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The Distribution of Wealth and the MPC : Implications of New European Data

Carroll, Christopher D. - 2014

Using new micro data on household wealth from fifteen European countries, the Household Finance and Consumption Survey, we first document the substantial cross-country variation in how various measures of wealth are distributed across individual households. Through the lens of a standard,...

Persistent link: https://www.econbiz.de/10013058553

A twin crisis with multiple banks of issue: Spain in the 1860s

Moro, Alessio; Nuño, Galo; Tedde, Pedro - 2013

We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We...

Persistent link: https://www.econbiz.de/10011605606

A Twin Crisis With Multiple Banks of Issue : Spain in the 1860s

Moro, Alessio - 2013

Persistent link: https://www.econbiz.de/10013080476

Optimal Monetary Policy and the Transmission of Oil-Supply Shocks to the Euro Area under Rational Expectations

Adjemian, Stephane; Darracq Pariès, Matthieu - 2009

This paper presents first the estimation of a two-country DSGE model for the euro area and the rest-of-the-world including relevant oil-price channels. We then investigate the optimal resolution of the policy tradeoffs emanating from oil-price disturbances. Our simulations show that the...

Persistent link: https://www.econbiz.de/10014213432

Deflationary Financial Shocks and Inflationary Uncertainty Shocks : An SVAR Investigation

De Santis, Roberto A.; Van der Veken, Wouter - 2022

What are the economic implications of financial and uncertainty shocks? We show that financial shocks cause a decline in output and goods prices, while uncertainty shocks cause a decline in output and an increase in goods prices. In response to un-certainty shocks, firms increase their markups,...

Persistent link: https://www.econbiz.de/10014076665

One Scheme Fits All : A Central Fiscal Capacity for the EMU Targeting Eurozone, National and Regional Shocks

Beetsma, Roel; Cimadomo, Jacopo; Spronsen, Josha van - 2022

This paper proposes a central fiscal capacity for the euro area that generates transfers in response to eurozone, country, and region-specific shocks. The main novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on NUTS3...

Persistent link: https://www.econbiz.de/10014082970

Lenders on the Storm of Wholesale Funding Shocks : Saved by the Central Bank?

de Haan, Leo - 2016

We provide empirical evidence on banks' responses to shocks in wholesale funding, using data of 181 euro area banks over the period August 2007 to June 2013. Banks' adjustments of loan volumes and lending rates in response to funding liquidity shocks are analysed in a panel VAR framework. The...

Persistent link: https://www.econbiz.de/10012998237

Financial Globalisation, Monetary Policy Spillovers and Macro-Modelling : Tales from 1001 Shocks

Georgiadis, Georgios - 2017

data on monetary policy shock estimates for 29 economies obtained from more than 280 monetary models in the literature …. Consistent with the predictions from our hypothesis we find: Monetary policy shock estimates obtained from New Keynesian DSGE … contamination is more severe for economies that are more susceptible to financial spillovers in the data; and the shock estimates …

Persistent link: https://www.econbiz.de/10012953383

Estimating the Impact of Shocks to Bank Capital in the Euro Area

Kanngiesser, Derrick - 2017

economy, namely a demand shock and a shock to bank capital. The main findings of the paper are as follows: i) Impulse …-response analysis shows that in response to a shock to bank capital, banks boost capital ratios by reducing their relative exposure to …) Historical shock decomposition analysis shows that bank capital shocks have contributed to increasing capital ratios since the …

Persistent link: https://www.econbiz.de/10012953872

On the Sources of Business Cycles : Implications for DSGE Models

Andrle, Michal - 2017

What are the drivers of business cycle fluctuations? And how many are there? By documenting strong and predictable co-movement of real variables during the business cycle in a sample of advanced economies, we argue that most business cycle fluctuations are driven by one major factor. The...

Persistent link: https://www.econbiz.de/10012956242