereign debt crisis highlighted important weaknesses in the euro area design. Fiscal policy did not build sufficient buffers before the crisis, which forced some countries to tighten fiscal policy too rapidly during the downturn to... more

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    The euro area sovereign debt crisis highlighted important weaknesses in the euro area design. Fiscal policy did not build sufficient buffers before the crisis, which forced some countries to tighten fiscal policy too rapidly during the downturn to restore market confidence in sovereign borrowing. Despite this, sovereign stress remained high, weakening further the banking sectors highly exposed to government bonds, which in return reduced further market confidence in fiscal sustainability in case of banks’ bailout. As a result, monetary policy was the main public instrument to support the activity, but its effectiveness was reduced by the fragmentation of financial markets along national lines as the crisis deepened. In order to durably sever the links between banks and their sovereigns, euro area countries agreed on a banking union. The creation of a common supervisor was a very important step in that direction. However, further progress is needed in reducing and sharing risks, creating a common deposit guarantee scheme and the application of existing rules to ensure sufficient risk sharing can take place in case of crisis. At the same time, incentives need to be put in place for banks to progressively move away from a too high exposure to domestic sovereign bonds. A step in that direction could be the introduction of euro area safe asset, which would pool sovereign issuance from various countries, in parallel with gradual introduction of capital surcharges on sovereign exposures. Such progress may not be sufficient, however, for national fiscal policies and monetary policy to smooth a major crisis. The introduction of common fiscal stabilisation capacity is necessary to buttress the euro area in case of a deep recession, both at the country level and euro area level. Finally, policies aiming at further cross-border integration of capital markets should reinforce private risk sharing, reducing the burden on macro policies. This Working Paper relates to the 2018 OECD Economic Survey of the Euro Area. (http://www.oecd.org/eco/surveys/economic-survey-european-union-and-euro-area.htm)

     

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    Source: Staatsbibliothek zu Berlin
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    Series: OECD Economics Department working papers ; no. 1492
    Subjects: Einlagensicherung; Öffentliche Schulden; Wirtschaftspolitik; Finanzverfassung; Bankenregulierung; Eurozone; Economics; Euro Area
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  3. Stabilising the euro area through unemployment benefits re-insurance scheme
    Published: 2018
    Publisher:  OECD Publishing, Paris

    The paper examines the possible design and macroeconomic stabilisation properties of a euro area unemployment benefits re-insurance scheme using annual historical data from 2000 to 2016. The scheme we propose is similar in some aspects to the recent... more

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    The paper examines the possible design and macroeconomic stabilisation properties of a euro area unemployment benefits re-insurance scheme using annual historical data from 2000 to 2016. The scheme we propose is similar in some aspects to the recent proposals, including the IMF’s paper on the central fiscal capacity, while preserving important re-insurance characteristics, such as experience rating and caps on cumulative balances. Counterfactual simulations for individual euro area countries suggest that the scheme, at the cost of average annual contributions of 0.17% of national GDP, could have (i) provided additional macroeconomic stabilisation in the financial crisis of 2009-2013, both at the euro area level and at the level of individual countries hit by the crisis, and (ii) avoided permanent transfers among countries.

     

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    Series: OECD Economics Department working papers ; no. 1497
    Subjects: Wirtschaftspolitik; Finanzbeziehungen; Lohnersatzleistungen; Arbeitslosenversicherung; Rückversicherung; Rückversicherung; Eurozone; Economics; Euro Area
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  4. Euro area unemployment insurance at the time of zero nominal interest rates
    Published: 2018
    Publisher:  OECD Publishing, Paris

    The discussion about a fiscal stabilisation capacity as a way of providing more fiscal integration in the euro area has strengthened in the aftermath of the European sovereign debt crisis. Among the instruments that can be used for temporary... more

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    The discussion about a fiscal stabilisation capacity as a way of providing more fiscal integration in the euro area has strengthened in the aftermath of the European sovereign debt crisis. Among the instruments that can be used for temporary macroeconomic stabilisation in the presence of both asymmetric and area-wide shocks, a euro area unemployment insurance scheme has attracted increased attention. We build a two-region DSGE model with supply, demand and labour market frictions and introduce in it an area-wide unemployment insurance scheme that is entitled to borrow in financial markets. The model is calibrated to the euro area core and periphery data. For a country-specific negative demand shock hitting the periphery, we find the scheme to reduce the drop in Periphery output by about one fifth and the drop in union output by about a third. The scheme is effective when some households are cut from financial markets, and even more so when the national government also loses market access.

     

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    Source: Staatsbibliothek zu Berlin
    Language: English
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    Format: Online
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    Series: OECD Economics Department working papers ; no. 1498
    Subjects: Arbeitslosenversicherung; Niedrigzinspolitik; Finanzverfassung; DSGE-Modell; Eurozone; Economics; Euro Area
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  5. EU financial services policy since 2007
    crisis, responses, and prospects
    Published: June 2018
    Publisher:  PIIE, Peterson Institute for International Economics, Washington, DC

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    Series: Working paper / PIIE, Peterson Institute for International Economics ; 18, 6
    Subjects: Banking Union; Financial Regulation; Euro Area; Single Market
    Scope: 1 Online-Ressource (circa 17 Seiten)
    Notes:

    This paper has been published in Global Policy Volume 9, Supplement 1, June 2018. It has been reposted as a PIIE Working Paper with permission

  6. Uncertainty and spillover effects across the euro area
    Published: June 2018
    Publisher:  Cardiff Business School, Cardiff University, Cardiff, United Kingdom

    This paper investigates how macroeconomic uncertainty shocks spillover over four Eurozone countries. It also evaluates their impact on real economic activity. The paper proposes a simple two-country model with a core and a periphery economy, where... more

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    This paper investigates how macroeconomic uncertainty shocks spillover over four Eurozone countries. It also evaluates their impact on real economic activity. The paper proposes a simple two-country model with a core and a periphery economy, where uncertainty shocks spread from one country to another, with potential feedback fromthe periphery economy to the core one. An empirical analysis is conducted using a Structural Vector Autoregressive (SVAR) model with two regimes: pre-crisis period and crisis period. The findings point to uncertainty spillovers among the Eurozone countries, with some feedback from periphery economies to the core economies during the financial crisis period. Further, there is a need to account for spillovers when studying the impact of uncertainty on real economic activity.

     

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    Series: Cardiff economics working papers ; no. E2018, 15
    Subjects: Uncertainty; Euro Area; Spillover effects; Real Economic Activity
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  7. Loan supply shocks, prudential regulation, and the business cycle
    Author: Rudel, Paul
    Published: [2024]
    Publisher:  Philipps-University Marburg, School of Business and Economics, Marburg

    How do the business cycle effects of loan supply shocks depend on the state of prudential regulation in the euro area? To address this question, we first identify regulatory cycles from a cumulative prudential policy index that tracks the evolution... more

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    How do the business cycle effects of loan supply shocks depend on the state of prudential regulation in the euro area? To address this question, we first identify regulatory cycles from a cumulative prudential policy index that tracks the evolution of the regulatory stance in the euro area. Using sign restrictions in a local projections framework with state-dependency, we identify loan supply shocks and analyse their business cycle effects in regimes with tight and loose prudential regulation. We find that in tight regimes, expansionary shocks trigger a boom-bust cycle. In the loose regime, results appear inconclusive. We also see quite some tendencies toward asymmetry in the responses across regimes. To some extent, however, the results depend strongly on the cycle identified. While our results for the tight regime are very robust across different specifications, the effect of shocks on the business cycle is sensitive to identified loose regimes. The main reason is the historical development of prudential regulation in the euro area, which is primarily characterized by prudential tightening.

     

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    hdl: 10419/301236
    Series: Joint discussion paper series in economics ; no. 2024, 09
    Subjects: Prudential Regulation; Business Cycle; Loan Supply; Euro Area; State Dependence; Local Projections; Sign Restrictions
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  8. The COVID-19 recession on both sides of the Atlantic
    a model-based comparison
    Published: 2023
    Publisher:  Publications Office of the European Union, Luxembourg

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    ISBN: 9789268017517
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    Series: Array ; 191 (July 2023)
    Subjects: DSGE model; Bayesian estimation; COVID-19; Euro Area; United States
    Scope: 1 Online-Ressource (circa 74 Seiten)
  9. Liquidity funding shocks
    the role of banks' funding mix
    Published: April 1, 2019
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

    This study attempts to evaluate the impact of an increase in banks' funding stress and its transmission to the real economy, taking into account different funding sources banks can rely on. Using aggregate data from eight Euro area financial systems,... more

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    This study attempts to evaluate the impact of an increase in banks' funding stress and its transmission to the real economy, taking into account different funding sources banks can rely on. Using aggregate data from eight Euro area financial systems, we find that following a liquidity funding shock, both credit and GDP decline in different amounts and lengths. GDP reverts faster than credit. Furthermore, periphery countries experience a more pronounced fall in deposits and credit growth and the negative effects from the shock last longer than in core countries. Banks' funding seems to play a relevant role as periphery countries rely more on wholesale funding during normal times

     

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    Series: International finance discussion papers ; number1245 (April 2019)
    FRB International Finance Discussion Paper ; No. 1245
    Subjects: Liquidity funding shocks; ECB policy; Euro Area
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  10. Concentration, market power and dynamism in the euro area
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We examine the degree of market power in the big four countries of the euro area using macro and firm-micro data. We focus on three main indicators of market power in and across countries: namely, the concentration ratios, the markup and the degree... more

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    We examine the degree of market power in the big four countries of the euro area using macro and firm-micro data. We focus on three main indicators of market power in and across countries: namely, the concentration ratios, the markup and the degree of economic dynamism. For the macro database we use the sectoral data of KLEMs and for the micro data we use a combination of Orbis and iBACH (dating from 2006 onwards). We find that, in contrast to the situation in the US, market power metrics have been relatively stable over recent years and – in terms of the markup specifically – marginally trending down since the late 1990s, driven largely by Manufacturing. In terms of the debate as to the merits of market concentration, we find (relying on results for Manufacturing) that firms in sectors which exhibit high concentration, but are categorized as ‘high tech’ users, generally have higher TFP growth rates. By contrast, markups tend to display a bi-modal distribution when looked at through the lens of high concentration and high tech usage. These results would tend to confirm that the rise in market power documented for other economies is not obviously a euro area phenomenon and that welfare and policy analysis of market concentration is inevitably complex.

     

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    Language: English
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    Format: Online
    ISBN: 9789289935159
    Other identifier:
    hdl: 10419/208287
    Series: Working paper series / European Central Bank ; no 2253 (March 2019)
    Subjects: Market Power; Euro Area; micro-macro data
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  11. Measuring redenomination risks in the Euro area
    new evidence from survey data
    Author: Klose, Jens
    Published: 2019
    Publisher:  Verein für Socialpolitik, [Leipzig]

    This article introduces a new indicator to measure redenomination risks in Euro area countries. The measure is based on survey data. The influence of this indicator in determining sovereign bond yield spreads is tested using an ARDL-approach. The... more

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    This article introduces a new indicator to measure redenomination risks in Euro area countries. The measure is based on survey data. The influence of this indicator in determining sovereign bond yield spreads is tested using an ARDL-approach. The results for ten EMU countries in the period June 2012 to May 2019 show that the risk of a depreciation is almost abandoned for most Euro area countries, i.e. the former crisis countries Ireland and Portugal. If anything an appreciation may occur for some countries once they leave the EMU. The only countries facing depreciation problems once leaving the monetary union are Italy and to some extent Spain.

     

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    Other identifier:
    hdl: 10419/203484
    Series: Array ; Array
    Subjects: Redenomination Risk; Euro Area; Exit
    Scope: 1 Online-Ressource (circa Seiten), Illustrationen
  12. Shocking aspects of monetary policy on income inequality in the Euro Area
    Published: [2019]
    Publisher:  OFCE, Paris, France

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    Media type: Book
    Format: Online
    Series: Sciences Po OFCE working paper ; no 2019, 15
    Subjects: Euro Area; Monetary policy; income distribution; Panel VAR
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  13. The Euro Area's pandemic recession
    a DSGE interpretation
    Published: 2021
    Publisher:  European Commission, Ispra

    The COVID-19 pandemic led to a sharp contraction of economic activity in the euro area (and worldwide). Its anatomy differs strongly from other crises in recent history. We analyse the short-term economic effects of the COVID-19 shock through the... more

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    The COVID-19 pandemic led to a sharp contraction of economic activity in the euro area (and worldwide). Its anatomy differs strongly from other crises in recent history. We analyse the short-term economic effects of the COVID-19 shock through the lens of an estimated DSGE model. We augment the canonical DSGE set-up with 'forced savings' (lockdowns, social distancing), labour hoarding (short-time work) and liquidity-constrained firms to capture salient demand and supply effects of the COVID shock and the containment and stabilisation policies. Shock decompositions with the estimated model show the dominant role of 'lockdown shocks' ('forced savings', labour hoarding) in explaining the quarterly pattern of real GDP growth in 2020, complemented by a negative contribution from foreign and investment demand particularly in 2020q2 and a negative impact of persistently higher (precautionary) savings. The initial inflation response has been modest compared to the severity of the recession.

     

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    Other identifier:
    hdl: 10419/250159
    Series: JRC working papers in economics and finance ; 2021, 10
    Subjects: COVID-19; estimated DSGE model; Euro Area; recession; forced savings
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  14. The role for deposit insurance funds in dealing with failing banks in the European Union
    Published: 2022 JAN
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper argues that in the European Union (EU) deposit insurance funds are too difficult to use in bank resolution and too easy to use outside resolution. The paper proposes reforms in three areas for the effective management of bank failures of... more

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    This paper argues that in the European Union (EU) deposit insurance funds are too difficult to use in bank resolution and too easy to use outside resolution. The paper proposes reforms in three areas for the effective management of bank failures of small and medium-sized banks in the European Union: making resolution the norm for dealing with failing banks; establishing a common DIS for the European Union; and increasing funding and backstops for deposit insurance while removing constraints on their use for resolution measures. Without these changes, the European Union will continue to be challenged by banks that are too small for resolution and too large for liquidation

     

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  15. Who will be the next in line to join the Euro Area?
    a business cycle synchronization evidence
    Published: May 2, 2022
    Publisher:  University of Economics in Bratislava, Department of Economic Policy, Bratislava

    The aim of this paper is to investigate business cycle synchronization between seven candidate countries to the Euro Area (EA) - Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania and Sweden - and the Euro Area (EA-12/EA-19), France and... more

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    The aim of this paper is to investigate business cycle synchronization between seven candidate countries to the Euro Area (EA) - Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania and Sweden - and the Euro Area (EA-12/EA-19), France and Germany. The Hodrick-Prescott filter is used to decompose the real Gross Domestic Product into trend and cyclical components for the period 1995Q1-2019Q4. The results point to the existence of a strong business cycle synchronization between Sweden and the Euro Area, Germany, and France. The second highest correlation was observed for the Czech Republic followed by Hungary, Poland and Croatia. In contrast, Bulgaria and Romania show the weakest business cycle synchronization with both the Euro Area and the core economies. We conclude that Sweden is the most prepared country to be the next passenger in the single currency train from the perspective of business cycle synchronization.

     

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    Media type: Book
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    Other identifier:
    hdl: 10419/298403
    Series: Department of Economic Policy working paper series ; WP no. 25
    Subjects: Euro Area; candidate countries; Hodrick-Prescott filter; business cycle synchronization
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  16. The euro area’s pandemic recession
    a DSGE-based interpretation
    Published: 2021
    Publisher:  Publications Office of the European Union, Luxembourg

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    Media type: Ebook
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    ISBN: 9789276387541
    Other identifier:
    Series: Array ; 153 (December 2021)
    Subjects: COVID-19; estimated DSGE model; Euro Area; recession; forced savings
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  17. The euro area government spending multiplier in demand- and supply-driven recessions
    Published: April 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between... more

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    We estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between multipliers being non-zero with very high probability. More generally, multipliers are inversely correlated with the deviation of inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range from -0.5 in supply-driven recessions to about 2 in demand-driven recessions. The econometric approach leverages a factor-augmented interacted vector-autoregression model purified of expectations (FAIPVAR-X). The model captures the time-varying state of the business-cycle including strongly and moderately demand- and supply-driven recessions, by taking the whole distribution of inflation deviations from trend into account.

     

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    Other identifier:
    hdl: 10419/260808
    Series: CESifo working paper ; no. 9678 (2022)
    Subjects: fiscal multiplier; business cycle; interacted panel VAR; factor models; Euro Area
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  18. Consumer savings behaviour at low and negative interest rates
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We study interest rates transmission to savings at low and negative rates. Exploiting cohorts of consumers from a data-rich multi-country survey, we show how the strength of interest rate transmission to savings varies with the level of nominal... more

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    We study interest rates transmission to savings at low and negative rates. Exploiting cohorts of consumers from a data-rich multi-country survey, we show how the strength of interest rate transmission to savings varies with the level of nominal interest rates. This response is positive when interest rates are high but declines steadily at lower levels. At very low levels, there is evidence that the savings response may even reverse sign. Such a "savings' reversal" is consistent with the behavioural evidence on money illusion as well as with a negative signalling effect from policy announcements in a liquidity trap and may weaken the direct stimulatory effects from very low and negative rates. Consistent with this, the reversal appears to be causally related to central bank information shocks and concentrated among older consumers and consumers with lower educational attainment.

     

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    Media type: Ebook
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    ISBN: 9789289953849
    Other identifier:
    hdl: 10419/269143
    Series: Working paper series / European Central Bank ; no 2736 (September 2022)
    Subjects: Savings; Nominal Interest Rates; Consumer Survey; Liquidity Trap; Euro Area
    Scope: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  19. Public finances solvency in the Euro Area
    true or false?
    Published: September 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We assess public finances solvency for Euro Area countries using quarterly data between 1999Q1 and 2020Q4. Through a country-by-country analysis, the answer to the title question is true. For most countries, (i) the primary budget balance reacts... more

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    We assess public finances solvency for Euro Area countries using quarterly data between 1999Q1 and 2020Q4. Through a country-by-country analysis, the answer to the title question is true. For most countries, (i) the primary budget balance reacts positively to the lagged public debt ratio and past primary government balances contribute to the reduction of the public debt ratio, indicating a Ricardian fiscal regime. Furthermore, in a panel framework: (ii) the response of revenues to government expenditures is higher from 2010 onwards, and, for higher average public debt ratios, the response is lower, while (iii) the response of the primary government balance to the lagged public debt ratio is lower from 2010 onwards and is higher for higher average public debt ratios; (iv) past primary budget balances allow the public debt ratio to be reduced, especially before 2010 and in countries whose average public debt ratio is between 60 and 90% of GDP. Using a rolling window method, we find that (v) fiscal sustainability coefficients are higher the higher the lagged public debt ratios, fiscal rule indexes and sovereign ratings. Conversely, after 2010 and in periods of legislative elections, those coefficients are lower.

     

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    Other identifier:
    hdl: 10419/265970
    Series: CESifo working paper ; no. 9935 (2022)
    Subjects: fiscal sustainability; primary budget balance; public debt; panel data; rolling windows; Euro Area; quarterly fiscal data
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  20. Inflation convergence over time
    sector-level evidence within Europe
    Published: February 2022
    Publisher:  Florida International University, Department of Economics, [Miami, FL]

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    Series: Working papers / Florida International University, Department of Economics ; 2201
    Subjects: Inflation Convergence; Half-Life; Sector-Level Analysis; European Union; Euro Area
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  21. Consumer savings behaviour at low & negative interest rates
    Published: 2022
    Publisher:  Publications Office of the European Union, Luxembourg

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    ISBN: 9789276529408
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    Series: Array ; 172 (October 2022)
    Subjects: Savings; Nominal Interest Rates; Consumer Survey; Liquidity Trap; Euro Area
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  22. The distribution of well-being among Europeans
    Published: [2019]
    Publisher:  German Socio-Economic Panel (SOEP), DIW Berlin, Berlin, Germany

    We analyse the evolution of EU citizens' living standards, considering the EU as a single country. Average living standards have improved considerably as the European integration process has unfolded. EU28 income inequality has steadily declined,... more

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    We analyse the evolution of EU citizens' living standards, considering the EU as a single country. Average living standards have improved considerably as the European integration process has unfolded. EU28 income inequality has steadily declined, mostly as a result of the macroeconomic convergence of new EU-accession countries. EU15 income inequality fell steadily until the mid-1980s, but picked up again during the economic turmoil following the Great Recession, largely reflecting the divergence between periphery and core countries in the euro area. Using a common EU standard reveals more progress in terms of poverty reduction. It also shows that the patterns of income convergence across member states differ across categories of residents, thus calling for a more careful consideration of the personal and national dimensions of EU policies.

     

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    Other identifier:
    hdl: 10419/204592
    Series: SOEPpapers on multidisciplinary panel data research ; 1052 (2019)
    Subjects: European Union; Euro Area; European integration; income inequality; welfare analysis
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  23. Revisiting the economic case for fiscal union in the euro area
    Published: 19 June 2019
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Series: Array ; DP13813
    Subjects: Risk Sharing; Banking Union; Euro Area; ESM; Optimal Currency Area
    Scope: 1 Online-Ressource (circa 32 Seiten)
  24. The contribution of intangible inputs and participation in global value chains to productivity performance
    evidence from the EU-28, 2000-2014
    Published: [2020]
    Publisher:  University of Hamburg, Chair of International Economics, Hamburg

    This paper analyzes the contribution of intangible inputs and participation in global value chains (GVCs) to the productivity performance of an EU-28 country sample over the time frame 2000-2014. Utilizing new data from the GLOBALINTO Input-Output... more

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    This paper analyzes the contribution of intangible inputs and participation in global value chains (GVCs) to the productivity performance of an EU-28 country sample over the time frame 2000-2014. Utilizing new data from the GLOBALINTO Input-Output Intangibles database, this paper finds a positive relationship between a country's intangible inputs and its productivity performance once the interaction between intangible inputs and the participation in Global Value Chains is taken into account. This effect is stronger in the subset of 19 euro area countries. The results clarify that national and European policymakers should ensure the mechanisms, the tools and the legislative framework that will support sufficient production and development of intangible inputs by investing in public intangibles, such as the quantity and quality of a highly-skilled labour force and well-functioning formal and informal institutions that could lead to the further growth of intangibles. Furthermore, the need for a unified EU intangibles policy framework arises, in which common guidelines align national agendas in order to address the relevant gaps in intangibles industrial policy.

     

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    hdl: 10419/213368
    Series: Hamburg discussion papers in international economics ; no. 5
    Subjects: Intangibles; Global Value Chain; Productivity Performance; European Union; Euro Area
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  25. The impact of income inequality on household indebtedness in euro area countries
    Published: December 2019
    Publisher:  Wiener Institut für Internationale Wirtschaftsvergleiche, Wien

    This paper examines the impact of income inequality on consumption-related household indebtedness at the household level. Using the first wave of the Eurosystem Household Finance and Consumption Survey data, the analysis sheds light on heterogeneous... more

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    This paper examines the impact of income inequality on consumption-related household indebtedness at the household level. Using the first wave of the Eurosystem Household Finance and Consumption Survey data, the analysis sheds light on heterogeneous effects across euro area countries. The results suggest a positive impact of income inequality on consumption-related household indebtedness in a small sample of countries. We further employ a multilevel regression model to also take country's macroeconomic characteristics into account, such as credit market and welfare state design. In this setting, we find an overall positive impact of income inequality on consumption-related household indebtedness.

     

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    hdl: 10419/223078
    Series: Working paper / wiiw ; 173
    Subjects: Income Inequality; Keeping Up With The Joneses; Household Indebtedness; Euro Area
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen