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Persistent link: https://www.econbiz.de/10003396222
In order to provide medium run forecasts of headline and core HICP inflation for the euro area, we assess the … indicators help improve upon the simple Autoregressive (AR) model for forecasting HICP core inflation as well total inflation, if … in inflation in a timely manner. But, from that point of view, the construction of a ''synthetic core'' indicator helps …
Persistent link: https://www.econbiz.de/10005056518
and its contribution to inflation movements. We model the price series as I(2) components and use polynomial cointegration … inflation through an error-correcting mechanism. Structural and forecasting equations exhibiting good performance are therefore …
Persistent link: https://www.econbiz.de/10005056520
We study the behavior of inflation rates among the 12 initial Euro countries in order to test whether and when the … this new procedure to Euro area inflation, we find strong and lasting evidence of convergence among the inflation rates … the occurrence of the single currency. After the 2008 crisis, Euro area inflation rates follow the ECB’s price stability …
Persistent link: https://www.econbiz.de/10009019288
consolidation programs combined with inflation are likely to increase inequality and the effects of fiscal adjustments on inequality …
Persistent link: https://www.econbiz.de/10010815971
This article addresses the existence of a wide range of estimated government spending multipliers in a dynamic stochastic general equilibrium model of the euro area. Our estimation results and counterfactual exercises provide evidence that omitting the interactions of key ingredients at the...
Persistent link: https://www.econbiz.de/10011166880
We exploit the Eurosystem’s longer-term refinancing operations (LTROs) of 2011-2012 to analyze the effects that a large provision of central bank liquidity to banks has on the credit supply to firms. We control for credit demand by examining firms that borrow from several banks, in addition to...
Persistent link: https://www.econbiz.de/10011196012
We exploit a unique monthly dataset of bank balance sheets to document the lending behaviour of euro area banks that were subject to the EBA's 2011/12 Capital Exercise. This exercise was announced in October 2011 and required large European banking groups to meet a higher Tier 1 capital ratio by...
Persistent link: https://www.econbiz.de/10010815982
sizeable contractions in output, increases in unemployment, and declines in inflation across the euro area. …
Persistent link: https://www.econbiz.de/10010764941
This note estimates several constrained versions of an optimization-based multi-country model to test the sources of heterogeneity within the euro area. We show that the main source is the asymmetry of shocks affecting the economies and that the heterogeneity of behaviors does not seem to be of...
Persistent link: https://www.econbiz.de/10004998841