caa a22 4500 605534357 CHVBK 20210128100842.0 cr unu---uuuuu 210128e20150801xx s 000 0 eng 10.1007/s10663-014-9265-z doi (NATIONALLICENCE)springer-10.1007/s10663-014-9265-z Euro area financial shocks and economic activity in The Netherlands [Elektronische Daten] [Jürgen Antony, D. Broer] We analyze the effects of shocks on financial markets on economic development in the Euro area and the Netherlands in particular. We develop a VAR model that takes account of feedback loops between financial market conditions and the real economy. These feedback loops operate via the aggregated Euro area level for the real economy as well as financial markets and affect the Dutch economy. Our empirical analysis considers industry data for the Euro area and the Dutch economy. Shocks on financial markets are measured as shocks to corporate bond spreads and implied volatility. For shock identification, we employ a recently proposed decomposition of the forecast error variance combined with an ordering perturbation in our VAR. Bond spread shocks are found to have severe consequences for real economic development independently whether they are accompanied by shocks to volatility. Shocks to volatility seem to imply only severe effects for parts of the real economy if they are accompanied by bond spread shocks. Springer Science+Business Media New York, 2014 Financial crisis nationallicence Financial shocks nationallicence Finance and real economic activity nationallicence Antony Jürgen Pforzheim University, Tiefenbronner Str. 65, 75175, Pforzheim, Germany aut Broer D. CPB Netherlands Bureau for Economic Policy Analysis, P.O. Box 80510, 2508GM, The Hague, The Netherlands aut Empirica Springer US; http://www.springer-ny.com 42/3(2015-08-01), 571-595 0340-8744 42:3<571 2015 42 10663 https://doi.org/10.1007/s10663-014-9265-z text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10663-014-9265-z text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Antony Jürgen Pforzheim University, Tiefenbronner Str. 65, 75175, Pforzheim, Germany aut NATIONALLICENCE 700 1- Broer D. CPB Netherlands Bureau for Economic Policy Analysis, P.O. Box 80510, 2508GM, The Hague, The Netherlands aut NATIONALLICENCE 773 0- Empirica Springer US; http://www.springer-ny.com 42/3(2015-08-01), 571-595 0340-8744 42:3<571 2015 42 10663