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Budgetary and External Imbalances Relationship : A Panel Data Diagnostic

Afonso, António; Rault, Christophe - 2021

We assess the cointegration relationship between current account and budget balances, and effective real exchange rates …, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and …

Persistent link: https://www.econbiz.de/10013316457

Does Fiscal Policy Matter for the Trade Account? A Panel Cointegration Study

Funke, Katja; Nickel, Christiane - 2021

This paper analyses the empirical relationship between fiscal policy and the trade account. Research prior to this paper did not consider that the components of private and public demand in the import demand equation exhibit different elasticities. Using pooled mean group estimation for annual...

Persistent link: https://www.econbiz.de/10013317626

Disaggregate income and wealth effects in the largest euro area countries

de Bondt, Gabe; Gieseck, Arne; Herrero, Pablo; Zekaite, … - 2019

This study extends a thick modelling tool for aggregated euro area real private consumption of de Bondt et al. (2019) to the four largest euro area countries. The suite of error correction models performs well in and out of sample. The ranges and averages of estimated elasticities are, however,...

Persistent link: https://www.econbiz.de/10012389546

The housing market, household portfolios and the German consumer

Geiger, Felix; Muellbauer, John; Rupprecht, Manuel - 2016

House price booms in Anglo-Saxon economies and their collapse were an important part of the financial accelerator via consumption, construction and the banking system. This paper examines links for Germany between household portfolios, income and consumption in a six-equation system, for...

Persistent link: https://www.econbiz.de/10011605949

The Housing Market, Household Portfolios and the German Consumer

Geiger, Felix - 2016

Persistent link: https://www.econbiz.de/10012988889

Disaggregate Income and Wealth Effects in the Largest Euro Area Countries

de Bondt, Gabe - 2020

Persistent link: https://www.econbiz.de/10012844619

The Current Account and Monetary Policy in the Euro Area

Schuler, Tobias; Sun, Yiqiao - 2022

We investigate the factors driving current account and monetary policy developments in the euro area. We estimate an open-economy structural vector autoregression (VAR) model with zero and sign restrictions derived from a multi-country dynamic stochastic general equilibrium (DSGE) model to...

Persistent link: https://www.econbiz.de/10014079214

Reverse Causality in Global Current Accounts

Schnabl, Gunther - 2010

The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising/high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...

Persistent link: https://www.econbiz.de/10013142986

Methodological Advances in the Assessment of Equilibrium Exchange Rates

Bussière, Matthieu - 2010

This paper reviews three different concepts of equilibrium exchange rates that are widely used in policy analysis and constitute the backbone of the IMF CGER assessment: the Macroeconomic Balance, the External Sustainability and the reduced form approaches. We raise a number of econometric...

Persistent link: https://www.econbiz.de/10013149063

Current Account Reversals in Industrial Countries : Does the Exchange Rate Regime Matter?

Pancaro, Cosimo - 2013

This paper studies current account reversals in industrial countries across different exchange rate regimes. There are two major findings which have important implications for industrial economies with external imbalances: first, triggers of current account reversals differ between exchange rate...

Persistent link: https://www.econbiz.de/10013082531