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Regular versus lump-sum payments in union contracts and household consumption

Adamopoulou, Effrosyni; Zizza, Roberta - 2017

sectors and over time in order to examine how household consumption responds to different types of positive income shocks … (regular tranches versus lump-sum payments). Focusing on single-earner households, we find evidence of consumption smoothing in … accordance with the Permanent-Income Hypothesis, since total and food consumption do not exhibit excess sensitivity to …

Persistent link: https://www.econbiz.de/10011606058

Cyclical drivers of euro area consumption: What can we learn from durable goods?

Casalis, André; Krustev, Georgi - 2020

We study the cyclical dynamics of consumption in the euro area (EA) and the large EA countries by distinguishing … cross-country heterogeneity in how different factors (including durable-specific ones) explain consumption; (iii) the … strength of spillovers from durable to nondurable consumption, as predicted by theory, is empirically correlated with how much …

Persistent link: https://www.econbiz.de/10012422048

Granger-Causal-Priority and Choice of Variables in Vector Autoregressions

Jarocinski, Marek - 2013

A researcher is interested in a set of variables that he wants to model with a vector auto-regression and he has a dataset with more variables. Which variables from the dataset to include in the VAR, in addition to the variables of interest? This question arises in many applications of VARs, in...

Persistent link: https://www.econbiz.de/10013074480

Aggregate loans to the euro area private sector

Calza, Alessandro; Manrique, Marta; Sousa, João - 2003

This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices,...

Persistent link: https://www.econbiz.de/10011604248

Modelling loans to non-financial corporations in the euro area

Kok, Christoffer; Marqués-Ibáñez, David; Rossi, Carlotta - 2009

We model the determinants of loans to non-financial corporations in the euro area. Using the Johansen (1992) methodology, we identify three cointegrating relationships. These relationships are interpreted as the long-run loan demand, investment and loan supply equations. The short-run dynamics...

Persistent link: https://www.econbiz.de/10011605035

Revisiting Fiscal Sustainability : Panel Cointegration and Structural Breaks in OECD Countries

Afonso, António - 2012

cointegration analysis, both country and panel based, controlling for endogenous breaks. Results notably show: lack of cointegration …

Persistent link: https://www.econbiz.de/10013102099

A cointegration model of money and wealth

Assenmacher-Wesche, Katrin; Beyer, Andreas - 2020

Extending the data set used in Beyer (2009) from 2007 to 2017, we estimate I(1) and I(2) money demand models for euro area M3. Wefind that the elasticities in the money demand and the real wealth relations identified previously in Beyer (2009) have remained remarkably stable throughout the...

Persistent link: https://www.econbiz.de/10012389568

The demand for M3 in the euro area

Coenen, Guenter; Vega, Juan Luis - 1999

In this paper, an empirically stable money demand model for M3 in the euro area is constructed. Starting with a multivariate system, three cointegrating relationships with economic content are found: (i) the spread between the long- and the short-term nominal interest rates, (ii) the long-term...

Persistent link: https://www.econbiz.de/10011604052

A markup model of inflation for the euro area

Bowdler, Christopher; Jansen, Eilev S. - 2004

Equilibrium correction models of the price level are often used to model inflation. Such models assume that the long-run markup of prices over costs is fixed, but this may not be true for the Euro area economy, which has undergone major structural reforms over the last 25 years. We allow for...

Persistent link: https://www.econbiz.de/10011604352

A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth

Beyer, Andreas - 2009

In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show...

Persistent link: https://www.econbiz.de/10011605157