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Has US household deleveraging ended? : a model-based estimate of equilibrium debt ; N° 1643 / March 2014

Albuquerque, Bruno (contributor); Baumann, Ursel (contributor) - European Central Bank - 2014

The balance sheet adjustment in the household sector was a prominent feature of the Great Recession that is widely believed to have held back the cyclical recovery of the US economy. A key question for the US outlook is therefore whether household deleveraging has ended or whether further...

Persistent link: https://www.econbiz.de/10015302574

Model of the United States economy with learning Musel : N°1745, December 2014

Baumann, Ursel (contributor); Dieppe, Alistair (contributor) - European Central Bank - 2014

Persistent link: https://www.econbiz.de/10015301892

Collateral imbalances in intra-European trade? : accounting for the differences between gross and value added trade balances; N°1695, July 2014

Nagengast, Arne J. (contributor); … - European Central Bank - 2014

One of the main stylised facts that has emerged from the recent literature on global value chains is that bilateral trade imbalances in gross terms can differ substantially from those measured in value added terms. However, the factors underlying the extent and sign of the differences between...

Persistent link: https://www.econbiz.de/10015301891

Buffer-stock saving in a Krusell-Smith world : N° 1633 / February 2014

Carroll, Christopher D. (contributor); … - European Central Bank - 2014

A large body of microeconomic evidence supports Friedman (1957)'s proposition that household income can be reasonably well described as having both transitory and permanent components. We show how to modify the widely-used macroeconomic model of Krusell and Smith (1998) to accommodate such a...

Persistent link: https://www.econbiz.de/10015302479

Financial literacy and savings account returns

Deuflhard, Florian (contributor); … - European Central Bank - 2015

Savings accounts are owned by most households, but little is known about the performance of households' investments. We … create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data …

Persistent link: https://www.econbiz.de/10015297767

The confidence effects of fiscal consolidations

Beetsma, Roel (contributor); Cimadomo, Jacopo (contributor); … - European Central Bank - 2015

We explore how fiscal consolidations affect private sector confidence, a possible channel for the fiscal transmission that has received particular attention recently as a result of governments embarking on austerity trajectories in the aftermath of the crisis. Panel regressions based on the...

Persistent link: https://www.econbiz.de/10015298364

Household saving behaviour and credit constraints in the euro area

Le Blanc, Julia (contributor); … - European Central Bank - 2014

We study the role of household saving behaviour, of individual motives for saving and that of perceived liquidity constraints in 15 euro area countries. The empirical analysis is based on the Household Finance and Consumption Survey, a new harmonized data set collecting detailed information on...

Persistent link: https://www.econbiz.de/10015301265

Firms' heterogeneous (and unintended) investment response to carbon price increases

Matzner, Anna (contributor); Steininger, Lea (contributor) - European Central Bank - 2024

We study the heterogeneous pass-through of carbon pricing on investment across firms. Using balance sheet data of 1 ….2 million European firms and identified carbon policy shocks, we find that higher carbon prices reduce investment, on average …. However, less carbon-intensive firms and sectors reduce their investment relatively more compared to otherwise similar firms …

Persistent link: https://www.econbiz.de/10015278012

Corporate investment and bankdependent borrowers during the recent financial crisis : 1859, October 2015

Buca, Andra (contributor); Vermeulen, Philip (contributor) - European Central Bank - 2015

We use the recent financial crisis period to analyse the effect of bank credit tightening on real firm investment. We …, investment falls substantially more in bank-dependent industries. …

Persistent link: https://www.econbiz.de/10015296807

Debt overhang and deleveraging in the US household sector : gauging the impact on consumption

Albuquerque, Bruno (contributor); … - European Central Bank - 2015

Persistent link: https://www.econbiz.de/10015298437