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Going NUTS: The regional impact of extreme climate events over the medium term

Usman, Sehrish; González-Torres, Guzmán; Parker, Miles - 2024

productivity and demographic challenges facing Europe. We study the dynamic, medium-run macroeconomic effects of heatwaves … regions as well as adaptation spending post-event, which lowers regional productivity. …

Persistent link: https://www.econbiz.de/10015199539

Explaining deviations from Okun's law

Foroni, Claudia; Furlanetto, Francesco - 2022

Despite its stability over time, as for any statistical relationship, Okun's law is subject to deviations that can be large at times. In this paper, we provide a mapping between residuals in Okun's regressions and structural shocks identified with a SVAR model by inspecting how unemployment...

Persistent link: https://www.econbiz.de/10014278258

Potential Output Growth in Several Industrialised Countries : A Comparison

Cahn, Christophe; Saint-Guilhem, Arthur - 2021

In this paper, we present international comparisons of potential output growth among several economies - Canada, the Euro area, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, and the United States - for the period 1991-2004. The main estimates rely on a structural approach...

Persistent link: https://www.econbiz.de/10013316775

Endogenous TFP, Business Cycle Persistence and the Productivity Slowdown in the Euro Area

Spitzer, Martin - 2020

This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification … by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework …, total factor productivity evolves endogenously as a consequence of costly investment in R&D and adoption of new technologies …

Persistent link: https://www.econbiz.de/10012834776

Labour Market Skills, Endogenous Productivity and Business Cycles

Abbritti, Mirko; Consolo, Agostino - 2022

This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that … skilled workers increases the natural rate of unemployment and reduces total factor productivity with long-run effects on the …

Persistent link: https://www.econbiz.de/10013298601

Growth in Euro Area Labour Quality

Schwerdt, Guido; Turunen, Jarkko - 2021

nearly one third of euro area labour productivity growth. The results point to a significant decline in the contribution of … total factor productivity to euro area growth …

Persistent link: https://www.econbiz.de/10013318111

Flow effects of central bank asset purchases on euro area sovereign bond yields: Evidence from a natural experiment

De Santis, Roberto A.; Holm-Hadulla, Fédéric - 2017

We estimate the response of euro area sovereign bond yields to purchase operations under the ECB's Public Sector Purchase Programme (PSPP), using granular data on all PSPP-eligible securities at daily frequency. To avoid simultaneity bias in the estimated relationship between yields and purchase...

Persistent link: https://www.econbiz.de/10011804367

Firms' expectations on access to finance at the early stages of the Covid-19 pandemic

Ferrando, Annalisa; Ganoulis, Ioannis - 2020

This paper provides novel information on the propagation of the pandemic-induced real shock to firms' financial conditions. It uses firm-level survey data from end February to early April 2020 for a large sample of euro area SMEs and large firms. Firms' expectations on the availability of credit...

Persistent link: https://www.econbiz.de/10012422108

Market-stabilization QE

Motto, Roberto; Özen, Kadir - 2022

We identify a novel dimension of monetary policy from high-frequency changes in asset prices around ECB policy events, orthogonal to surprises extracted from risk-free interest rates. We find that it is present in policy events that were interpreted by real-time market commentaries as containing...

Persistent link: https://www.econbiz.de/10013272131

ECB communication as a stabilization and coordination device: Evidence from ex-ante inflation uncertainty

Fernandes, Cecilia Melo - 2021

This paper investigates the impact of ECB communication of its assessment of the economic outlook on ex-ante inflation uncertainty and sheds light on how central bank information shocks operate. The paper finds that ECB communication of new outlook information not only reduces professional...

Persistent link: https://www.econbiz.de/10012605278