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Successful Austerity in the United States, Europe and Japan

Batini, Nicoletta - 2012

The output effects of 2009 fiscal expansions have been hotly debated. But the discussion of fiscal multipliers is even more relevant now that several European countries have had to quickly retract their stimulus measures in an effort to regain market confidence. Using regime-switching VARs we...

Persistent link: https://www.econbiz.de/10013098618

Regional Labor Market Adjustments in the United States and Europe

Dao, Mai - 2014

We examine patterns of regional adjustments to shocks in the US during the past 40 years. Using state-level data, we estimate the dynamic response of regional employment, unemployment, participation rates and net migration to state-relative labor demand shocks. We find that (i) the long-run...

Persistent link: https://www.econbiz.de/10013050671

Basel III and Bank-Lending : Evidence from the United States and Europe

Ben Naceur, Sami - 2018

Using data on commercial banks in the United States and Europe, this paper analyses the impact of the new Basel III capital and liquidity regulation on bank-lending following the 2008 financial crisis. We find that U.S. banks reinforce their risk absorption capacities when expanding their credit...

Persistent link: https://www.econbiz.de/10012928624

What Drives Mortgage Default Risk in Europe and the U.S.?

Gross, Marco; Tressel, Thierry; Ding, Xiaodan; Tereanu, … - 2022

We present an analysis of the sensitivity of household mortgage probabilities of default (PDs) and loss given default (LGDs) on unemployment rates, house price growth, interest rates, and other drivers. A structural micro-macro simulation model is used to that end. It is anchored in the balance...

Persistent link: https://www.econbiz.de/10013291773

Has COVID-19 Induced Labor Market Mismatch? Evidence from the US and the UK

Pizzinelli, Carlo; Shibata, Ippei - 2022

This paper studies whether labor market mismatch played an important role for labor market dynamics during the COVID-19 pandemic. We apply the framework of S¸ahin et al. (2014) to the US and the UK to measure misallocation between job seekers and vacancies across sectors until the third quarter...

Persistent link: https://www.econbiz.de/10013295149

Macroeconomic Consequences of Tariffs

Furceri, Davide - 2019

We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using …. The effects on output and productivity tend to be magnified when tariffs rise during expansions, for advanced economies …, and when tariffs go up, not down. Our results are robust to a large number of perturbations to our methodology, and we …

Persistent link: https://www.econbiz.de/10012892898

Tax Administration Reforms in the Caribbean : Challenges, Achievements, and Next Steps

Schlotterbeck, Stephane - 2017

Over the past decade, governments in the Caribbean region have introduced the value-added tax (VAT) to modernize their tax system, rapidly mobilize revenue and reduce budget deficits. This paper analyzes VAT performance in the region and concludes that while it has boosted revenues, the VAT has...

Persistent link: https://www.econbiz.de/10012956471

How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries

Poghosyan, Tigran - 2019

This paper assesses the effectiveness of lending restriction measures, such as loan-to-value and debt-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standard restrictions implemented in 28 EU countries over 1990-2018. The results suggest...

Persistent link: https://www.econbiz.de/10012889146

Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis

Chan-Lau, Jorge A. - 2012

This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by deteriorating funding conditions and investor sentiment....

Persistent link: https://www.econbiz.de/10013098630

Assessing the Cost of Financial Regulation

Elliott, Douglas - 2012

This study assesses the overall impact on credit of the financial regulatory reforms in Europe, Japan, and the United States. Long-term cost estimates are provided for Basel III capital and liquidity requirements, derivatives reforms, and higher taxes and fees. Overall, average lending rates in...

Persistent link: https://www.econbiz.de/10013099136