Skip to main navigation Skip to main content
info(at)avldigital.remove-this.de
Deutsch English
Last searches

Results for *

Displaying results 1 to 9 of 9.

  1. The COVID-19 recession on both sides of the Atlantic
    a model-based comparison
    Author: Cardani, Roberta; Pfeiffer, Philipp; Ratto, Marco; Vogel, Lukas
    Published: 2023
    Publisher:  Publications Office of the European Union, Luxembourg

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 289
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268017517
    Other identifier:
    Series: Array ; 191 (July 2023)
    Subjects: DSGE model; Bayesian estimation; COVID-19; Euro Area; United States
    Scope: 1 Online-Ressource (circa 74 Seiten)
  2. Can central banks do the unpleasant job that governments should do?
    Author: Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; Vassilatos, Vanghelis
    Published: December 2023
    Publisher:  Bank of Greece, Athens

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 501
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working paper / Bank of Greece ; 324
    Subjects: Central banking; Fiscal policy; Debt stabilization; Euro Area
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  3. Identification using higher-order moments restrictions
    Author: Andrade, Philippe; Ferroni, Filippo; Melosi, Leonardo
    Published: [2023]
    Publisher:  Federal Reserve Bank of Chicago, [Chicago, Illinois]

    We exploit inequality restrictions on higher-order moments of the distribution of structural shocks to sharpen their identification. We show that these constraints can be treated as necessary conditions and used to shrink the set of admissible... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 244
    Inter-library loan:
    No inter-library loan

     

    We exploit inequality restrictions on higher-order moments of the distribution of structural shocks to sharpen their identification. We show that these constraints can be treated as necessary conditions and used to shrink the set of admissible rotations. We illustrate the usefulness of this approach showing, by simulations, how it can dramatically improve the identification of monetary policy shocks when combined with widely used sign-restriction schemes. We then apply our methodology to two empirical questions: the effects of monetary policy shocks in the US and the effects of sovereign bonds spreads shocks in the Euro Area. In both cases, using higher-moment restrictions significantly sharpens identification. After a shock to EA governments bonds spreads, monetary policy quickly turns expansionary, corporate borrowing conditions worsen on impact, the real economy and the labor market of the Euro Area contract appreciably, returns on German government bonds fall, likely reflecting investors' flight to quality.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/284069
    Edition: First draft (June 2022)
    Series: [Working paper] / Federal Reserve Bank of Chicago ; WP 2023, 28 (August 18, 2023)
    Subjects: Shock identification; skewness; kurtosis; VAR; sign restrictions; shocks to government bonds spreads; monetary shocks; Euro Area
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  4. Can central banks do the unpleasant job that governments should do?
    Author: Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; Vassilatos, Vanghelis
    Published: August 2023
    Publisher:  CESifo, Munich, Germany

    We investigate what happens when the fiscal authorities do not react to rising public debt so that the unpleasant task of fiscal sustainability falls upon the Central Bank (CB). In particular, we explore whether the CB's bond purchases in the... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    We investigate what happens when the fiscal authorities do not react to rising public debt so that the unpleasant task of fiscal sustainability falls upon the Central Bank (CB). In particular, we explore whether the CB's bond purchases in the secondary market can restore stability and determinacy in an otherwise unstable model. This is investigated in a DSGE model calibrated to the Euro Area (EA) and where monetary policy is conducted subject to the numerical rules of the Eurosystem (ES). We show that given the recent situation in the ES, and to the extent that a relatively big shock hits the economy and fiscal policy remains active, there is no room left for further quasi-fiscal actions by the ECB; there will be room only if the ES' rules are violated. We then search for policy mixes that can respect the ES's rules and show that debt-contingent fiscal and quantitative monetary policies can reinforce each other; this confirms the importance of policy complementarities. On the negative side, bond purchases by the CB worsen income inequality and the unavoidable reversal, in the form of QT, will come at a real cost.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/279354
    Series: CESifo working papers ; 10603 (2023)
    Subjects: central banking; fiscal policy; debt stabilization; Euro Area
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  5. The Phillips curve in the euro area
    new evidence using country-level data
    Author: Wellmann, Susanne
    Published: 2023
    Publisher:  Eberhard Karls Universität Tübingen, Faculty of Economics and Social Sciences, Tübingen

    We study whether the trade-off between inflation and unemployment still exists in the euro area (EA). Using country-level data for member states of the EA, we estimate a refined specification of the Phillips curve in the spirit of Hazell et al.... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 278
    Inter-library loan:
    No inter-library loan

     

    We study whether the trade-off between inflation and unemployment still exists in the euro area (EA). Using country-level data for member states of the EA, we estimate a refined specification of the Phillips curve in the spirit of Hazell et al. (2022) deploying a non-tradable price index to measure inflation. We find that the slope of the Phillips curve is small and hence the Phillips curve is flat in the EA, similarly to the US. Moreover, reference estimates based on aggregate data overstate the steepness of the Phillips curve considerably. Our findings imply that the insensitivity of inflation with respect to unemployment over the last decade is a result of firmly anchored inflation expectations.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10900/138360
    hdl: 10419/271521
    Series: University of Tübingen working papers in business and economics ; no. 156
    Subjects: Inflation; Phillips curve; Expectations; Euro Area
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  6. Environmental regulation and productivity growth in the euro area
    testing the Porter hypothesis
    Author: Benatti, Nicola; Groiss, Martin; Kelly, Petra; López-García, Paloma
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper analyses the impact of changes in environmental regulations on productivity growth at country- and firm-level. We exploit several data sources and the environmental policy stringency index, to evaluate the Porter hypothesis, according to... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    This paper analyses the impact of changes in environmental regulations on productivity growth at country- and firm-level. We exploit several data sources and the environmental policy stringency index, to evaluate the Porter hypothesis, according to which firms' productivity can benefit from more stringent environmental policies. By using panel local projections, we estimate the regulatory impact over a five-year horizon. The identification of causal impacts of regulatory changes is achieved by the estimation of firms' CO2 emissions via a machine learning algorithm. At country- and firm-level, policy tightening affects high-polluters' productivity negatively and stronger than their less-polluting peers. However, among high-polluting firms, large ones experience positive total factor productivity growth due to easier access to finance and greater innovativeness. Hence, we do not find support for the Porter hypothesis in general. However for technology support policies and firms with the required resources, policy tightening can enhance productivity.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289960830
    Other identifier:
    hdl: 10419/278584
    Series: Working paper series / European Central Bank ; no 2820
    Subjects: Environmental regulation; Emissions; Porter hypothesis; Productivity; Euro Area
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  7. Global models for a global pandemic
    the impact of COVID-19 on small euro area economies
    Author: García, Pablo; Jacquinot, Pascal; Lenarčič, Črt; Lozej, Matija; Mavromatis, Kostas
    Published: [2023]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, The Netherlands

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    ZSS 28
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: DNB working paper ; no. 782 (June 2023)
    Subjects: DSGE Modelling; International Spillovers; Monetary Union; Euro Area; COVID-19
    Scope: 1 Online-Ressource (circa 79 Seiten), Illustrationen
  8. A Euro Area Term Structure Model with Time Varying Exposures
    Author: Tornese, Tommaso
    Published: [2023]
    Publisher:  SSRN, [S.l.]

    Using monthly data for Belgium, France, Germany, Italy and Spain for the period 2002-2019, we build a Hierarchical Euro Area Dynamic Nelson-Siegel model that allows for time varying exposures of national factors on the common components, and for... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    Using monthly data for Belgium, France, Germany, Italy and Spain for the period 2002-2019, we build a Hierarchical Euro Area Dynamic Nelson-Siegel model that allows for time varying exposures of national factors on the common components, and for stochastic volatility both at the regional and country specific level. Despite the share of national variance explained by the Euro Area factors is generally dominant, our results point out a dramatic decrease of the relative importance of common forces during the 2008 and 2012 crises, which created a neat separation between “core” and “peripheral” countries. This gap is particularly visible in the term premia demanded by investors on long term sovereign bonds. Furthermore, in line with Byrne et al. (2019), we find that both the level of interest rates and the associated term premia are closely related to confidence and uncertainty measures. In the aftermath of the crises these relationships appear weakened, presumably due to unconventional interventions of the ECB

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: BAFFI CAREFIN Centre Research Paper ; No. 199, 2023
    Subjects: Term structure; Factor Model; Euro Area; Time-varying loadings; Stochastic volatility
    Other subjects: Array
    Scope: 1 Online-Ressource (37 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 27, 2023 erstellt
  9. The euro area government spending multiplier in demand- and supply-driven recessions?
    Author: Di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel; Melina, Giovanni
    Published: [2023]
    Publisher:  Research Unit in Economics, Institute of Statistics and Mathematical Methods in Economics, TU Wien, [Wien]

    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

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 386
    Inter-library loan:
    No inter-library loan

     

    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 factoraugmented 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.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/276967
    Series: ECON WPS - working papers in economic theory and policy ; no. 2023, 02 (August 2023)
    Subjects: Fiscal Multiplier; Business Cycle; Interacted Panel VAR; Factor Models; Euro Area
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen