This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, we seek to quantify the macroeconomic effects of adverse loan supply shocks, which...

The financial crisis 2008-2009 and the European sovereign debt crisis have shown that stress on financial markets is important for analyzing and forecasting economic activity. Since financial stress is not directly observable but is presumably reflected in many financial market variables, it is...

Die deutsche Wirtschaft hat sich im Verlauf des vergangenen Jahres 2010 deutlich erholt. Sowohl von der Auslands- als auch der Inlandsnachfrage kamen kräftige Impulse. Im Jahresdurchschnitt stieg das Bruttoinlandsprodukt um 3,7 %, im Jahresverlauf sogar um 4,2 %. Mit einer Fortsetzung dieser...

In this paper, we use the estimated three-region DSGE model GEAR, which pictures Germany, the Euro Area and the Rest of the world and which is used by the Deutsche Bundesbank for policy analysis, to analyze how discretionary fiscal policy in Germany and the rest of EMU affected GDP growth and...