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Do financial investors destabilize the oil price?
Lombardi, Marco J.; Van Robays, Ine - 2011
In this paper, we assess whether and to what extent financial activity in the oil futures markets has contributed to destabilize oil prices in recent years. We define a destabilizing financial shock as a shift in oil prices that is not related to current and expected fundamentals, and thereby...
Persistent link: https://www.econbiz.de/10011605392
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Do Financial Investors Destabilize the Oil Price?
Lombardi, Marco - 2011
In this paper, we assess whether and to what extent financial activity in the oil futures markets has contributed to destabilize oil prices in recent years. We define a destabilizing financial shock as a shift in oil prices that is not related to current and expected fundamentals, and thereby...
Persistent link: https://www.econbiz.de/10013124900
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Evaluating China’s integration in world trade with a gravity model based benchmark
Bussière, Matthieu; Schnatz, Bernd - 2006
The rapid transition of China from a closed agricultural society to an industrial powerhouse has been associated with a … rapid increase in the share of China in world trade. As the world is taking the full measure of this phenomenon, tensions … have been arising ranging from holding China partly responsible for global imbalances to complaints about the “excessive …
Persistent link: https://www.econbiz.de/10011604739
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Fiscal policy in the semi-structural model ECB-BASE
Bańkowski, Krzysztof - 2023
Fiscal policy constitutes a key tool for business cycle stabilisation next to monetary policy. In this context, having a well-suited macroeconomic model for analysing fiscal policy at a central bank is of primary importance. This paper documents the fiscal block of the ECB-BASE, which is a...
Persistent link: https://www.econbiz.de/10014374590
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Should quarterly government finance statistics be used for fiscal surveillane in Europe?
Pedregal, Diego J.; Pérez, Javier J. - 2008
content and its potential use for fiscal forecasting and monitoring purposes. The models are estimated with annual and …
Persistent link: https://www.econbiz.de/10011604983
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Did the crisis permanently scar the Portuguese labour market? Evidence from a Markov-switching Beveridge curve analysis
Vansteenkiste, Isabel - 2017
In this paper we analyse to what extent the outward shift in the Portuguese Beveridge curve since 2007 has been due to structural or cyclical factors and how likely the outward shift will persist. We do this by empirically estimating the Beveridge curve in a Markov-switching panel setting with...
Persistent link: https://www.econbiz.de/10011667195
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When do countries implement structural reforms?
da Silva, Antonio Dias; Givone, Audrey; Sondermann, David - 2017
The objective of this paper is to investigate which factors - macroeconomic, policy - related or institutional - foster the implementation of structural reforms. To this objective, we look at episodes of structural reforms over three decades across 40 OECD and EU countries and link them to such...
Persistent link: https://www.econbiz.de/10011804393
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The cost-efficiency and productivity growth of euro area banks
Huljak, Ivan; Martin, Reiner; Moccero, Diego - 2019
We use an industrial organisation approach to quantify the size of Total Factor Productivity Growth (TFPG) for euro area banks after the crisis and decompose it into its main driving factors. In addition, we disentangle permanent and time-varying inefficiency in the banking sector. This is...
Persistent link: https://www.econbiz.de/10012142149
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The interest rate and credit channel in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a comprehensive database of Belgian firms covering all sectors of economic activity and firms of all sizes. We proceed in two steps. First, we estimate a reduced-form investment equation...
Persistent link: https://www.econbiz.de/10011604153
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Credit channel and investment behaviour in Austria: a micro-econometric approach
Valderrama, Maria Teresa - 2001
Using individual firm data, this study analyzes the credit channel in Austria. The estimation is based on an accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The results show that there is a credit channel in Austria...
Persistent link: https://www.econbiz.de/10011604154