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Fiscal policy and the Great Recession in the Euro Area

Coenen, Günter - 2012

How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of...

Persistent link: https://www.econbiz.de/10013108718

Flight to Liquidity and the Great Recession

Radde, Sören - 2014

This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to agency problems and funding liquidity risk in their inter- mediation activity....

Persistent link: https://www.econbiz.de/10013048760

European Firm Adjustment During Times of Economic Crisis

Fabiani, Silvia - 2015

This paper exploits a unique cross-country, firm-level survey to study the responses of European firms to the sharp demand and credit contraction triggered by the global Great Recession of 2009. The analysis reveals that cost reduction — particularly labour cost reduction through the...

Persistent link: https://www.econbiz.de/10013024781

Forecasting the Covid-19 Recession and Recovery : Lessons from the Financial Crisis

Foroni, Claudia - 2020

We consider simple methods to improve the growth nowcasts and forecasts obtained by mixed frequency MIDAS and UMIDAS models with a variety of indicators during the Covid-19 crisis and recovery period, such as combining forecasts across various specifications for the same model and/or across...

Persistent link: https://www.econbiz.de/10012822725

Switching-Track after the Great Recession

Vinci, Francesca; Licandro, Omar - 2021

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Persistent link: https://www.econbiz.de/10013210843

The Employment Consequences of SMEs’ Credit Constraints in the Wake of the Great Recession

Cornille, David - 2017

This article takes advantage of access to confidential matched bank-firm data relative to the Belgian economy to investigate how employment decisions of small- and medium-sized enterprises (SMEs) have been affected by credit constraints in the wake of the Great Recession. Variability in banks'...

Persistent link: https://www.econbiz.de/10012940882

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

Moro, Alessio - 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 analyze the microeconomic behavior of each bank in response to the crisis and …

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

Does product market competition reduce inflation? Evidence from EU countries and sectors

Przybyla, Marcin; Roma, Moreno - 2005

In this paper we explore the link between the intensity of product market competition and inflation rates across EU countries and sectors. We consider long-term averages of inflation rates in order to remove the cyclical behavior of inflation over time and as alternative proxies of competition...

Persistent link: https://www.econbiz.de/10011604499

The Long-Term Distribution of Expected Inflation in the Euro Area : What has Changed Since the Great Recession?

Dovern, Jonas - 2017

This paper analyses the distribution of long-term inflation expectations in the euro area using individual density forecasts from the ECB Survey of Professional Forecasters. We exploit the panel dimension in this dataset to examine whether this distribution became less stable following the Great...

Persistent link: https://www.econbiz.de/10012963929

Markups and Inflation Cyclicality in the Euro Area

Kouvavas, Omiros; Osbat, Chiara; Reinelt, Timo; … - 2021

Price inflation in the euro area has been stable and low since the Global Financial Crisis, despite notable changes in output and unemployment. We show that an increasing share of high markup firms is part of the explanation of why inflation remained stubbornly stable and low in the euro area...

Persistent link: https://www.econbiz.de/10013313119