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Leaving Home and Living Alone: An Historical Perspective

Wall, Richard - C.E.P.R. Discussion Papers - 1987

continuities in household composition. In particular, households in the pre-industrial era were no more likely than present … resulted in a household composition which resembles that produced by early widowhood in the seventeenth century. Nor has the … to illustrate household types. The paper concludes by suggesting that a standard set of tables should be agreed upon and …

Persistent link: https://www.econbiz.de/10005497727

Modelling and Forecasting Fiscal Variables for the euro Area

Favero, Carlo A.; Marcellino, Massimiliano - C.E.P.R. Discussion Papers - 2005

In this paper we assess the possibility of producing unbiased forecasts for fiscal variables in the euro area by comparing a set of procedures that rely on different information sets and econometric techniques. In particular, we consider ARMA models, VARs, small scale semi-structural models at...

Persistent link: https://www.econbiz.de/10005504314

Dating the Euro Area Business Cycle

Artis, Michael J; Marcellino, Massimiliano; Proietti, … - C.E.P.R. Discussion Papers - 2003

In this Paper we compare alternative approaches for dating the euro area business cycle and analysing its characteristics. First, we extend a commonly used dating procedure to allow for length, size and amplitude restrictions, and to compute the probability of a phase change. Second, we apply...

Persistent link: https://www.econbiz.de/10005504746

Euro-Area and US Banks Behavior, and ECB-Fed Monetary Policies during the Global Financial Crisis: A Comparison

Cukierman, Alex - C.E.P.R. Discussion Papers - 2014

This paper compares the behavior of Euro-Area (EA) banks’ credit and reserves with those of US banks following respective major crisis triggers (Lehman’s collapse in the US and the 2009 admission by Papandreou, that Greece’s deficit was substantially higher than previously believed, in the...

Persistent link: https://www.econbiz.de/10011096105

Money, credit, monetary policy and the business cycle in the euro area

Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - C.E.P.R. Discussion Papers - 2012

This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are...

Persistent link: https://www.econbiz.de/10011083763

Sovereign risk and belief-driven fluctuations in the euro area

Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - C.E.P.R. Discussion Papers - 2013

Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this "sovereign risk channel." The model is calibrated to the euro area...

Persistent link: https://www.econbiz.de/10011084472

Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area

Adam, Klaus; Zhu, Junyi - C.E.P.R. Discussion Papers - 2014

) using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a …, and Belgium and Malta being the largest losers. Governments are net winners of inflation, while the household (HH) sector …

Persistent link: https://www.econbiz.de/10011084690

Fast ML estimation of dynamic bifactor models: an application to European inflation

Fiorentini, Gabriele; Galesi, Alessandro; Sentana, Enrique - C.E.P.R. Discussion Papers - 2015

We generalise the spectral EM algorithm for dynamic factor models in Fiorentini, Galesi and Sentana (2014) to bifactor models with pervasive global factors complemented by regional ones. We exploit the sparsity of the loading matrices so that researchers can estimate those models by maximum...

Persistent link: https://www.econbiz.de/10011186627

Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis

Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - C.E.P.R. Discussion Papers - 2015

We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...

Persistent link: https://www.econbiz.de/10011196038

Identification of slowdowns and accelerations for the euro area economy

Darné, Olivier; Ferrara, Laurent - C.E.P.R. Discussion Papers - 2009

In addition to quantitative assessment of economic growth using econometric models, business cycle analyses have been proved to be helpful to practitioners in order to assess current economic conditions or to anticipate upcoming fluctuations. In this paper, we focus on the acceleration cycle in...

Persistent link: https://www.econbiz.de/10005061478