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Do words hurt more than actions? The impact of trade tensions on financial markets

Ferrari, Massimo Minesso; Kurcz, Frederik; Pagliari, … - 2020

rising trade tensions, with the exception of those firms that are more exposed to China, while the same shock negatively … shock for the Chinese economy rather than as a global risk shock. …

Persistent link: https://www.econbiz.de/10012422152

Do Words Hurt More than Actions? The Impact of Trade Tensions on Financial Markets

Ferrari, Massimo Minesso; Kurcz, Frederik; Pagliari, … - 2021

rising trade tensions, with the exception of those firms that are more exposed to China, while the same shock negatively … shock for the Chinese economy rather than as a global risk shock …

Persistent link: https://www.econbiz.de/10013210547

Policy Spillovers and Synergies in a Monetary Union

Arce, Oscar - 2016

We provide a general equilibrium framework for analyzing the effects of supply and demand side policies, and the potential synergies between them, in an asymmetric monetary union that faces a liquidity trap and a slow deleveraging process in its 'periphery'. We find that the joint implementation...

Persistent link: https://www.econbiz.de/10012984386

Credit Shocks and the European Labour Market

Bodnár, Katalin - 2018

More than five years after the start of the Sovereign debt crisis in Europe, its impact on labour market outcomes is not clear. This paper aims to fill this gap. We use qualitative firm-level data for 24 European countries, collected within the Wage Dynamics Network (WDN) of the ESCB. We first...

Persistent link: https://www.econbiz.de/10012928642

Lending Standards and Macroeconomic Dynamics

Gete, Pedro - 2021

This paper proposes a tractable way to incorporate lending standards ("credit qualification thresholds") into macro models of financial frictions. Banks can reject borrowers whose risk is above an endogenous threshold at which no lending rate sufficiently compensates banks for the borrowers’...

Persistent link: https://www.econbiz.de/10013315376

Bond Risk Premia, Macroeconomic Factors and Financial Crisis in the Euro Area

Garcia, Juan Angel - 2016

This paper investigates the power of macroeconomic factors to explain euro area bond risk premia using (i) a large dataset that captures the nowadays data-rich environment (ii) the Elastic Net variable selection. We find that macroeconomic factors, in particular economic activity and sentiment...

Persistent link: https://www.econbiz.de/10012984568

The Simpler the Better : Measuring Financial Conditions for Monetary Policy and Financial Stability

Arrigoni, Simone - 2020

In this paper we assess the merits of financial condition indices constructed using simple averages versus a more sophisticated alternative that uses factor models with time varying parameters. Our analysis is based on data for 18 advanced and emerging economies at a monthly frequency covering...

Persistent link: https://www.econbiz.de/10012825953

The Exchange Rate, Asymmetric Shocks and Asymmetric Distributions

Demian, Vlad - 2015

The elasticity of exports to exchange rate fluctuations has been the subject of a large literature without a clear consensus emerging. Using a novel sector level dataset based on firm level information, we show that exchange rate elasticities double in size when the country and sector specific...

Persistent link: https://www.econbiz.de/10013020655

The Impact of Monetary Policy and Exchange Rate Shocks in Poland : Evidence from a Time-Varying VAR

Arratibel, Olga - 2014

-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …

Persistent link: https://www.econbiz.de/10013060040

Asset Pricing and the Propagation of Financial Shocks

Jaccard, Ivan - 2018

This study augments the neoclassical growth model with a mechanism that creates a novel transmission channel through which financial shocks propagate to the real economy. By affecting agents' ability to finance consumption expenditures, financial frictions create a demand for safe assets that...

Persistent link: https://www.econbiz.de/10012918412