Narrow search
Showing 1 - 10 of 324
Cover Image
The Political Economy Under Monetary Union : Has the Euro Made a Difference?
Fratzscher, Marcel; Stracca, Livio - 2021
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …
Persistent link: https://www.econbiz.de/10013316460
Cover Image
Monetary-Fiscal Interactions and the Euro Area's Malaise
Jarocinski, Marek - 2017
When monetary and fiscal policy are conducted as in the euro area, output, inflation, and government bond default premia are indeterminate according to a standard general equilibrium model with sticky prices extended to include defaultable public debt. With sunspots, the model mimics the recent...
Persistent link: https://www.econbiz.de/10012954400
Cover Image
The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …
Persistent link: https://www.econbiz.de/10011605002
Cover Image
The Macroeconomic Impact of Euro Area Labour Market Reforms : Evidence from a Narrative Panel VAR
Rünstler, Gerhard - 2021
Using new quarterly narrative evidence, this paper examines the macroeconomic impact of reforms of unemployment benefits (UB) and employment protection legislation (EPL) in the euro area from a Bayesian narrative panel VAR. The approach complements existing micro-econometric evidence by aligning...
Persistent link: https://www.econbiz.de/10013210534
Cover Image
Fiscal Policy Shocks in the Euro Area and the US : An Empirical Assessment
Burriel, Pablo - 2009
We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and...
Persistent link: https://www.econbiz.de/10013153261
Cover Image
The Impact of Extreme Weather Events on Budget Balances and Implications for Fiscal Policy
Lis, Eliza M. - 2009
This paper explores implications of climate change for fiscal policy by assessing the impact of large scale extreme weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude that the budgetary impact of such events ranges...
Persistent link: https://www.econbiz.de/10013159926
Cover Image
Expansionary Fiscal Consolidations in Europe : New Evidence
Afonso, António - 2021
In order to assess the existence of expansionary fiscal consolidations in Europe, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period 1970-2005. Three alternative approaches to determine fiscal episodes are used, and the level of...
Persistent link: https://www.econbiz.de/10013317479
Cover Image
Fiscal convergence before entering the EMU
Onorante, Luca - 2006
The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...
Persistent link: https://www.econbiz.de/10011604710
Cover Image
Macroeconomic Stabilization, Monetary-Fiscal Interactions, and Europe's Monetary Union
Corsetti, Giancarlo - 2017
The euro area has been experiencing a prolonged period of weak economic activity and very low inflation. This paper reviews models of business cycle stabilization with an eye to formulating lessons for policy in the euro area. According to standard models, after a large recessionary shock...
Persistent link: https://www.econbiz.de/10012963947
Cover Image
What Do We Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic
Afonso, António - 2007
We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel...
Persistent link: https://www.econbiz.de/10012775987