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The natural real interest rate and the output gap in the euro area: a joint estimation
Garnier, Julien; Wilhelmsen, Bjørn-Roger - 2005
The notion of a natural real rate of interest, due to Wicksell (1936), is widely used in current central bank research. The idea is that there exists a level at which the real interest rate would be compatible with output being at its potential and stationary inflation. This paper applies the...
Persistent link: https://www.econbiz.de/10011604592
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The Natural Real Interest Rate and the Output Gap in the Euro Area : A Joint Estimation
Garnier, Julien; Wilhelmsen, Bjorn-Roger - 2021
The notion of a natural real rate of interest, due to Wicksell (1936), is widely used in current central bank research. The idea is that there exists a level at which the real interest rate would be compatible with output being at its potential and stationary inflation. This paper applies the...
Persistent link: https://www.econbiz.de/10013318194
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Technology and demand drivers of productivity dynamics in developed and emerging market economies
Dieppe, Alistair; Francis, Neville; Kindberg-Hanlon, Gene - 2021
productivity in advanced and emerging market and developing economies (EMDEs). This paper uses a new method to extract technology … shocks that ex- cludes these in uences, resulting in lasting improvements in labor productivity. The same methodology in turn … is used to identify a stylized example of the effects of a demand shock on productivity. Technology innovations are …
Persistent link: https://www.econbiz.de/10012515454
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Technology and Demand Drivers of Productivity Dynamics in Developed and Emerging Market Economies
Dieppe, Alistair; Francis, Neville; Kindberg-Hanlon, Gene - 2021
productivity in advanced and emerging market and developing economies (EMDEs). This paper uses a new method to extract technology … shocks that excludes these influences, resulting in lasting improvements in labor productivity. The same methodology in turn … is used to identify a stylized example of the effects of a demand shock on productivity. Technology innovations are …
Persistent link: https://www.econbiz.de/10013233716
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Product Market Regulation, Business Churning and Productivity : Evidence from the European Union Countries
Anderton, Robert - 2019
Productivity performance in European countries has been a policy concern for some time. This paper shows that … productivity can be enhanced by product market policies which, by increasing competition and efficiency, facilitate higher rates of … churning, in turn, appears to be positively related to higher total factor productivity at the sector level by facilitating the …
Persistent link: https://www.econbiz.de/10012858445
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Subsidising Car Purchases in the Euro Area : Any Spill-Over on Production?
Paredes, Joan - 2017
Due to input-output linkages, an industry level shock can widely transmit to the rest of the economy. We identify government policies on the automobile industry, which change final prices and estimate their effect on sales and production. An example could be the scrappage schemes that many...
Persistent link: https://www.econbiz.de/10012949115
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Price rigidities and the granular origins of aggregate fluctuations
Pasten, Ernesto; Schoenle, Raphael; Weber, Michael - 2017
We study the aggregate implications of sectoral shocks in a multi-sector New Keynesian model featuring sectoral heterogeneity in price stickiness, sector size, and input-output linkages. We calibrate a 341 sector version of the model to the United States. Both theoretically and empirically,...
Persistent link: https://www.econbiz.de/10011804417
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Product market regulation, business churning and productivity: Evidence from the European Union countries
Anderton, Bob; Di Lupidio, Benedetta; Jarmulska, Barbara - 2019
Productivity performance in European countries has been a policy concern for some time. This paper shows that … productivity can be enhanced by product market policies which, by increasing competition and efficiency, facilitate higher rates of … churning, in turn, appears to be positively related to higher total factor productivity at the sector level by facilitating the …
Persistent link: https://www.econbiz.de/10012389535
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Economic consequences of high public debt: Evidence from three large scale DSGE models
Burriel, Pablo; Checherita-Westphal, Cristina; … - 2020
The paper reviews the economic risks associated with regimes of high public debt through DSGE model simulations. The large public debt build-up following the 2009 global financial and economic crisis acted as a shock absorber for output, while in the recent and more severe COVID19-crisis, an...
Persistent link: https://www.econbiz.de/10012422112
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Quality of public finances and growth
Afonso, António; Ebert, Werner; Schuknecht, Ludger; … - 2005
In this paper we review the linkages between the quality of public finances, that is, the level and composition of public expenditure and its financing via revenue and deficits, and economic growth. We review the various channels through which public finances affect growth and its underlying...
Persistent link: https://www.econbiz.de/10011604484