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Money, credit, monetary policy and the business cycle in the euro area : what has changed since the crisis?
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...
Persistent link: https://www.econbiz.de/10011959310
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Household saving and fiscal policy : evidence for the euro area from a thick modelling perspective
Checherita-Westphal, Cristina; Stecher, Marcel - 2021
We study the relationship between fiscal policy and household saving across the euro area countries for the period 1999 … panel setting. We find that fiscal expansions are associated with an increase in household saving rate in the euro area … the (discretionary) fiscal policy impulse. The median saving offset across all baseline specifications is around 19% in …
Persistent link: https://www.econbiz.de/10012745340
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Expectations-driven liquidity traps : implications for monetary and fiscal policy
Nakata, Taisuke; Schmidt, Sebastian - 2019
We study optimal monetary and fiscal policy in a New Keynesian model where occasional declines in agents' confidence can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no straightforward recipe for mitigating the welfare costs...
Persistent link: https://www.econbiz.de/10012037377
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Convex supply curves
Boehm, Christoph E.; Pandalai-Nayar, Nitya - 2020
We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model, in which capacity constraints at the plant level generate convex supply curves at the industry level. The industry's capacity utilization rate is a sufficient statistic for the...
Persistent link: https://www.econbiz.de/10012271523
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Tracking growth in the euro area subject to a dimensionality problem
Comunale, Mariarosaria; Mongelli, Francesco Paolo - 2021
We investigate which variables have supported growth in the euro area over the last 30 years. This is a challenging task due to dimensionality problems: a large set of potential determinants, limited data, and the prospect that some variables could be non-stationary. We assemble a set of 35...
Persistent link: https://www.econbiz.de/10012625874
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Macroeconomic effects of carbon transition policies : an assessment based on the ECB's New Area-Wide Model with a disaggregated energy sector
Coenen, Günter; Lozej, Matija; Priftis, Romanos - 2023
We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB's New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...
Persistent link: https://www.econbiz.de/10014315252
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ECB-Global : introducing ECB's global macroeconomic model for spillover analysis
Dieppe, Alistair; Georgiadis, Georgios; Ricci, Martino; … - 2017
In a highly interlinked global economy a key question for policy makers is how foreign shocks and policies transmit to the domestic economy. We develop a semi-structural multi-country model with rich real and financial channels of international shock propagation for the euro area, the US, Japan,...
Persistent link: https://www.econbiz.de/10011636171
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Forecasting euro area inflation using targeted predictors : is money coming back?
Falagiarda, Matteo; Sousa, João - 2017
This paper sheds new light on the information content of monetary and credit aggregates for future price developments in the euro area. Overall, we find strong variation in the information content of these variables over time. We show that monetary and credit aggregates are very often selected...
Persistent link: https://www.econbiz.de/10011637074
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The Feldstein-Horioka fact
Giannone, Domenico (contributor); Lenza, Michele (contributor) - 2008
investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving …This paper shows that general equilibrium effects can partly rationalize the high correlation between saving and …
Persistent link: https://www.econbiz.de/10003748972
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Global liquidity glut or global savings glut? : a structural VAR approach
Bracke, Thierry (contributor); Fidora, Michael (contributor) - 2008
) preference shocks ("savings glutʺ hypothesis), and (iii) investment shocks ("investment droughtʺ hypothesis). In order to … imbalances and financial market prices. We find that savings shocks and investment shocks explain less of the variation. Hence, a …
Persistent link: https://www.econbiz.de/10003782658