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Do households with debt cut back their consumption more? New evidence from the United Kingdom
In: Bulletin of economic research, Band 74, Heft 3, S. 737-760
ISSN: 1467-8586
AbstractWe investigate whether the debt position of UK households affects the response of nondurable consumption to income and wealth changes. We construct a novel estimate of nondurable consumption to track the same individual households over time for an extended period ranging from 1993 to 2017. Using this series, we explore how household indebtedness propagates negative and positive income and wealth changes to consumption responses. We assess whether negative and positive shocks imply the same consumption adjustments and whether such mechanism is crisis specific. Our evidence reveals that falls in income trigger substantially larger adjustments in consumption than income rises for households with debt, while the findings for wealth are less conclusive. The results also point to a macro‐financial link between a debt overhang and consumer spending, which carries implications for macro‐prudential policy makers aiming to ensure household resilience. These effects are not specific to the financial crisis period.
What Lies Beneath? Understanding Recent Trends in Irish Mortgage Arrears
In: The Economic and Social Review, Vol. 44, No. 1, Spring, 2013, pp. 117–150
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Indebtedness and Spending: What Happens When the Music Stops?
In: ECB Working Paper No. 2389
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Working paper
Unemployment and inflation in Ireland: 1926–2012
In: Cliometrica: journal of historical economics and econometric history, Band 10, Heft 3, S. 345-364
ISSN: 1863-2513
Unemployment and Inflation in Ireland: 1926-2012
In: CFS Working Paper No. 514
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Working paper
Short-time work in the Great Recession: firm-level evidence from 20 EU countries
In: IZA journal of labor policy, Band 8, Heft 1
ISSN: 2193-9004
Using firm-level data from a large-scale European survey among 20 countries, we analyse the determinants of firms using short-time work (STW). We show that firms are more likely to use STW in case of negative demand shocks. We show that STW schemes are more likely to be used by firms with high degrees of firm-specific human capital, high firing costs, and operating in countries with stringent employment protection legislation and a high degree of downward nominal wage rigidity. STW use is higher in countries with formalised schemes and in countries where these schemes were extended in response to the recent crisis. On the wider economic impact of STW, we show that firms using the schemes are significantly less likely to lay off permanent workers in response to a negative shock, with no impact for temporary workers. Relating our STW take-up measure in the micro data to aggregate data on employment and output trends, we show that sectors with a high STW take-up exhibit significantly less cyclical variation in employment.
Short-time work in the Great Recession: Firm-level evidence from 20 EU countries
Using firm-level data from a large-scale European survey among 20 countries, we analyse the determinants of firms using short-time work (STW). We show that firms are more likely to use STW in case of negative demand shocks. We show that STW schemes are more likely to be used by firms with high degrees of firm-specific human capital, high firing costs, and operating in countries with stringent employment protection legislation and a high degree of downward nominal wage rigidity. STW use is higher in countries with formalised schemes and in countries where these schemes were extended in response to the recent crisis. On the wider economic impact of STW, we show that firms using the schemes are significantly less likely to lay off permanent workers in response to a negative shock, with no impact for temporary workers. Relating our STW take-up measure in the micro data to aggregate data on employment and output trends, we show that sectors with a high STW take-up exhibit significantly less cyclical variation in employment.
BASE
Pockets of Risk in European Housing Markets: Then and Now
In: ESRB: Working Paper Series No. 2019/87
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Working paper
Pockets of Risk in European Housing Markets: Then and Now
In: ECB Working Paper No. 2277 (2019); ISBN 978-92-899-3539-5
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Short-Time Work in the Great Recession: Firm-Level Evidence from 20 EU Countries
In: Bank of England Working Paper No. 771
SSRN
Short-time work in the great recession: Firm-level evidence from 20 EU countries
Using firm-level data from a large-scale European survey among 20 countries, we analyse the determinants of firms using short-time work (STW). We show that firms are more likely to use STW in case of negative demand shocks. We show that STW schemes are more likely to be used by firms with high degrees of firm-specific human capital, high firing costs, and operating in countries with stringent employment protection legislation and a high degree of downward nominal wage rigidity. STW use is higher in countries with formalised schemes and in countries where these schemes were extended in response to the recent crisis. On the wider economic impact of STW, we show that firms using the schemes are significantly less likely to lay off permanent workers in response to a negative shock, with no impact for temporary workers. Relating our STW take-up measure in the micro data to aggregate data on employment and output trends, we show that sectors with a high STW take-up exhibit significantly less cyclical variation in employment.
BASE
Short-Time Work in the Great Recession: Firm-Level Evidence from 20 EU Countries
In: ECB Working Paper No. 2212
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Working paper
The Balancing Act: Household Indebtedness over the Lifecycle
In: Quarterly Bulletin Article, Central Bank of Ireland, Q2, pp. 62-77, April 2017
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A Forward-Looking Tracker of Negotiated Wages in the Euro Area
In: ECB Occasional Paper No. 2024/338
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