Supranational and National Shock Absorption Policies: Financial Shocks and German Industrial Production

Time: Tuesday October 9th, 13.00-14.00 hours
Location: CPB-office, Van Stolkweg 14, The Hague

Presentation: Jürgen Antony (CPB)

Discussant: TBA

Language: English

Registration:  Please register by sending an email to seminars@cpb.nl.

Abstract subject: This paper provides results on the magnitude of financial accelerator effects for Euro area and German industrial production. This is done by estimating VAR models that capture financial market conditions and take account of different monetary aspects and policy environments. Impulse-response analyses allow us to quantify the dynamic effects of financial shocks for industrial economic activity. Using long-run restrictions, we are additionally able to provide estimates of appropriate fiscal measures that absorb the adverse effects of financial shocks. We do so for the supranational, i.e. Euro area, and national German level. The estimates allow for cost-benefit comparisons of preventing vs. non-preventing adverse financial developments to unfold onto the economy.

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