Journal Article Sticky Prices in the Euro Area: A Summary of New Micro-Evidence Get access Luis J. Álvarez, Álvarez 1Banco de España Search for other works by this author on: Oxford Academic Google Scholar Emmanuel Dhyne, Dhyne 2Banque Nationale Belgique Marco Hoeberichts, Hoeberichts 3De Nederlandsche Bank Claudia Kwapil, Kwapil 4Oesterreichische Nationalbank Hervé Le Bihan, Bihan 5Banque France Patrick Lünnemann, Lünnemann 6Banque Centrale du Luxembourg Fernando Martins, Martins 7Banco...

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 those also provides new evidence. These use monthly data. The following five stylised facts emerge consistently across countries. First, prices change infrequently: month around 21% change. Second, there is substantial cross-sector heterogeneity frequency changes: very often energy sector, less food intermediate...

This paper summarizes the microevidence on setting of producer prices in euro area. The main findings are: (i) 21% are adjusted each month, (ii) changed more frequently and by smaller amounts than consumer (even after controlling for product characteristics), (iii) price decreases relatively frequent, (iv) inflation correlates positively with difference between frequency increases decreases, (v) there is substantial variation flexibility across sectors, which can be explained part...

Differential unit non‐response in household wealth surveys biases estimates of top tail shares downward. Using Monte Carlo evidence, I show that adding only a few extreme observations to is sufficient remove the downward bias. Combining from Forbes World's billionaires with Survey Consumer Finances, Wealth and Assets Survey, Household Finance Consumption provide new improved United States, Kingdom, nine euro area countries. These indicate significantly higher than those calculated alone.

This paper considers how monetary policy produces heterogeneous effects on euro area households, depending the composition of their income and components wealth. We first review existing evidence affects wealth inequality. then illustrate quantitatively various channels transmission—net interest rate exposure, intertemporal substitution indirect channels—affect individual households. find that channel has an overwhelming importance, especially for households holding few or no liquid assets....

This paper provides new evidence on the channels of monetary policy transmission combining 9 million observations firm level investment and high-frequency identified shocks. We show that reaction firms' to a shock is heterogeneous along dimensions correspond two main transmission. First, we young firms are more sensitive shocks high leverage amplifies effects, supporting existence credit channel policy. Second, document large cross-sectional heterogeneity related industry operates in. find...

We test whether firms with a single bank are better shielded from loss of credit and investment cuts in periods adverse cash flow shocks than multiple relationships. Our estimates the sensitivity show that both types equally subject to financing constraints bind only event shocks. In these periods, incur lower expenditures when they can obtain extra credit. shocks, probability obtaining debt becomes more sensitive size leverage firm.

This paper uses the Household Finance and Consumption Survey to construct new estimates of top wealth shares in Germany, France, Spain, Italy, Belgium, Austria, Finland The Netherlands. It provides a methodology address simultaneously non-response underreporting surveys.

We present a comparable set of results on the monetary transmission channels firm investment for four largest euro-area countries (Germany, France, Italy and Spain). With particularly rich micro datasets each country containing over 215,000 observations from 1985 to 1999, we ex-plore what can be learned about interest channel broad credit channel. For those countries, estimate neo-classical relationships, explaining by its user cost, sales cash flow. find sensitive cost changes in all...

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Financial accelerator theories imply that weak balance sheets can amplify adverse shocks on firm investment.This effect should be asymmetric, stronger in downturns than upturns and for small firms large firms.This paper privides empirical evidence of the presence a financial four largest euro area economies: Germany, France, Italy Spain.Using annual sheet data over period 1983-1997 it is shown are more important explaining investment during upturns.It further effects firms.

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 those also provides new evidence. These use monthly data. The following five stylised facts emerge consistently across countries. First, prices change infrequently: month around 21% change. Second, there is substantial cross-sector heterogeneity frequency changes: very often energy sector, less food intermediate...

Abstract We investigate the effect of demand and price uncertainty on firms' planned realized investment from a panel manufacturing firms. Uncertainty measures are derived own expectations about prices firm's sales. find that at time planning depresses subsequent investment. Firms do not revise their plans due to spending, suggesting reducing will only have lagged effects any uncertainty. Our results consistent with behaviour monopolistic firms irreversible capital. Acknowlegements would...

Using the Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households' wealth in fifteen euro area countries, this paper explores how households allocate their assets. We derive stylized facts asset participation as well levels of holdings investigate systematic relationships between household characteristics holding patterns. Real assets make up bulk total Whereas ownership main residence varies strongly value tends to be major for home-owners is significant...

Journal Article New Findings on Firm Investment and Monetary Transmission in the Euro Area Get access Jean‐Bernard Chatelain, Chatelain Search for other works by this author on: Oxford Academic Google Scholar Andrea Generale, Generale Ignacio Hernando, Hernando Ulf von Kalckreuth, Kalckreuth Philip Vermeulen Review of Economic Policy, Volume 19, Issue 1, 1 March 2003, Pages 73–83, https://doi.org/10.1093/oxrep/19.1.73 Published: 01 2003

The excess sensitivity of investment to cash flow has been demonstrated in numerous studies. Recent research identified differences the degree across countries, which it ascribes nature lender-borrower relationship financial systems those countries. In this paper we offer new methods and results determine whether are associated with structural explanations such as system industrial composition, or due other firm-specific determinants size creditworthiness. Unlike previous able systematically...

This paper presents original evidence on price setting in the euro area at individual level. We use micro data consumer (CPI) and producer (PPI) prices, as well survey information. Our main findings are: (i) prices are sticky more so than US; (ii) there is of heterogeneity asymmetries behaviour; (iii) downward rigidity only slightly marked upward (iv) implicit or explicit contracts coordination failure theories important, whereas menu information costs judged much less relevant by firms.

Using the first wave of Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households’ balance sheets in 15 euro area countries, this paper explores how households allocate their assets. We derive stylised facts asset participation as well levels holdings investigate systematic relationships between household characteristics holding patterns. Real assets make up bulk total Whereas ownership main residence varies strongly value tends to be major for...