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Brexit, What Brexit? Euro Area Portfolio Exposures to the United Kingdom Since the Brexit Referendum

Carvalho, Daniel; Schmitz, Martin - 2022

We study euro area investors' portfolio adjustment since the Brexit referendum in terms of securities issued in the UK … exposures to debt securities and listed shares. Our key finding is the absence of a negative "Brexit-effect" for euro area … since the Brexit referendum. The analysis also reveals an increase in the euro area's exposure to listed shares issued by UK …

Persistent link: https://www.econbiz.de/10014239454

Unconventional Monetary Policy and the Great Recession - Estimating the Impact of a Compression in the Yield Spread at the Zero Lower Bound

Baumeister, Christiane - 2010

We explore the macroeconomic impact of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a Bayesian time-varying parameter structural VAR. We identify a ‘pure' spread shock which, leaving the short-term rate unchanged by construction,...

Persistent link: https://www.econbiz.de/10013137091

The Transmission of Euro Area Monetary Policy to Financially Euroised Countries

Moder, Isabella - 2021

This paper provides a comprehensive analysis of the interest rate pass-through of euro area monetary policy to retail rates outside the euro area, contributing to the literature on the consequences of unofficial financial euroisation and on the transmission channels of monetary policy...

Persistent link: https://www.econbiz.de/10013323906

The Political Economy Under Monetary Union : Has the Euro Made a Difference?

Fratzscher, Marcel; Stracca, Livio - 2021

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Persistent link: https://www.econbiz.de/10013316460

The Anatomy of Consumption in a Household Foreign Currency Debt Crisis

Gyöngyösi, Győző; Rariga, Judit; Verner, Emil - 2022

currency household debt during a large depreciation in Hungary. Relative to similar local currency debtors, foreign currency …

Persistent link: https://www.econbiz.de/10014239455

Fiscal Devaluation in the Euro Area : A Model-Based Analysis

Gomes, Sandra - 2014

We assess the effects on trade balance of a temporary fiscal devaluation enacted by Spain or Portugal by simulating EAGLE, a large-scale multi-country dynamic general equilibrium model of the euro area. Social contributions paid by firms are reduced by 1 percent of GDP for four years and are...

Persistent link: https://www.econbiz.de/10013049272

The COVID-19 Crisis and Consumption : Survey Evidence from Six EU Countries

Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - 2021

Using new panel data from a representative survey of households in the six largest euro area economies, the paper estimates the impact of the Covid-19 crisis on consumption. The panel provides, each month, household-specific indicators of the concern about finances due to Covid-19 from the first...

Persistent link: https://www.econbiz.de/10013250916

The Effect of Public Investment in Europe : A Model-Based Assessment

de Jong, Jasper - 2017

We consider the effect of an increase in public investments on output in Europe against the background of a sharp drop of public investments in a number of EU countries during the crisis and subsequent policy discussions on the need to stimulate public investments. We start with a brief overview...

Persistent link: https://www.econbiz.de/10012962598

The Macroeconomic Impact of the ECB's Expanded Asset Purchase Programme (APP)

Gambetti, Luca - 2017

This paper provides empirical evidence on the macroeconomic impact of the expanded asset purchase programme (APP) announced by the European Central Bank (ECB) in January 2015. The shock associated to the APP is identified with a combination of sign, timing and magnitude restrictions in the...

Persistent link: https://www.econbiz.de/10012954345

Negative Interest Rates, Excess Liquidity and Retail Deposits : Banks’ Reaction to Unconventional Monetary Policy in the Euro Area

Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2021

Negative interest rate policy (NIRP) is associated with a particular friction. The remuneration of banks´ retail deposits tends to be floored at zero, which limits the transmission of policy rate cuts to bank funding costs. We investigate whether this friction affects banks’ reactions under...

Persistent link: https://www.econbiz.de/10013221074