Suche nach Schlagworten '18012-3'

10 entries found on 1 pages. starting on record 1 ending on 10

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Title: Identifying fiscal shocks and policy regimes in OECD countries
Abstract
The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a 'set of rules' for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different categories of expenditure and taxation, and simulate their ex0Bects on economic activity. Empirical evidence shows that in the selected European countries fiscal decisions mainly target government expenditure while a clear-cut distinction between spending and taxation regimes is not found in the US. Both shocks on government spending and taxation generate keynesian responses of output, although fiscal multipliers are quite low (output reacts by 0.1 percent quarterly on average at most to a 1 percentage change in the expenditure or revenue ratio). In Italy, the US and France, the strongest ex0Bect on output is produced by shocks on government expenditure on wages and transfers. [Giuseppe de Arcangelis and Serena Lamartina]
Author: Arcangelis, Giuseppe de | Lamartina, Serena
Series Title: Working paper series / European Central Bank ; 281
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: GermanyFiscal PolicyFranceItalyShockUnited StatesVAR model
Subject: Taxation. Fiscal policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Interpreting implied risk-neutral densities
Title (other): the role of risk premia
Abstract
This paper examine differences between risk-neutral and objective probability densities of future interest rates. The identification and quantification of these differences are important when risk-neutral densities (RNDs), such as option-implied RNDs, are used as indicators of actual beliefs of investors. We employ a multi-factor essentially affine modeling framework apllied to German time-series and cross-section term structure data in order to identify both the risk-neutral and the objective term structure dynamics. We find important differences beetween risk-neutral and objective distributions due to risk premia in bond prices. Moreover, the estimated premia vary over time in a quantitatively significant way, which implies that the differences between the objective and the risk neutral distributions also vary over time. We conclude that one should be cautions in interpreting RNDs as representing the true expectations of market participants. The method used in this paper provides an alternative approach to identifying objective probabilities of future interest rates. [Peter Hördahl ; David Vestin]
Author: Hördahl, Peter | Vestin, David
Series Title: Working paper series / European Central Bank ; 274
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: GermanyRisk neutralityRisk premiumFutures contractTheoryTerm structure of interest rates
Subject: Investment returns. Financial market. Interest rates
Countries Scheme: Germany. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: The impact of monetary union on trade prices
Abstract
Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among members (Rose 2001). Putting these together, we see that formation of a monetary union may induce changes that help harmonise inflation rates. The effect might be large if the elimination of exchange rate volatility simultaneously leads to a large increase in intra-union trade and a big increase in the speed at which price shocks are transmitted across members' goods markets. This paper investigates part of this mechanism and finds that monetary union may indeed result in faster cross-border transmission of price movements via the import and export price channel which, in turn, would tend to homogenise price movements across the member countries of a monetary union. [Robert Anderton, Richard E. Baldwin and Daria Taglioni]
Author: Anderton, Robert | Baldwin, Richard E. | Taglioni, Daria
Series Title: Working paper series / European Central Bank ; 238
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: GermanyEU countriesInternational transmission of inflationLaw of one priceMonetary union
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB
Abstract
This paper uses data on German government bond futures options to examine the behaviour of market expectations around monetary policy actions of the European Central Bank (ECB). In particular, this paper focuses on the asymmetries in bond market expectations, as measured by the skewness of option-implied probability distributions of future bond yields. The results show that market expectations are systematically asymmetric around monetary policy actions of the ECB. Around monetary policy tightening, option-implied yield distributions are positively skewed, indicating that market participants attach higher probabilities for sharp yield increases than for sharp decreases. Correspondingly, around loosening of the policy, implied yield distributions are negatively skewed, suggesting that markets assign higher probabilities for sharp yield decreases than for increases. Furthermore, the results indicate that market expectations are significantly altered around monetary policy actions, as asymmetries in market expectations tend to increase before changes in the monetary policy stance, and to decrease afterwards. [Sami Vähämaa]
Author: Vähämaa, Sami
Series Title: Working paper series / European Central Bank ; 315
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: GermanyEU countriesMonetary PolicyRational expectationsCentral BankPublic bond
Subject: Currency. Monetary policyFinancing. Private finance. Financial policy
Countries Scheme: Germany. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: VAT in the European Community : application in the member states, facts for use by administrations/traders, information
networks, etc.
Title (other): Germany
Author (Corp. Body): Europäische Kommission / Generaldirektion Steuern und Zollunion | Europäische Kommission / Generaldirektion Steuern und Zollunion / Indirekte Steuern und Steuerverwaltung / Mehrwertsteuer und sonstige Umsatzsteuern
Publisher: Europäische Kommission / Generaldirektion Steuern und Zollunion
Year: 2007
ISBN / ISSN / Kat.Nr: TAXUD/1032/07-EN Part 23
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Germanyvalue added tax
Subject: Taxation. Fiscal policy
Countries Scheme: Germany. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu/)
Title: Analytical report on education - National focal point for Germany
Author (Corp. Body): European Monitoring Centre on Racism and Xenophobia
Contributer: European Forum for Migration Studies
Publisher: European Monitoring Centre on Racism and Xenophobia
Year: 2004
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Germanyeducation systemequal opportunitymigrant
Subject: Educational needs. Access to education
Countries Scheme: Germany. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: http://fra.europa.eu
Title: Overview of family business relevant issues : Country fiche Germany
Author (Corp. Body): Institut für Mittelstandsforschung
Contributer: KMU Forschung Austria Austrian Institute for SME Research
Year: 2009
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: GermanyFamily business
Subject: Enterprises
Countries Scheme: Germany. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu/)
Title: The impact of the labour legislation reform in Germany : labour market reforms and the "jobs miracle" in Germany
Abstract
Radical labour market reforms were implemented in Germany between 2002 and 2005, reforms that overturned the received idea that Germany was suffering from "reform paralysis". However, the part of these reforms that specifically concerned labour law was very small; their main purpose was to overhaul the social security and activation system for the unemployed and others of working age who are in need of support in line with a "work first" strategy. These reforms were extremely controversial and changed the party-political landscape in Germany.Shortly after the reforms were introduced, a trend reversal took place on the German labour market: unemployment fell, employment with mandatory social insurance contributions picked up again, and the German labour market proved extraordinarily resilient through the 2008-2009 financial and economic crisis. Since then, the German economy has been so strong as to arouse increasing concern about economic imbalances within Europe. At the same time, however, neighbouring European countries are endeavouring to emulate Germany's supposed path to success by implementing "structural reforms" along the lines of the German model, in the hope of achieving similar results. [Author vide Copyright]
Author: Knuth, Matthias ; 110263065
Contributer: Europäischer Wirtschafts und Sozialausschuss
Publisher: Amt für Amtliche Veröffentlichungen
Year: 2014
ISBN / ISSN / Kat.Nr: 978-92-830-2210-7 | QE-02-13-503-EN-C | EESC-2014-84-EN
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Employment policyGermanylabor policyreformeconomic crisis
Subject: Economic and social developmentLabour policy. Labour economics
Countries Scheme: Germany. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäischer Wirtschafts- und Sozialausschuss (http://www.eesc.europa.eu/)
Title: Forecasting Euro area industrial production using (mostly) business surveys data
Abstract
In this paper we propose a relatively simple procedure to predict Euro-zone industrial production using mostly data derived from the business surveys of the three major economies within the European Monetary Union (France, Germany, and Italy). The basic idea is that of estimating business cyclical indicators to be used as predictors for the industrial production in France and Germany; as far as Italy is concerned, forecasts are produced using a model that in the recent past proved to be able to produce accurate forecasts up to six months ahead. In order to derive quantitative predictors from the business surveys data and to aggregate the nation-wide forecast into the Euro-zone forecast, we propose using an approach based on dynamic factors and unobserved components models. The resulting forecasts are accurate up to six steps ahead.[Giancarlo Bruno, Claudio Lupi]
Author: Bruno, Giancarlo | Lupi, Claudio ; 170803309
Series Title:ECFIN - Working papers ; 2003
Contributer: Istituto di Studi e Analisi Economica, Rom
Year: 2003
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: GermanyEU countriesEconomic developmentFranceIndustrial productionItalyForecastEconomic indicator
Macroeconomic performance
Subject: Economic development. Economic growthIndustrial economics
Countries Scheme: Germany. General ResourcesEurope. General ResourcesItalyFrance
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission / Generaldirektion Wirtschaft und Finanzen (http://ec.europa.eu/economy_finance/)
Title: Support for Farmers' Cooperatives : Country Report - Germany
Abstract
In order to foster the competitiveness of the food supply chain, the European Commission is committed to promote and facilitate the restructuring and consolidation of the agricultural sector by encouraging the creation of voluntary agricultural producer organisations. To support the policy making process DG Agriculture and Rural Development has launched a large study, “Support for Farmers’ Cooperatives (SFC)”, that will provide insights on successful cooperatives and producer organisations as well as on effective support measures for these organisations. These insights can be used by farmers themselves, in setting up and strengthening their collective organisation, and by the European Commission in its effort to encourage the creation of agricultural producer organisations in the EU. The imbalances in bargaining power between the contracting parties in the food supply chain have drawn much attention, also from policy makers. The European Commission is committed to facilitate the restructuring of the sector by encouraging the creation of voluntary agricultural producer organisations. DG Agriculture and Rural Development has launched a large study, “Support for Farmers' Cooperatives”, that will provide the background knowledge that will help farmers organise themselves in cooperatives as a tool to consolidate their market orientation and so generate a solid market income. In the framework of this study, this report provides the relevant knowledge from Germany.
Author: Kühl, Rainer
Contributer: Wageningen University, The Netherlands | Agricultural Economics Research Institute, Greece | HIVA Catholic University of Leuven, Belgium
Publisher: Europäische Kommission / Generaldirektion Landwirtschaft und Ländliche Entwicklung, Brüssel
Year: 2012
ISBN / ISSN / Kat.Nr: 30-CE-0395921/00-42
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Agricultural PolicyGermanyCommon agricultural policyCooperativeAgricultural developmentRural developmentagricultural policycooperative
agricultural development
Subject: Agricultural policy. Agricultural development
Countries Scheme: Germany. General ResourcesEurope. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu)
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