Assessing the three euro-area programmes
Assessing the factors of resilience of private consumption in the euro area
... The life-cycle framework- that people plan their consumption over their life time, saving or borrowing so that fluctuations in income are smoothed out and in particular so that consumption can be sustained after ...
169
Three essays in International Macroeconomics : Developments in the euro area crisis
... default premia in actual time-series data. We do so in the second part of our analysis, as we estimate the model on Greek data. Our sample starts in 2009, because the sizeable upward revision of the 2009-fiscal deficit ...
165
Money demand in the euro area, the US and the UK : assessing the role of nonlinearity
... the euro area, the income semi-elasticity tends to be lower at the left tail of the distribution of money demand, while the interest rate semi-elasticity is smaller in magnitude at the right tail of the ...
8
Assessing potential output growth in the euro area - a growth accounting perspective
... Fourth, the paper shows that demographic developments have not been favourable for growth over the past business cycle and are projected to become a major reason for concern with regard to future growth. Forward-looking ...
44
Forecasting and assessing Euro area house prices through the lens of key fundamentals
... analysing euro area house prices and their interrelations with the ...of euro area house prices in equilibrium and their dynamics: housing investment, real disposable income per capita and a ...
50
Euro Area Imbalances
... the three imbalance measures to the same scale by calculating the absolute values of all quarterly changes in an imbalance measure over the 1999Q1-2015Q4 period, and then divide the level of the imbalance at the ...
33
The Breakup of the Euro Area
... the euro out of dissatisfaction with excessively inflationary ECB policies, this would significantly diminish the prospects for political ...being three of the key prerogatives of a sovereign state, would ...
49
Still focused on public deficits. Some remarks on the euro area stability programmes 2012-2015
... 7. Discussion. Based on the simple accounting identity of the financial balances in an economy, we have examined whether there is evidence in the national accounting data of the past few years and the projections of the ...
45
Euro Area Enlargement and Euro Adoption Strategies
... 3.4. Fiscal policy: not a full substitute to deal with the monetary policy shock In view of the loss of monetary policy autonomy in the new members under fixed exchange rate arrangement and the constraints on monetary ...
85
Euro Area Enlargement and Euro Adoption Strategies
... the euro area can not exceed by more than ...the three best performing EU Member States in terms of price ...after euro adoption, due to the relaxation of credit conditions, the unavoidable ...
45
Assessing the Forecast Properties of the CESifo World Economic Climate Indicator: Evidence for the Euro Area
... The Euro Area Business Cycle Network (EABCN) provides vintage data of several macroeconomic variables for the Euro area in its EABCN Real Time Database (RTDB), based on series reported in the ...
24
Assessing the sustainability of fiscal policies: Empirical evidence from the Euro Area and the United States
... the Euro Area and two cointegrated relationships for the United ...the Euro Area and the United States are still on a sustainable fiscal policy ...
23
Nothing learned from the crisis? Some remarks on the stability programmes 2011–2014 of the Euro area governments
... 8. Concluding discussion This paper has evaluated whether the 2011 national Stability Programmes (SPs) of the Euro area countries are instrumental in achieving economic stability in the monetary ...
21
An area-wide model (AWM) for the euro area
... an area-wide model can help to develop an understanding of how the economy of the area as a whole functions and to focus attention on area-wide ...the euro area economy, the estimation ...
63
Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability
... Note: Coefficients are in sample up to 1999 Q4 and estimated recursively from 2000 Q1 onwards... Notes: It is common in the VAR literature to use a one standard deviation confidence inte[r] ...
64
The euro area economy, ECB monetary policy and its transmission in the euro area and Finland
... A negative interest rate lowers short-term market rates and, together with purchase programmes and forward guidance, also long-term rates. This supports consumption and investment,[r] ...
37
Single Euro Payments Area
... all euro payment transactions in one standard format, within Ireland or cross-border from their Irish current account using SEPA payment ...are three main SEPA products - SEPA Credit Transfer, SEPA Direct ...
7
Quantitative Easing in the Euro Area
... literature. Three main conclusions can be drawn: First, the strongest reaction of finanical mar- kets is expected to occur upon announcement of the stock of pruchases, while the effects from the actual execution ...
39
Financing conditions in the euro area
... reasons, three of which can be identified as the main ...many euro area banks benefited from a significant revenue windfall from the reduction in short-term interest ...most euro area ...
67
Hysteresis and Nairu in the Euro Area
... In order to be able to use the long-term unemployment rate as an exogenous vari- able we also estimate the German Nairu. We use quarterly data for the period 1973- 2002 mainly from the German Statistical Office and the ...
26