Financial factors : implications for output gaps /

We suggest a new approach for analyzing the role of financial variables and shocks in computing the output gap. We estimate a two-region DSGE model for the euro area, with financial frictions at the household level, between 2000-2013. After joining the monetary union, a decline in some countries...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Rabanal, Pau (Autor), Sanjani, Marzie Taheri (Autor)
Autores Corporativos: International Monetary Fund. European Department, International Monetary Fund. Research Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2015.
Colección:IMF working paper ; WP/15/153.
Temas:
Economic and Monetary Union.
Economic and Monetary Union
Business cycles > European Union countries > Econometric models.
Monetary policy > European Union countries > Econometric models.
Gross domestic product > European Union countries > Econometric models.
Cycles économiques > Pays de l'Union européenne > Modèles économétriques.
Politique monétaire > Pays de l'Union européenne > Modèles économétriques.
Produit intérieur brut > Pays de l'Union européenne > Modèles économétriques.
Business cycles > Econometric models
Gross domestic product > Econometric models
Monetary policy > Econometric models
European Union countries
Acceso en línea:Texto completo
Descripción
Sumario:We suggest a new approach for analyzing the role of financial variables and shocks in computing the output gap. We estimate a two-region DSGE model for the euro area, with financial frictions at the household level, between 2000-2013. After joining the monetary union, a decline in some countries' borrowing costs contributed to a credit, housing and real boom and bust cycle. We show that financial frictions amplified economic fluctuations and the measure of the output gap in those countries. On the contrary, in countries such as France and Germany, financial frictions played a minor role in output gap measures. We also present evidence of the trade-offs faced by the European Central Bank when trying to stabilize two regions in a currency union with unsynchronized economic cycles. --Abstract.
Notas:"July 2015."
"European Department and Research Department."
Descripción Física:1 online resource (57 pages) : color illustrations
Bibliografía:Includes bibliographical references (pages 43-45).
ISBN:1513512862
9781513512860
1513573861
9781513573861
ISSN:1018-5941 ;

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