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ROZHOVOR

Dolaďovanie menovej politiky

Pokiaľ ide o budúce znižovanie úrokových sadzieb, ponechávame si otvorené všetky možnosti – z hľadiska frekvencie i rozsahu – uviedol viceprezident Luis de Guindos v rozhovore pre ANSA. Dolaďovanie menovej politiky je komplexnou problematikou a my pritom kladieme dôraz na strednodobú trajektóriu, pri ktorej evidentne ide o fázu uvoľňovania.

Rozhovor

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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more

PREJAV 25. októbra 2024

Vyhlásenie na zasadaní Medzinárodného menového a finančného výboru

Úrokové sadzby budeme udržiavať na dostatočne reštriktívnej úrovni dovtedy, kým to bude potrebné, uviedla prezidentka Christine Lagardová. Rozhodnutia o miere a trvaní reštrikcie budeme i naďalej prijímať na základe aktuálnych údajov priebežne, zo zasadania na zasadanie.

Vyhlásenie
PREJAV 28. októbra 2024

Význam životného prostredia pre hospodársku stabilitu

Ak ničíme prírodu, zároveň ničíme aj hospodárstvo, hovorí člen Výkonnej rady Frank Elderson na konferencii COP16 o biodiverzite. Bez zohľadňovania otázky životného prostredia by sme riskovali účinné plnenie nášho mandátu.

Prejav
EKONOMICKÝ BULLETIN 29. októbra 2024

ECB SAFE

Transmisia menovej politiky ovplyvňuje vnímanie finančných podmienok zo strany podnikov a formuje ich očakávania, pokiaľ ide o prístup k financiám v budúcnosti. Tento článok analyzuje úlohu prieskumu o prístupe podnikov k financovaniu (Survey on the Access to Finance of Enterprises – SAFE) v hodnotení tohto vzťahu.

Článok Ekonomického bulletinu
29 October 2024
WEEKLY FINANCIAL STATEMENT
Annexes
29 October 2024
WEEKLY FINANCIAL STATEMENT - COMMENTARY
29 October 2024
EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR (FULL)
Annexes
29 October 2024
EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR (FULL)
29 October 2024
EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR (FULL)
25 October 2024
MONETARY DEVELOPMENTS IN THE EURO AREA
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25 October 2024
PRESS RELEASE
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22 October 2024
WEEKLY FINANCIAL STATEMENT
Annexes
22 October 2024
WEEKLY FINANCIAL STATEMENT - COMMENTARY
30 October 2024
Slides by Isabel Schnabel, Member of the Executive Board of the ECB, at the SAFE-CEPR conference on Euro@25 organised by Leibniz Institute SAFE in Frankfurt, Germany
28 October 2024
Contribution by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the European Central Bank (ECB), 16th meeting of the Conference of the Parties to the Convention on Biological Diversity – Finance and Biodiversity Day
28 October 2024
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at a meeting with business group Hotusa
25 October 2024
Statement by Christine Lagarde, President of the ECB, at the fiftieth meeting of the International Monetary and Financial Committee
24 October 2024
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Inflation: Drivers and Dynamics Conference 2024 organised by the Federal Reserve Bank of Cleveland and the ECB
29 October 2024
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti
English
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8 October 2024
Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Miha Jenko
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20 September 2024
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Gonçalo Almeida on 13 September
English
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4 September 2024
Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Eric Albert
English
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26 July 2024
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Christian Siedenbiedel on 22 July 2024
English
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24 October 2024
People have tended to be quite hesitant to trust banks abroad. That seems to be changing. The ECB Blog shows that cross-border bank deposits of private households have picked up recently.
9 October 2024
China has been an important and reliable supplier of critical inputs for European industries for decades. But how vulnerable would our companies be if that suddenly stopped? The ECB Blog estimates the potential losses in value added for manufacturers in five countries.
Details
JEL Code
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
F13 : International Economics→Trade→Trade Policy, International Trade Organizations
F43 : International Economics→Macroeconomic Aspects of International Trade and Finance→Economic Growth of Open Economies
3 October 2024
Monetary policy decisions have direct financial consequences for many consumers, especially as they influence mortgage conditions. The ECB Blog looks at how these effects differ based on consumers’ mortgage situations and why that matters for the transmission of monetary policy.
Details
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E49 : Macroeconomics and Monetary Economics→Money and Interest Rates→Other
25 September 2024
The job of central banks is to help the economy navigate shocks and steer inflation back to target. This ECB Blog post asks what we can learn from past monetary policy cycles about how to control inflation while achieving a soft landing of the economy.
24 September 2024
Hedge funds have substantially increased their trading activity in euro area government bond and repo markets. The ECB Blog evaluates how this plays out for market functioning and intermediation.
Details
JEL Code
H63 : Public Economics→National Budget, Deficit, and Debt→Debt, Debt Management, Sovereign Debt
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
30 October 2024
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 7, 2024
Details
Abstract
This box provides an overview of fiscal developments in 2024 – as reflected in revisions in fiscal positions across rounds of Eurosystem and ECB staff macroeconomic projections. For the euro area as a whole and in groups of countries with both high and low debt ratios, the cyclically adjusted fiscal positions projected for 2024 have gradually weakened since the September 2023 projection round. Overall, fiscal positions remain weaker in the high-debt country group than in the low-debt group. Considerable risks continue to surround fiscal positions in the short run and beyond, with mixed signals regarding the 2024 outcome. For 2025, draft budgetary plans provide for some consolidation so as, among other reasons, to comply with the requirements of the revised EU economic governance framework.
JEL Code
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H63 : Public Economics→National Budget, Deficit, and Debt→Debt, Debt Management, Sovereign Debt
30 October 2024
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 7, 2024
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Abstract
This box illustrates how aggregate greenfield foreign direct investment (FDI) flows are showing increasing signs of fragmentation along geopolitical fault lines. Euro area outward flows are following this trend, with greenfield investments increasingly tilted towards the United States and away from China. However, firms have also stepped up investment between geopolitical blocs to boost local production content in anticipation of protectionist measures or retaliatory tariffs. Econometric evidence from gravity models shows that the overall effect of increasing geopolitical divides on FDI is negative, with FDI flows within geopolitical blocs being almost three times higher than FDI flows between geopolitical blocs in recent quarters. Moreover, the estimates suggest that global FDI flows were dampened by 3% following the increases in average geopolitical distance owing to Russia’s invasion of Ukraine. Since then, geopolitical divides have become a particularly strong deterrent to greenfield FDI both into and out of the euro area.
JEL Code
F13 : International Economics→Trade→Trade Policy, International Trade Organizations
F14 : International Economics→Trade→Empirical Studies of Trade
F21 : International Economics→International Factor Movements and International Business→International Investment, Long-Term Capital Movements
30 October 2024
RESEARCH BULLETIN - No. 124
Details
Abstract
Is the burden of distress in the banking sector shared equally among households, or is it distributed unevenly? Following the global financial crisis, the economic consequences of severe disruptions to the banking sector and the unequal impact of recessions have become a key concern of macroeconomic policy. This article examines how temporary banking sector losses affect households differently according to their income levels. The analysis reveals that low-income households bear most of the burden, while high-income households tend to be less adversely affected. While a fewhigh-income individuals exposed to bank dividends may face severe losses, those who are able to quickly adjust their portfolios may be able to take advantage of low asset prices, earn high returns going forward, and overall benefit from distress in the financial sector.
JEL Code
D31 : Microeconomics→Distribution→Personal Income, Wealth, and Their Distributions
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
G01 : Financial Economics→General→Financial Crises
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
29 October 2024
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 7, 2024
Details
Abstract
Consumer perceptions of the main drivers of inflation can affect their inflation expectations and, in turn, their economic behaviour. The results of the ECB’s Consumer Expectations Survey (CES) for March 2024 reveal that most euro area consumers attribute inflation primarily to input costs, followed by profits and wages. However, the proportion of consumers identifying wages as the main driver of inflation has increased since June 2023, with this perception being most pronounced in countries experiencing significant wage growth. These evolving perceptions highlight the need to monitor shifts in inflation narratives and their potential impact on inflation expectations.
JEL Code
D11 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Theory
D84 : Microeconomics→Information, Knowledge, and Uncertainty→Expectations, Speculations
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
29 October 2024
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 7, 2024
Details
Abstract
The Survey on the Access to Finance of Enterprises (SAFE) provides information on the financing needs of euro area firms, their economic performance, and the availability of external funding. The article illustrates the role that the SAFE has played over the past 15 years. First, it discusses the contribution of the survey to assessing the transmission of monetary policy decisions to firms’ access to finance and their financing conditions. Second, the article shows how SAFE-based data provide timely evidence of the impact of economic crises on firms’ performance. Third, the article documents the ability of SAFE-based indicators to track important shifts in the economic business cycle. Finally, the article discusses new survey modules that facilitate the analysis of the pricing and wage-setting behaviour of firms, along with their inflation expectations.
JEL Code
C83 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs→Survey Methods, Sampling Methods
D22 : Microeconomics→Production and Organizations→Firm Behavior: Empirical Analysis
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
29 October 2024
WORKING PAPER SERIES - No. 2995
Details
Abstract
This paper examines the asymmetry in global spillovers from Fed policy across tightening versus easing episodes several examples of which have been on display since the global financial crisis (GFC). We build a dynamic general equilibrium model featuring: (i) occasionally binding collateral constraints in the financial sector with significant cross-border exposure; and (ii) global supply chains, allowing us to match the asymmetry of spillovers across contractionary versus expansionary monetary policy shocks. We find clear asymmetries in the transmission of US monetary policy, with significantly larger spillovers during contractionary episodes under both conventional and unconventional monetary policy changes. Our results also reveal that the greater the size of international credit and supply chain networks and the policymakers’ aversion to exchange rate fluctuations in the rest of the world, the greater the spillover effects of US monetary policy shocks.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
F41 : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
28 October 2024
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 7, 2024
Details
Abstract
The article examines how the ECB’s accountability practices have evolved during the ninth term of the European Parliament (2019-2024) and how these compare to previous parliamentary terms. It highlights innovations in the ECB’s accountability practices, including enhanced communication efforts and coverage of new initiatives, such as the digital euro project, which motivated extensive dialogue with the European Parliament. While focusing on central banking accountability in relation to monetary policy, it also outlines the accountability channels for ECB Banking Supervision. Overall, the article illustrates the fruitful joint efforts by the ECB and the European Parliament to effectively shape the accountability relationship and continue to enhance the dialogue between the two institutions.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
28 October 2024
OCCASIONAL PAPER SERIES - No. 359
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Abstract
Based on granular data at the product level, this paper looks at whether and how the euro area and the United States have modified their import sourcing strategies since 2016, the role played by geopolitical tensions and the potential impact on import prices. It considers two different, but not mutually exclusive, changes to sourcing strategies for a given product: (i) increasing the number of sourcing countries and (ii) reducing the import market share of the main supplier country. Data suggest that both regions have, on average, increased the number of sourcing countries, particularly for products that are mostly imported from “geopolitically distant” countries (based on UN General Assembly voting records). Broadening the number of supplier countries has come at a cost; however, it has affected only a small share of total imports, with modest implications for inflation and the terms of trade. At the same time, evidence of a reduction in the import share of the main supplier country is more mixed and is generally associated with a shift towards cheaper – but not necessarily geopolitically closer – countries, suggesting that cost considerations take precedence over supply chain resilience and national security concerns.
JEL Code
F14 : International Economics→Trade→Empirical Studies of Trade
F51 : International Economics→International Relations, National Security, and International Political Economy→International Conflicts, Negotiations, Sanctions
F62 : International Economics→Economic Impacts of Globalization→Macroeconomic Impacts
24 October 2024
OCCASIONAL PAPER SERIES - No. 358
Details
Abstract
In recent years, monetary policy and inflation considerations have been playing an increasingly important role for macroprudential authorities in their policy setting. This paper aims to assess the implications of high inflation and rising interest rates for macroprudential policy stance. The conceptual discussions and model-based analyses included in this paper reflect on the appropriate direction and impact of macroprudential policies at the different stages of financial and business cycles, given cross-country and banking system heterogeneities. In this context, a key objective of the paper is to assess to what extent the interaction between macroprudential and monetary policies differs, given the heterogeneity across euro area countries exposed to a homogenous monetary policy. While both policies are to a large extent complementary, monetary policy may generate relevant spillovers due to its impact on the financial cycle and, potentially, on financial stability. The paper argues that the recent focus of macroprudential policy on resilience, when banking sector conditions ensure no unwarranted procyclical effects of macroprudential tightening, suggests an expansion of the notion of “complementarity” with monetary policy. Specifically, with the build-up of resilience, macroprudential policy acts de facto countercyclically, supporting monetary policy in its pursuit of price stability. In this regard, the paper stresses that the source of the inflationary shock (supply versus demand side) and the monetary environment primarily affect the intensity, speed and extent of buffer build-up or release within each stage of the financial cycle while affecting borrower-based measures in their bindingness.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
23 October 2024
WORKING PAPER SERIES - No. 2994
Details
Abstract
We construct monetary policy indicators from high-frequency asset price changes following policy announcements, emphasising the concentration of asset price responses along specific dimensions and their leptokurtic distribution. Traditionally, these dimensions are identified by rotating principal components based on economic assumptions that overlook information in excess kurtosis. We employ Varimax rotation, leveraging excess kurtosis without using economic restrictions. Within a set of euro-area risk-free assets Varimax validates policy news along dimensions previously derived from structural identification approaches and rejects evidence of macroinformation shocks. Yet, once adding risky assets Varimax identifies only one risk-free factor in medium- to long-term yields and instead points to additional risk-shift factors.
JEL Code
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
C46 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Specific Distributions, Specific Statistics
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
23 October 2024
RESEARCH BULLETIN - No. 123
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Abstract
This article analyses how monetary policy shapes the aggregate and distributional effects of an energy price shock. Based on the observed heterogeneity in consumption exposures to energy and household wealth, we build a quantitative small open-economy Heterogeneous Agent New Keynesian (HANK) model that matches salient features of the euro area data. The model incorporates energy as both a consumption good for households with non-homothetic preferences as well as a factor input into production with input complementarities. Independently of policy, energy price shocks always reduce aggregate consumption. Households with little wealth are more adversely affected through both a decline in labour income as well as negative direct price effects. Active policy responses raising rates in response to inflation amplify aggregate outcomes through a reduction in aggregate demand, but speed up the recovery by enabling households to rebuild wealth through higher returns on savings. However, low-wealth households are also adversely affected by having less savings from which to rebuild wealth and instead lose out due to further declining labour income.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
F41 : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics
Q43 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy
22 October 2024
WORKING PAPER SERIES - No. 2993
Details
Abstract
The phenomenon of political populism and its financial determinants have proved elusive. We utilise the sudden and uneven change in credit conditions during the COVID-19 pandemic and the unprecedented government credit guarantee programme in France to investigate whether liquidity support to firms affects political preferences. Drawing on credit registry data – which provides the universe of loans and credit lines to firms – we build a postcode-municipality-level dataset and show that government-guaranteed credit reduced the support for the far right but increased it for the incumbent. The underlying economic channel shows that credit guarantees preserved employment, which in turn influenced political preferences. Effects are driven by microenterprises, predominantly self-employed businesses in which the employee-owner-voter is fully aware of the government financial support, i.e., where government support is more salient. This study does not aim to evaluate policies to address the popularity of populist politics.
JEL Code
D72 : Microeconomics→Analysis of Collective Decision-Making→Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
H81 : Public Economics→Miscellaneous Issues→Governmental Loans, Loan Guarantees, Credits, Grants, Bailouts
22 October 2024
OCCASIONAL PAPER SERIES - No. 357
Details
Abstract
Understanding asymmetric risks in macroeconomic variables is challenging. Most structural models used for policy analysis are linearised and therefore cannot generate asymmetries such as those documented in the empirical growth-at-risk (GaR) literature. This report examines how structural models can incorporate non-linearities to generate tail risks. The first part reviews the various extensions to dynamic stochastic general equilibrium (DSGE) models and the computational challenges involved in accounting for risk distributions. This includes the use of occasionally binding constraints and more recent developments, such as deep learning, to solve non-linear versions of DSGEs. The second part shows how the New Keynesian DSGE model, augmented with the vulnerability channel as proposed by Adrian et al. (2020a, b), satisfactorily replicates key empirical facts from the GaR literature for the euro area. Furthermore, introducing a vulnerability channel into an open-economy set-up and a medium-sized DSGE highlights the importance of foreign financial shocks and financial frictions, respectively. Other non-linearities arising from financial frictions are also addressed, such as borrowing constraints that are conditional on an asset’s value, and the way macroprudential policies acting against those constraints can help stabilise the economy and generate positive spillovers to monetary policy. Finally, the report examines how other types of tail risk beyond financial frictions – such as the recent asymmetric supply-side shocks – can be incorporated into macroeconomic models used for policy analysis.
JEL Code
E70 : Macroeconomics and Monetary Economics
D50 : Microeconomics→General Equilibrium and Disequilibrium→General
G10 : Financial Economics→General Financial Markets→General
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
21 October 2024
WORKING PAPER SERIES - No. 2992
Details
Abstract
We study how disruptions to the supply of foreign critical inputs (FCIs) —that is, inputs primarily sourced from extra-EU countries with highly concentrated supply, advanced technology products, or which are key to the green transition —might affect value added at different levels of aggregation. Using firm-level customs and balance sheet data for Belgium, France, Italy, Slovenia and Spain, our framework allows us to assess how much geoeconomic fragmentation might affect European economies differently. Our baseline calibration suggests that a 50% reduction in imports of FCIs from China and other countries with similar geopolitical orientations would result in sizable losses of value added with significant heterogeneity across firms, sectors, regions and countries, driven by the heterogeneous exposure of firms. Our findings show that the short-term costs of supply disruptions of FCIs can be substantial, especially if firms cannot easily switch away from these inputs.
JEL Code
F10 : International Economics→Trade→General
F14 : International Economics→Trade→Empirical Studies of Trade
F50 : International Economics→International Relations, National Security, and International Political Economy→General
F60 : International Economics→Economic Impacts of Globalization→General
21 October 2024
WORKING PAPER SERIES - No. 2991
Details
Abstract
We study the application of approximate mean field variational inference algorithms to Bayesian panel VAR models in which an exchangeable prior is placed on the dynamic parameters and the residuals follow either a Gaussian or a Student-t distribution. This reduces the estimation time of possibly several hours using conventional MCMC methods to less than a minute using variational inference algorithms. Next to considerable speed improvements, our results show that the approximations accurately capture the dynamic effects of macroeconomic shocks as well as overall parameter uncertainty. The application with Student-t residuals shows that it is computationally easy to include the COVID-19 observations in Bayesian panel VARs, thus offering a fast way to estimate such models.
JEL Code
C18 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Methodological Issues: General
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
C33 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Panel Data Models, Spatio-temporal Models
21 October 2024
SURVEY OF MONETARY ANALYSTS - AGGREGATE RESULTS
18 October 2024
LEGAL ACT
18 October 2024
LEGAL ACT
18 October 2024
OTHER PUBLICATION
18 October 2024
WORKING PAPER SERIES - No. 2990
Details
Abstract
Firms’ perceived cost of green capital has decreased since the rise of sustainable investing. Green and brown firms perceived their cost of capital to be the same before 2016, but after the post-2016 surge in sustainable investing, green firms perceived their cost of capital to be on average 1 percentage point lower. This difference has widened as sustainable investing has intensified. Within some of the largest energy and utility firms, managers have started applying a lower cost of capital to greener divisions. The changes in the perceived cost of green capital incentivize cross-firm and within-firm reallocation of capital toward greener investments.
JEL Code
G10 : Financial Economics→General Financial Markets→General
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G31 : Financial Economics→Corporate Finance and Governance→Capital Budgeting, Fixed Investment and Inventory Studies, Capacity
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
G41 : Financial Economics
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming

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23. októbra 2024 Minulé kľúčové úrokové sadzby ECB

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