Similar Search Results

Private wealth across European countries : the role of income, inheritance and the welfare state; 1847 / September 2015

Fessler, Pirmin (contributor); Schürz, Martin (contributor) - European Central Bank - 2015

Using microdata from the Household Finance and Consumption Survey (HFCS), this study examines the role of inheritance …. First, about one third of the households in the 13 European countries we study report having received an inheritance, and … households' relative wealth position show that, on average, having received an inheritance lifts a household by about 14 net …

Persistent link: https://www.econbiz.de/10015297798

The distribution of wealth and the marginal propensity to consume : N°1655, March 2014

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

We present a macroeconomic model calibrated to match both microeconomic and macroeconomic evidence on household income dynamics. When the model is modified in a way that permits it to match empirical measures of wealth inequality in the U.S., we show that its predictions (unlike those of...

Persistent link: https://www.econbiz.de/10015301849

Optimal level of government debt : matching wealth inequality and the fiscal sector; N° 1665 / April 2014

Vogel, Edgar (contributor) - European Central Bank - 2014

We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...

Persistent link: https://www.econbiz.de/10015301887

Intermediate inputs, external rebalancing and relative price adjustment : N°1699, July 2014

Bems, Rudolfs (contributor) - European Central Bank - 2014

This paper proposes a methodology for tracing out the effect of intermediate inputs, including 'processing trade', on the link between external rebalancing and relative price adjustment. We find that neglect of inputs distorts parameterization of the traditional multi-sector macro model....

Persistent link: https://www.econbiz.de/10015301915

Central clearing and collateral demand : N°1638, February 2014

Duffie, Darrell (contributor); Scheicher, Martin (contributor) - European Central Bank - 2014

We use an extensive data set of bilateral exposures on credit default swap (CDS) to estimate the impact on collateral demand of new margin and clearing practices and regulations. We decompose collateral demand for both customers and dealers into several key components, including the "velocity...

Persistent link: https://www.econbiz.de/10015302494

Central bank statistics as a servant of two separate mandates : price stability and mitigation of systemic risk

European Central Bank - 2012

Persistent link: https://www.econbiz.de/10015306827

Central bank statistics as a servant of two separate mandates : price stability and mitigation of systemic risk

European Central Bank - 2012

Persistent link: https://www.econbiz.de/10015307124

Geopolitical risk shocks : when the size matters

Brignone, Davide (contributor); Gambetti, Luca (contributor) - European Central Bank - 2024

In this paper, we investigate the presence of non-linearities in the transmission of geopolitical risk (GPR) shocks. Our methodology involves incorporating a non-linear function of the identified shock into a VARX model and examining its impulse response functions and historical decomposition....

Persistent link: https://www.econbiz.de/10015275019

Corporate debt structure and the financial crisis

De Fiore, Fiorella (contributor); Uhlig, Harald (contributor) - European Central Bank - 2015

We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...

Persistent link: https://www.econbiz.de/10015298753

Wealth effects on consumption across the wealth distribution : : empirical evidence; 1817, June 2015

European Central Bank - 2015

This paper studies the heterogeneity of the marginal propensity to consume out of wealth using French household surveys. We find decreasing marginal propensity to consume out of wealth across the wealth distribution for all net wealth components. The marginal propensity to consume out of...

Persistent link: https://www.econbiz.de/10015298435