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  1. ECB Consumer Expectations Survey
    an overview and first evaluation
    Autor*in: Bańkowska, Katarzyna; Borlescu, Ana Maria; Charalambakis, Evangelos; Silva, António Dias da; Di Laurea, Davide; Dossche, Maarten; Georgarakos, Dimitris; Honkkila, Juha; Kennedy, Neale O.; Kenny, Geoff; Kolndrekaj, Aleksandra; Meyer, Justus; Rusinova, Desislava; Teppa, Federica; Törmälehto, Veli-Matti
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour and expectations. This new survey covers a range of important topical areas including consumption and income, inflation and gross... mehr

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 535
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    The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour and expectations. This new survey covers a range of important topical areas including consumption and income, inflation and gross domestic product (GDP) growth, the labour market, housing market activity and house prices, and consumer finance and credit access. The CES, which was launched as a pilot in January 2020, is a mixed frequency modular survey, which is conducted online. The survey structure and centralised data collection ensures the collection of harmonised quantitative and qualitative euro area information in a timely manner that facilitates direct cross-country comparisons. During the pilot phase, it was conducted for the six largest euro area countries and contained 10,000 individual respondents. In the context of the coronavirus (COVID-19) pandemic, the CES has been used to gather useful information on the impact of the crisis on the household sector and the effectiveness of policy measures to mitigate the effects of the pandemic. The CES also collects information on the public’s overall trust in the ECB, their knowledge about its objectives and the channels through which they learn about its monetary policy and other central bank-related topics. This paper describes the key features of this new ECB survey – including its statistical properties – and offers a first evaluation of the results from the pilot phase. It also identifies a number of areas where the survey can be usefully developed further. Overall, the experience with the CES has been very positive, and the pilot survey is considered to have achieved its main objectives.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948418
    Weitere Identifier:
    hdl: 10419/262132
    Schriftenreihe: Occasional paper series / European Central Bank ; no 287 (December 2021)
    Schlagworte: household surveys; expectations; consumer behaviour; micro data set,euro area
    Umfang: 1 Online-Ressource (137 Seiten), Illustrationen
  2. Labor adjustment and productivity in the OECD
    Autor*in: Dossche, Maarten; Gazzani, Andrea; Lewis, Vivien
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in our... mehr

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    Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in our model with variable effort, greater labor market frictions are associated with procyclical labor productivity as well as stable employment. In contrast, the constant-effort model fails to replicate the observed cross-country pattern in the data. By implication, labor market deregulation has a greater effect on the cyclicality of labor productivity and on the relative volatility of employment when effort can vary.

     
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    ISBN: 9789289947572
    Weitere Identifier:
    hdl: 10419/237710
    Schriftenreihe: Working paper series / European Central Bank ; no 2571 (June 2021)
    Schlagworte: effort; hours; labor adjustment; labor market deregulation; labor productivity
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  3. Labor adjustment and productivity in the OECD
    Autor*in: Dossche, Maarten; Gazzani, Andrea; Lewis, Vivien
    Erschienen: [2021]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in our... mehr

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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in our model with variable effort, greater labor market frictions are associated with procyclical labor productivity as well as stable employment. In contrast, the constant-effort model fails to replicate the observed cross-country pattern in the data. By implication, labor market deregulation has a greater effect on the cyclicality of labor productivity and on the relative volatility of employment when effort can vary.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
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    Format: Online
    ISBN: 9783957298300
    Weitere Identifier:
    hdl: 10419/235892
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2021, 22
    Schlagworte: effort; hours; labor adjustment; labor market deregulation; labor productivity; structural reform
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  4. Do SVARs with sign restrictions not identify unconventional monetary policy shocks?
    Autor*in: Boeckx, Jef; Dossche, Maarten; Galesi, Alessandro; Hofmann, Boris; Peersman, Gert
    Erschienen: June 2019
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

    A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis (GFC) had... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis (GFC) had expansionary macroeconomic effects. In a recent paper, Elbourne and Ji (2019) conclude that these studies fail to identify true unconventional monetary policy shocks in the euro area. In this note, we show that their findings are actually fully consistent with a successful identification of unconventional monetary policy shocks by the earlier studies and that their approach does not serve the purpose of evaluating identification strategies of SVARs.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: BIS working papers ; no 788
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  5. Do SVARs with sign restrictions not identify unconventional monetary policy shocks?
    Autor*in: Boeckx, Jef; Dossche, Maarten; Galesi, Alessandro; Hofmann, Boris; Peersman, Gert
    Erschienen: 2019
    Verlag:  Banco de España, Madrid

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    Format: Online
    Schriftenreihe: Documentos de trabajo / Banco de España, Eurosistema ; no. 1926
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  6. Do SVARs with sign restrictions not identify unconventional monetary policy shocks?
    Autor*in: Boeckx, Jef; Dossche, Maarten; Galesi, Alessandro; Hofmann, Boris; Peersman, Gert
    Erschienen: [2019]
    Verlag:  Ghent University, Faculty of Economics and Business Administration, Ghent

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    Schriftenreihe: Working paper / Faculty of Economics and Business Administration ; 973 (2019)
    Schlagworte: Finanzkrise; Geldpolitik; Schock; Wirkungsanalyse; VAR-Modell
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  7. Immigrants and the distribution of income and wealth in the euro area
    first facts and implications for monetary policy
    Autor*in: Dossche, Maarten; Kolndrekaj, Aleksandra; Propst, Maximilian; Ramos Perez, Javier; Slacalek, Jirka
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their country of residence ("natives") vs. those born in other EU and non- EU countries ("immigrants"). The differences in wealth are... mehr

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    We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their country of residence ("natives") vs. those born in other EU and non- EU countries ("immigrants"). The differences in wealth are more substantial than the differences in wages and incomes: immigrants earn on average about 30% lower wages than natives and hold roughly 60% less net wealth. For all variables, only a small fraction of differences between natives and immigrants-around 30%-can be explained by differences in demographics (age, gender, marital status, education, occupation, sector of employment). Immigrants are more likely to be liquidity constrained: while about 17% of natives can be labelled as "hand-to-mouth" (holding liquid assets worth less than two weeks of income), the corresponding share is 20% for households born in another EU country and 29% for those born outside the EU. Employment rates of immigrants are substantially more sensitive to fluctuations in aggregate employment. Monetary policy easing stimulates more strongly employment of individuals born outside the EU.

     
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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289953061
    Weitere Identifier:
    hdl: 10419/269126
    Schriftenreihe: Array ; no 2719 (September 2022)
    Schlagworte: migration; inequality; monetary policy; distribution of income and wealth
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  8. ECB Consumer Expectations Survey
    an overview and first evaluation
    Autor*in: Bańkowska, Katarzyna; Borlescu, Ana Maria; Charalambakis, Evangelos; Silva, António Dias da; Di Laurea, Davide; Dossche, Maarten; Georgarakos, Dimitris; Honkkila, Juha; Kennedy, Neale O.; Kenny, Geoff; Kolndrekaj, Aleksandra; Meyer, Justus; Rusinova, Desislava; Teppa, Federica; Törmälehto, Veli-Matti
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour and expectations. This new survey covers a range of important topical areas including consumption and income, inflation and gross... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour and expectations. This new survey covers a range of important topical areas including consumption and income, inflation and gross domestic product (GDP) growth, the labour market, housing market activity and house prices, and consumer finance and credit access. The CES, which was launched as a pilot in January 2020, is a mixed frequency modular survey, which is conducted online. The survey structure and centralised data collection ensures the collection of harmonised quantitative and qualitative euro area information in a timely manner that facilitates direct cross-country comparisons. During the pilot phase, it was conducted for the six largest euro area countries and contained 10,000 individual respondents. In the context of the coronavirus (COVID-19) pandemic, the CES has been used to gather useful information on the impact of the crisis on the household sector and the effectiveness of policy measures to mitigate the effects of the pandemic. The CES also collects information on the public’s overall trust in the ECB, their knowledge about its objectives and the channels through which they learn about its monetary policy and other central bank-related topics. This paper describes the key features of this new ECB survey – including its statistical properties – and offers a first evaluation of the results from the pilot phase. It also identifies a number of areas where the survey can be usefully developed further. Overall, the experience with the CES has been very positive, and the pilot survey is considered to have achieved its main objectives.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948418
    Weitere Identifier:
    hdl: 10419/262132
    Schriftenreihe: Occasional paper series / European Central Bank ; no 287 (December 2021)
    Schlagworte: household surveys; expectations; consumer behaviour; micro data set,euro area
    Umfang: 1 Online-Ressource (137 Seiten), Illustrationen
  9. Do SVARs with sign restrictions not identify unconventional monetary policy shocks?
    Autor*in: Boeckx, Jef; Dossche, Maarten; Galesi, Alessandro; Hofmann, Boris; Peersman, Gert
    Erschienen: Juni 2019
    Verlag:  National Bank of Belgium, Brussels

    A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis (GFC) had... mehr

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    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 546
    Fernleihe:
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    A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis (GFC) had expansionary macroeconomic effects. In a recent paper, Elbourne and Ji (2019) conclude that these studies fail to identify true unconventional monetary policy shocks in the euro area. In this note, we show that their findings are actually fully consistent with a successful identification of unconventional monetary policy shocks by the earlier studies and that their approach does not serve the purpose of evaluating identification strategies of SVARs.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/207752
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 372 (June 2019)
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  10. The patterns and determinants of price setting in the Belgian industry
    Autor*in: Cornille, David; Dossche, Maarten
    Erschienen: 2006
    Verlag:  National Bank of Belgium, Brussels

    This paper documents the patterns and determinants of price setting in the Belgian industry. We analyse the micro data underlying the Producer Price Index (PPI) over the period from February 2001 to January 2005. On average only one out of four... mehr

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    This paper documents the patterns and determinants of price setting in the Belgian industry. We analyse the micro data underlying the Producer Price Index (PPI) over the period from February 2001 to January 2005. On average only one out of four prices changes in a typical month, whereas the absolute size of a price change amounts to 6 p.c. The frequencies of price adjustment are particularly heterogeneous across sectors, which is determined by heterogeneity in the market and cost structure. We find no signs of downward nominal rigidity. A joint analysis of sizes and frequencies of price adjustment across time shows that price setting is characterised by both time and state-dependent pricing. About 38 p.c. of the exported goods are affected by pricing-to-market.

     
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    Format: Online
    Weitere Identifier:
    hdl: 10419/144296
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 82 (May 2006)
    Schlagworte: Preismanagement; Preisrigidität; Preisindex; Schätzung; Belgien
    Umfang: 1 Online-Ressource, 533 KB, text, circa 50 Seiten, Illustrationen
    Bemerkung(en):

    Record-last-verified: 14-09-06
  11. The patterns and determinants of price setting in the Belgian industry
    Autor*in: Cornille, David; Dossche, Maarten
    Erschienen: 2005
    Verlag:  National Bank of Belgium, Brussels

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    Schriftenreihe: Array ; 82
    Schlagworte: Preismanagement; Preisrigidität; Preisindex; Schätzung; Belgien
    Umfang: 41 S., graph. Darst.
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  12. Measuring inflation persistence
    a structural time series approach
    Autor*in: Dossche, Maarten; Everaert, Gerdie
    Erschienen: 2005
    Verlag:  National Bank of Belgium, Brussels

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Schriftenreihe: Array ; 70
    Schlagworte: Inflation; Schätzung; Zustandsraummodell
    Umfang: 40 S, graph. Darst
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  13. Understanding inflation dynamics
    where do we stand?
    Autor*in: Dossche, Maarten
    Erschienen: 2009
    Verlag:  National Bank of Belgium, Brussels

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    Schriftenreihe: Array ; 165
    Schlagworte: Inflationstheorie; Dynamisches Gleichgewicht; Preisrigidität; Theorie
    Umfang: 34 S., graph. Darst.
  14. Employment, hours and optimal monetary policy
    Autor*in: Dossche, Maarten; Lewis, Vivien; Poilly, Céline
    Erschienen: 2014
    Verlag:  National Bank of Belgium, Brussels

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    Schriftenreihe: Working paper research / National Bank of Belgium ; 262
    Schlagworte: Lohnkurve; Arbeitszeit; Ramsey-Preis; Geldpolitik; Neoklassische Synthese
    Umfang: 42 S., graph. Darst.
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    Parallel als Online-Ausg. erschienen
  15. Employment, hours and optimal monetary policy
    Autor*in: Dossche, Maarten; Lewis, Vivien; Poilly, Céline
    Erschienen: 2014
    Verlag:  KU Leuven, Fac. of Economics and Business, Center for Economic Studies, Leuven

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    Schriftenreihe: Discussion paper series / Center for Economic Studies ; 14.16
    Schlagworte: Lohnkurve; Arbeitszeit; Ramsey-Preis; Geldpolitik; Neoklassische Synthese
    Umfang: Online-Ressource (41 S.), graph. Darst.
  16. Employment, hours and optimal monetary policy
    Autor*in: Dossche, Maarten; Lewis, Vivien; Poilly, Céline
    Erschienen: September 2014
    Verlag:  National Bank of Belgium, Brussels

    We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady... mehr

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    We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady state hours per worker below the efficient level. Bargaining results in a convex 'wage curve' linking wages to hours. Since the steadystate real marginal wage is low, wages respond little to hours. As a result, firms overuse the hours margin at the expense of hiring, which makes hours too volatile. The Ramsey planner uses inflation as an instrument to dampen inefficient hours fluctuations.

     
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    Weitere Identifier:
    hdl: 10419/144474
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 262 (September 2014)
    Schlagworte: Lohnkurve; Arbeitszeit; Ramsey-Preis; Geldpolitik; Neoklassische Synthese
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  17. Employment, hours and optimal monetary policy
    Autor*in: Dossche, Maarten; Lewis, Vivien; Poilly, Céline
    Erschienen: 2014
    Verlag:  European Central Bank, Frankfurt am Main

    Standort:
    Staats- und Universitätsbibliothek Bremen
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    Standort:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ISBN: 9789289911214
    Weitere Identifier:
    hdl: 10419/154146
    QB-AR-14-087-EN-N
    Schriftenreihe: Working paper series / European Central Bank ; 1713
    Umfang: Online-Ressource (65 S.), graph. Darst.
  18. Price setting in the euro area
    some stylised facts from individual producer price data
    Autor*in: Vermeulen, Philip; Dias, Daniel; Dossche, Maarten; Gautier, Erwan; Hernando, Ignacio; Sabbatini, Roberto; Stahl, Harald
    Erschienen: [2007]
    Verlag:  National Bank of Belgium, Brussels

    This paper documents producer price setting in 6 countries of the euro area: Germany, France, Italy, Spain, Belgium and Portugal. It collects evidence from available studies on each of those countries and also provides new evidence. These studies use... mehr

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    This paper documents producer price setting in 6 countries of the euro area: Germany, France, Italy, Spain, Belgium and Portugal. It collects evidence from available studies on each of those countries and also provides new evidence. These studies use monthly producer price data. The following five stylised facts emerge consistently across countries. First, producer prices change infrequently: each month around 21% of prices change. Second, there is substantial cross-sector heterogeneity in the frequency of price changes: prices change very often in the energy sector, less often in food and intermediate goods and least often in non-durable non- food and durable goods. Third, countries have a similar ranking of industries in terms of frequency of price changes. Fourth, there is no evidence of downward nominal rigidity: price changes are for about 45% decreases and 55% increases. Fifth, price changes are sizeable compared to the inflation rate. The paper also examines the factors driving producer price changes. It finds that costs structure, competition, seasonality, inflation and attractive pricing all play a role in driving producer price changes. In addition producer prices tend to be more flexible than consumer prices.

     
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    Weitere Identifier:
    hdl: 10419/144324
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 111 (March 2007)
    Schlagworte: Preismanagement; Volatilität; Deutschland; Frankreich; Italien; Spanien; Belgien; Portugal
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  19. The kinked demand curve and price rigidity
    evidence from scanner data
    Autor*in: Dossche, Maarten; Heylen, Freddy; Van den Poel, Dirk
    Erschienen: [2006]
    Verlag:  National Bank of Belgium, Brussels

    This paper uses scanner data from a large euro area retailer. We extend Deaton and Muellbauer's Almost Ideal Demand System to estimate the price elasticity and curvature of demand for a wide range of products. Our results support the introduction of... mehr

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    This paper uses scanner data from a large euro area retailer. We extend Deaton and Muellbauer's Almost Ideal Demand System to estimate the price elasticity and curvature of demand for a wide range of products. Our results support the introduction of a kinked (concave) demand curve in general equilibrium macro models. We find that the price elasticity of demand is on average higher for price increases than for price decreases. However, the degree of curvature in demand is much lower than is currently imposed. Moreover, for a significant fraction of products we observe a convex demand curve. We find no correlation between the estimated price elasticity/curvature and the observed size or frequency of price adjustment in our data

     
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    Weitere Identifier:
    hdl: 10419/144313
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 99 (October 2006)
    Schlagworte: Preisrigidität; Preiselastizität; Preis-Absatz-Funktion; Gleichgewichtstheorie; Lebensmitteleinzelhandel; Schätzung; EU-Staaten
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  20. Measuring inflation persistence
    a structural time series approach
    Autor*in: Dossche, Maarten; Everaert, Gerdie
    Erschienen: [2005]
    Verlag:  National Bank of Belgium, Brussels

    Time series estimates of inflation persistence incur an upward bias if shifts in the inflation target of the central bank remain unaccounted for. Using a structural time series approach we measure different sorts of inflation persistence allowing for... mehr

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    Time series estimates of inflation persistence incur an upward bias if shifts in the inflation target of the central bank remain unaccounted for. Using a structural time series approach we measure different sorts of inflation persistence allowing for an unobserved timevarying inflation target. Unobserved components are identified using Kalman filtering and smoothing techniques. Posterior densities of the model parameters and the unobserved components are obtained in a Bayesian framework based on importance sampling. We find that inflation persistence, expressed by the halflife of a shock, can range from 1 quarter in case of a costpush shock to several years for a shock to longrun inflation expectations or the output gap.

     
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    hdl: 10419/144284
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 70 (June 2005)
    Schlagworte: Inflation; Schätzung; Zustandsraummodell
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  21. Understanding inflation dynamics
    where do we stand?
    Autor*in: Dossche, Maarten
    Erschienen: [2009]
    Verlag:  National Bank of Belgium, Brussels

    I summarize recent progress made in the literature on inflation dynamics. This has been a very productive area of research due to the development of the so-called New Keynesian model and the availability of new macroeconomic and microeconomic... mehr

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    I summarize recent progress made in the literature on inflation dynamics. This has been a very productive area of research due to the development of the so-called New Keynesian model and the availability of new macroeconomic and microeconomic evidence. Nevertheless, a number of problems still subsist. In particular the importance of temporary price markdowns to inflation dynamics and the characteristics of the information set price-setters use for their price adjustment decision currently constitute unresolved issues

     
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    hdl: 10419/144377
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 165 (June 2009)
    Schlagworte: Inflationstheorie; Dynamisches Gleichgewicht; Preisrigidität; Theorie
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  22. Risk premiums and macroeconomic dynamics in a heterogeneous agent model
    Autor*in: De Graeve, Ferre; Dossche, Maarten; Emiris, Marina; Sneessens, Henri R.; Wouters, Rafael
    Erschienen: October 13, 2008
    Verlag:  National Bank of Belgium, Brussels

    We analyze financial risk premiums and real economic dynamics in a DSGE model with three types of agents - shareholders, bondholders and workers - that differ in participation in the capital market and in terms of risk aversion. Aggregate... mehr

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    We analyze financial risk premiums and real economic dynamics in a DSGE model with three types of agents - shareholders, bondholders and workers - that differ in participation in the capital market and in terms of risk aversion. Aggregate productivity and distribution risk are shared among these agents via the bond market and via an efficient labor contract. The result is a combination of volatile returns to capital and a highly cyclical consumption process for the shareholders, which are two important ingredients for generating high and countercyclical risk premiums. These risk premiums are consistent with a strong propagation mechanism through an elastic supply of labor, rigid real wages and a countercyclical labor share. We discuss the implications for the real and nominal component of the risk premium on equity and bonds. We show how these premiums react to changes in the volatility of the shocks, as experienced during the great moderation. We also analyze the effects of changes in monetary policy behavior and the resulting inflation dynamics.

     
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    hdl: 10419/144363
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 150 (October 2008)
    Schlagworte: Finanzmarkt; Risikoaversion; Produktivität; Kapitaleinkommen; Wirkungsanalyse; Theorie
    Umfang: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  23. Effectiveness and transmission of the ECB's balance sheet policies
    Autor*in: Boeckx, Jef; Dossche, Maarten; Peersman, Gert
    Erschienen: December 2014
    Verlag:  National Bank of Belgium, Brussels

    We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and... mehr

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    We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity and prices. The effects on bank lending and output turn out to be smaller in the member countries that have been more affected by the financial crisis, in particular those countries where the banking system is less well-capitalized.

     
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    hdl: 10419/144487
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 275 (December 2014)
    Schlagworte: Geldpolitik; Schock; Geldpolitische Transmission; Eurozone
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  24. Employment, hours and optimal monetary policy
    Autor*in: Dossche, Maarten; Lewis, Vivien; Poilly, Céline
    Erschienen: 2015
    Verlag:  Dt. Bundesbank, Frankfurt am Main

    We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady... mehr

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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Universitätsbibliothek Osnabrück
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    We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady state hours per worker below the efficient level. Bargaining results in a convex 'wage curve' linking wages to hours. Since the steady-state real marginal wage is low, wages respond little to hours. As a result, firms overuse the hours margin at the expense of hiring, which makes hours too volatile. The Ramsey planner uses inflation as a instrument to dampen inefficient hours fluctuations.

     
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    ISBN: 9783957291158
    Weitere Identifier:
    hdl: 10419/106787
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; 01/2015
    Umfang: Online-Ressource (40, [4] S.), graph. Darst.
  25. Effectiveness and transmission of the ECB’s balance sheet policies
    Autor*in: Boeckx, Jef; Dossche, Maarten; Peersman, Gert
    Erschienen: 2014
    Verlag:  Faculteit Economie en Bedrijfskunde, Univ. Gent, Gent

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    Schriftenreihe: Working paper / Universiteit Gent, Faculteit Economie en Bedrijfskunde ; 887
    Schlagworte: Geldpolitik; Schock; Geldpolitische Transmission; Eurozone
    Umfang: Online-Ressource (33 S.)