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The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003)...

Persistent link: https://www.econbiz.de/10014313459

Optimal threshold taxation : an empirical investigation for developing economies

Menescal, Lucas; Alves, José - 2022

In this empirical study we assess both linear and nonlinear relationship between total taxation and several tax items with real per capita GDP growth rates for 43 developing countries between 1990 and 2019. We use panel data techniques to evaluate the effects of taxation on economic growth for...

Persistent link: https://www.econbiz.de/10013255645

Monetary policy surprise shocks under different fiscal regimes : a panel analysis of the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary policy surprise shocks on real output and the price level, conditioned on different fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection methodology, we find that the effect of monetary shocks...

Persistent link: https://www.econbiz.de/10014336399

Analyzing structural reforms using a behavioral macroeconomic model

De Grauwe, Paul; Ji, Yuemei - 2017

We use a behavioral macroeconomic model to analyze how structural reforms affect the economy in the short and in the … second one raises potential output in the economy. We find that structural reforms that increase the flexibility of wages and … rigid economy. Finally, we analyze how structural reforms change the tradeoffs between output and inflation variability. Our …

Persistent link: https://www.econbiz.de/10011663556

Secular stagnation : is immigration part of the solution?

Alves, José; Morgado, Sandro - 2022

In our article we review the secular stagnation hypothesis, firstly postulated by Hansen (1939), to describe the current macroeconomic dynamics faced by developed economies. Based in the existing literature, we elaborate on a workable definition of secular stagnation founded on four pillars:...

Persistent link: https://www.econbiz.de/10012815750

The effects of monetary policy : a meta-analysis : presented at CESifo Area Conference on Macro, Money and International Finance, February 2004

De Grauwe, Paul; Costa, Cláudia - 2004

In this paper we perform a meta-analysis of the effects of monetary policies on output and prices. We use a sample of published papers on the effects of monetary policies in different countries. There is a large variation in the estimated effects of monetary policies on output and prices. We...

Persistent link: https://www.econbiz.de/10011449687

Assessing monetary policy in Norway

Andreassen, Harald Magnus; De Grauwe, Paul; Solheim, Haakon - 2001

We evaluate the policy of flexible inflation targeting implemented by the Norges Bank since March 2001. We discuss the reasons why the real interest rates are significantly higher in Norway than in the rest of Europe. Finally we propose some institutional changes that can improve the policy...

Persistent link: https://www.econbiz.de/10011408405

Is monetary policy in the eurozone less effective than in the US?

De Grauwe, Paul (contributor); Costa, Cláudia (contributor) - 2005

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the ECB's monetary policies. In order to test this "ECB-handicap" hypothesis, we perform a meta-analysis of the effects of monetary policies in the US and the Eurozone countries....

Persistent link: https://www.econbiz.de/10003297484

The fragility of two monetary regimes : the European monetary system and the Eurozone

Ji, Yuemei; De Grauwe, Paul - 2013

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...

Persistent link: https://www.econbiz.de/10010210104

Fiscal rules, financial stability and optimal currency areas

De Grauwe, Paul; Foresti, Pasquale - 2015

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...

Persistent link: https://www.econbiz.de/10010533078