Output and inflation responses to credit shocks: are there threshold effects in the euro area?

This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The methodology, based on a non-linear VAR system, follows work by Balke (2000) for the US. The results reveal evidence of threshold effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of asymmetric responses over the lending cycle. JEL Classification: E51, C15, C32asymmetric shocks, credit, euro area, non-linearities

Why has broad money demand been more stable in the euro area than in other economies? A literature review

JEL Classification: E41, C22, C32Aggregation, euro area, financial innovation, Money demand

Aggregate loans to the euro area private sector

This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices, this set includes a new measure of the cost of loans obtained as a weighted average of bank lending rates. The results are overall encouraging, though the recursive estimates of the long-run parameters suggest that in 2000 some disturbances, probably of a temporary nature, affected the system. The study then addresses the issue of the leading indicator properties of loans. It finds that the deviations of the real stock of loans from the equilibrium level implied by the model seem to contain information on future changes in inflation, though not on its level. JEL Classification: C32, C51cointegration, credit, euro area, loans

Modelling the demand for loans to the private sector in the euro area

This paper studies the determinants of loans to the private sector in the euro area. Using the Johansen methodology, the study identifies one cointegrating relationship linking real loans, GDP and interest rates. This relationship implies that in the long-run real loans are positively related to real GDP and negatively to real short-term and long-term interest rates. Both the signs and the magnitude of the coefficients suggest that the cointegrating vector describes a long-run demand equation. The short-run dynamics of the demand for euro area real loans is subsequently modelled by means of a Vector Error Correction Model (VECM). A number of specification tests performed on the VECM produce satisfactory results, with tests of stability of the model parameters showing no signs of structural breaks during the sample period (1980 Q1 - 1999 Q2). All of this suggests that developments in real loans to the private sector in the euro area can be reasonably explained by the model JEL Classification: C32, C51

Challenges and confusion in media and communication regulation: a four country comparison.

In this chapter we discuss recent developments and challenges in European media and communication policy, focussing on the period since the 2008 global financial crisis. We are especially interested in the implications of the financial crisis and its political repercussions nationally (austerity measures and cuts to public services as well as growing anti-politics sentiments and widespread dissatisfaction with free-market capitalism and representative democracy) for media and communication policy, understood here in a broad sense, so to include all electronic communications, such as the Internet, mobile communications, social media etc. Our overarching concern is with the implications of developments in media and communication policy for the democratic functions of the media in Europe

Resolução geométrica de equações quadráticas: um novo conceito nas escolas

Anais do II Seminário Seminário Estadual PIBID do Paraná: tecendo saberes / organizado por Dulcyene Maria Ribeiro e Catarina Costa Fernandes — Foz do Iguaçu: Unioeste; Unila, 2014Tendo em vista que muitos alunos têm dificuldade de resolver equações quadráticas utilizando fórmulas matemáticas nós, futuros professores, devemos buscar outras formas de resolução para alterar esse quadro na educação básica do Brasil, buscando novos conceitos e implantando-os dentro das escolas para tentar melhorar o ensino, e mostrar aos alunos que a matemática não é monótona e cheias de formulas complicadas. Há várias resoluções que deviriam ser mais trabalhadas em sala de aula, como o método de completar quadrados, o conceito geométrico também deve ser mais abordado no ensino médio do país. Existem vários tipos de resoluções que nos permitem solucionar equações do segundo grau, por exemplo, utilizando formas geométricas que ajudam a compreender os problemas, esse artigo vai relatar uma dessas formas aplicada em sala de aula, e como foi a recepção do aluno com esse método diferenciado de aprendizage

Output and inflation responses to credit shocks: are there threshold effects in the euro area?

This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The methodology, based on a non-linear VAR system, follows work by Balke (2000) for the US. The results reveal evidence of threshold effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of asymmetric responses over the lending cycle

Modelling the demand for loans to the private sector in the euro area

This paper studies the determinants of loans to the private sector in the euro area. Using the Johansen methodology, the study identifies one cointegrating relationship linking real loans, GDP and interest rates. This relationship implies that in the long-run real loans are positively related to real GDP and negatively to real short-term and long-term interest rates. Both the signs and the magnitude of the coefficients suggest that the cointegrating vector describes a long-run demand equation. The short-run dynamics of the demand for euro area real loans is subsequently modelled by means of a Vector Error Correction Model (VECM). A number of specification tests performed on the VECM produce satisfactory results, with tests of stability of the model parameters showing no signs of structural breaks during the sample period (1980 Q1 - 1999 Q2). All of this suggests that developments in real loans to the private sector in the euro area can be reasonably explained by the mode

Reduction of pollutants emissions on si engines : accomplishments with efficiency increase

This paper presents an experimental study aiming to identify the means to minimize the reduction of the overall performance of a gasoline engine when employing the Exhaust- Gas Recirculation (EGR) technique that reduces NOx emissions. The increase of the compression ratio and turbocharging was evaluated as a mean to recover the original performance. The formation of pollutants and the engine performance were verified at full and partial loads. The results show that the combination of exhaust gas recirculation with turbocharger or through an increase of the compression ratio enhance the relation between the engine performance and the emission of NO. However, the turbocharger seemed to be more sensitive to the negative effects of the EGR technology