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The Dutch Block of the Escb Multi-Country Model

Ciccarelli, Matteo; Angelini, Elena; Boissay, Frédéric - 2021

The paper presents the Dutch country block of the ESCB Multi-Country Model(MCM) for the euro area. We show how a theoretical model is translated into an econometric specification and how this specification is in turn estimated and used in the projection exercises of the E(S)CB. The dynamic...

Persistent link: https://www.econbiz.de/10013317570

The Effect of Macroeconomic Uncertainty on Household Spending

Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021

Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...

Persistent link: https://www.econbiz.de/10013225751

Cash Management and Payment Choices : A Simulation Model with International Comparisons

Arango, Carlos A. - 2016

Canada, France, Germany and the Netherlands, the results of the simulations show that both optimal policies are well suited … to understand the high shares of low-value cash payments in Canada, France and Germany. Yet, they do not perform as well … in the case of the Netherlands, overestimating the share of low-value cash payments. We discuss how the differences in …

Persistent link: https://www.econbiz.de/10013001216

A Disaggregated Framework for the Analysis of Structural Developments in Public Finances

Kremer, Jana; Braz, Cláudia Rodrigues; Brosens, Teunis; … - 2021

standardised to be used in multi-country studies. Here, it is applied to Belgium, Finland, Germany, Italy, the Netherlands and … countries except Finland. In Belgium, Italy and the Netherlands, both revenue and expenditure contributed to the deterioration … of the structural primary balance. In Germany the large deterioration in revenue was partially offset by the decline in …

Persistent link: https://www.econbiz.de/10013318107

Trade Integration of Central and Eastern European Countries : Lessons from a Gravity Model

Bussière, Matthieu; Fidrmuc, Jarko; Schnatz, Bernd - 2021

This paper analyses the rapid trade integration of the Central and Eastern European countries (CEEC's) with the euro area in the past ten years and draws implications for further integration. We use as benchmark an enhanced gravity model estimated for a large sample of bilateral trade flows...

Persistent link: https://www.econbiz.de/10013318195

Modeling Euro Area Bond Yields Using a Time-Varying Factor Model

Adam, Tomas - 2017

In this paper, we study the dynamics and drivers of sovereign bond yields in euro area countries using a factor model with time-varying loading coeffi cients and stochastic volatility, which allows for capturing changes in the pricing mechanism of bond yields. Our key contribution is exploring...

Persistent link: https://www.econbiz.de/10012963728

Immigrants and the Distribution of Income and Wealth in the Euro Area : First Facts and Implications for Monetary Policy

Dossche, Marteen; Kolndrekaj, Aleksandra; Propst, Maximilian - 2022

We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their country of residence (“natives”) vs. those born in other EU and non-EU countries (“immigrants”). The differences in wealth are more substantial than the differences in...

Persistent link: https://www.econbiz.de/10013491571

Reverse Causality in Global Current Accounts

Schnabl, Gunther - 2010

Germany as center countries with rising/high current account deficits (US) and surpluses (Germany). These are matched by … analysis extends from 1981-2008, the results for Germany mostly capture the situation before the euro was created …

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

Fast Micro and Slow Macro : Can Aggregation Explain the Persistence of Inflation?

Mojon, Benoît - 2007

An aggregation exercise is proposed that aims at investigating whether the fast average adjustment of the disaggregate inflation series of the euro area CPI translates into the slow adjustment of euro area aggregate inflation. We first estimate a dynamic factor model for 404 inflation...

Persistent link: https://www.econbiz.de/10012777732

What Explains the Surge in Euro Area Sovereign Spreads During the Financial Crisis of 2007-09?

Attinasi, Maria Grazia; Checherita-Westphal, Cristina; … - 2021

-à-vis Germany in selected euro area countries during the period end-July 2007 to end-March 2009, when the financial turmoil … debt ratios relative to Germany contributed to higher government bond yield spreads in the euro area during the analysed …

Persistent link: https://www.econbiz.de/10013316284