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Interdependence between the euro area and the US: what role for EMU?

Ehrmann, Michael; Fratzscher, Marcel - 2002

This paper investigates whether the degree and nature of interdependence between the United States and the euro area … States and the euro area. The paper finds that the interdependence of money markets has steadily increased over time, with …

Persistent link: https://www.econbiz.de/10011604246

Equal size, equal role? Interdependence between the euro area and the United States

Ehrmann, Michael; Fratzscher, Marcel - 2004

This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the … interest rates in the United States and the euro area. First, the paper finds that the interdependence of money markets has …. This indicates that the higher money market interdependence between the United States and the euro area is at least partly …

Persistent link: https://www.econbiz.de/10011604388

Exchange rates and fundamentals: new evidence from real-time data

Ehrmann, Michael; Fratzscher, Marcel - 2004

This paper analyses the link between economic fundamentals and exchange rates by investigating the importance of real-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force behind daily US dollar – euro/DEM exchange rate...

Persistent link: https://www.econbiz.de/10011604411

Active labour market policies and short-time work arrangements: Evidence from a survey of Luxembourg firms

Efstathiou, Konstantinos; Mathä, Thomas Y.; Veiga, Cindy; … - 2017

We analyse the use of active labour market policy (ALMP) measures and short-time work arrangements (STWAs) by Luxembourg firms during the years of economic and financial crisis (2008-09) and the subsequent European sovereign debt crisis (2010-13). About 34% of Luxembourg firms used ALMPs between...

Persistent link: https://www.econbiz.de/10011804398

Short-time work in the great recession: Firm-level evidence from 20 EU countries

Lydon, Reamonn; Mathä, Thomas; Millard, Stephen Patrick - 2018

Using firm-level data from a large-scale European survey among 20 countries, we analyse the determinants of firms using short-time work (STW). We show that firms are more likely to use STW in case of negative demand shocks. We show that STW schemes are more likely to be used by firms with high...

Persistent link: https://www.econbiz.de/10012142056

Effects of labour and product market regulation on worker flows: Evidence for the euro area using micro data

Anderton, Bob; Di Lupidio, Benedetta - 2019

Macroeconomic studies suggest that employment-output elasticities in the euro area increased during the recovery from the crisis, especially in those countries that implemented reforms. In this paper, we use micro (individual-level) data from the Eurostat Labour Force Survey to investigate...

Persistent link: https://www.econbiz.de/10012142156

Interest rate setting and communication at the ECB

Cour, Philippine; Jung, Alexander - 2020

Based on ordered Probit models and twenty years of euro area data, we estimate empirical reaction functions for the ECB's monetary policy and augment them with communication indicators. First, we find that the ECB responded to risks to price stability in line with its primary objective, and that...

Persistent link: https://www.econbiz.de/10012422105

Text-based recession probabilities

Ferrari, Massimo; Le Mezo, Helena - 2021

This paper proposes a new methodology based on textual analysis to forecast U.S. recessions. Specifically, the paper develops an index in the spirit of Baker et al. (2016) and Caldara and Iacoviello (2018) which tracks developments in U.S. real activity. When used in a standard recession...

Persistent link: https://www.econbiz.de/10012422178

Constructing quality-adjusted price indices: a comparison of hedonic and discrete choice models

Jonker, Nicole - 2002

The Boskin report (1996) concluded that the US consumer price index (CPI) overestimated the inflation by 1.1 percentage points. This was due to several measurement errors in the CPI. One of them is called quality change bias. We compare two methods in this paper which can be used to correct for...

Persistent link: https://www.econbiz.de/10011604218

Price setting behaviour in Spain: stylised facts using consumer price micro data

Álvarez, Luis J.; Hernando, Ignacio - 2004

This paper identifies the basic features of the price setting mechanism in the Spanish economy, using a large dataset that contains over 1.1 million price records and covers around 70% of the expenditure on the CPI basket. In particular, the paper identifies differences in the frequency and size...

Persistent link: https://www.econbiz.de/10011604462