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Optimal level of government debt - matching wealth inequality and the fiscal sector

Vogel, Edgar - 2014

effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that …

Persistent link: https://www.econbiz.de/10011605710

Optimal Level of Government Debt - Matching Wealth Inequality and the Fiscal Sector

Vogel, Edgar - 2014

effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that …

Persistent link: https://www.econbiz.de/10013056838

Indeterminacy of rational expectations equilibria in sequential financial markets

Donati, Paola - 2003

Persistent link: https://www.econbiz.de/10011604308

Testing the rank of the Hankel matrix: a statistical approach

Camba-Méndez, Gonzalo; Kapetanios, George - 2001

The rank of the Hankel matrix, corresponding to a system transfer function, is equal to the order of its minimal state space realization. The computation of the rank of the Hankel matrix is complicated by the fact that its block elements are rarely given exactly but are estimated instead. In...

Persistent link: https://www.econbiz.de/10011604091

Re-use of collateral: Leverage, volatility, and welfare

Brumm, Johannes; Grill, Michael; Kubler, Felix; … - 2018

We assess the quantitative implications of collateral re-use on leverage, volatility, and welfare within an infinite … become tighter, yet the impact on welfare is non-monotone. In the model, allowing for some re-use can improve welfare as it … leverage and lower welfare. So the analysis in this paper provides a rationale for limiting, yet not banning, re-use in …

Persistent link: https://www.econbiz.de/10012142062

Aging and pension reform: extending the retirement age and human capital formation

Vogel, Edgar; Ludwig, Alexander; Börsch-Supan, Axel - 2012

capital decrease and wages increase with adverse welfare consequences for current middle aged asset rich agents. This paper … strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in 2010 are reduced …

Persistent link: https://www.econbiz.de/10011605521

Latent fragility: Conditioning banks' joint probability of default on the financial cycle

Bochmann, Paul; Hiebert, Paul; Schüler, Yves; … - 2022

We propose the CoJPoD, a novel framework explicitly linking the cross-sectional and cyclical dimensions of systemic risk. In this framework, banking sector distress in the form of the joint probability of default of financial intermediaries (reflecting contagion from both direct and indirect...

Persistent link: https://www.econbiz.de/10014278517

Gas price shocks and euro area inflation

Adolfsen, Jakob Feveile; Ferrari, Massimo Minesso; … - 2024

This paper develops a Bayesian VAR model to identify three structural shocks driving the European gas market: demand, supply and inventory shocks. We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them. The...

Persistent link: https://www.econbiz.de/10014543615

How to predict financial stress? An assessment of Markov switching models

Duprey, Thibaut; Klaus, Benjamin - 2017

This paper predicts phases of the financial cycle by combining a continuous financial stress measure in a Markov switching framework. The debt service ratio and property market variables signal a transition to a high financial stress regime, while economic sentiment indicators provide signals...

Persistent link: https://www.econbiz.de/10011804372

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/10011804409