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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
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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
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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
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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
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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
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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
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Fiscal Policy in a Monetary Economy with Capital and Finite Lifetime
Annicchiarico, Barbara - 2006
This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...
Persistent link: https://www.econbiz.de/10012779802
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Designing QE in a Fiscally Sound Monetary Union
Bletzinger, Tilman - 2018
channel is not active, the model becomes isomorphic to the canonical New Keynesian three-equation economy in which central … lower bound which replicates the equilibrium allocation and the welfare level of a hypothetically unconstrained economy …
Persistent link: https://www.econbiz.de/10012917169
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Assessing the Fiscal-Monetary Policy Mix in the Euro Area
Bańkowski, Krzysztof; Christoffel, Kai Philipp; Faria, … - 2021
This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts – a historical assessment and an assessment based on an extended scenario until 2030 – and it builds on the ECB-BASE –a...
Persistent link: https://www.econbiz.de/10013312080
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Fiscal and Monetary Policy in the Enlarged European Union
Pogorelec, Sabina - 2021
I build a quantitative two-country DSGE model of the European Union (EU) and investigate whether there are welfare gains from fiscal policy cooperation between the new EU members and the euro area (EMU). Fiscal cooperation is defined in terms of joint maximization of the weighted average of...
Persistent link: https://www.econbiz.de/10013317557