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Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment
Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020
the euro area economy and examine, using the ECB's New Area-Wide Model, the consequences of the lower bound both for the …
Persistent link: https://www.econbiz.de/10012137689
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Macroeconomic effects of carbon transition policies : an assessment based on the ECB's New Area-Wide Model with a disaggregated energy sector
Coenen, Günter; Lozej, Matija; Priftis, Romanos - 2023
that increasing euro area carbon taxes to an interim target level consistent with the transition to a net-zero economy …
Persistent link: https://www.econbiz.de/10014315252
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Tracking growth in the euro area subject to a dimensionality problem
Comunale, Mariarosaria; Mongelli, Francesco Paolo - 2021
We investigate which variables have supported growth in the euro area over the last 30 years. This is a challenging task due to dimensionality problems: a large set of potential determinants, limited data, and the prospect that some variables could be non-stationary. We assemble a set of 35...
Persistent link: https://www.econbiz.de/10012625874
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Fiscal multipliers with financial fragmentation risk and interactions with monetary policy
Darracq Pariès, Matthieu; Müller, Georg; … - 2020
We quantify the size of fiscal multipliers under financial fragmentation risk and demonstrate how non-standard monetary policy can support the macroeconomic transmission of fiscal interventions. We employ a DSGE model with financial frictions whereby the interplay of corporate, banks and...
Persistent link: https://www.econbiz.de/10012241104
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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/10003794175
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Monetary and fiscal complementarity in the Covid-19 pandemic
Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2021
government bonds and this offsets the impact of shutdowns and lockdowns in the real economy. We show that these actions reduced … that if the Federal Reserve had not intervened to such a degree, the economy may have experienced a significantly deeper …
Persistent link: https://www.econbiz.de/10012617082
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Cyclical Fiscal Policy, Output Volatility, and Economic Growth
Badinger, Harald - 2021
This paper provides a comprehensive empirical assessment of the relation between the cyclicality of fiscal policy, output volatility, and economic growth, using a large cross-section of 88 countries over the period 1960 to 2004. Identification of the effects of (endogenous) cyclical fiscal...
Persistent link: https://www.econbiz.de/10013316549
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Resource Windfalls, Macroeconomic Stability and Growth : The Role of Political Institutions
Arezki, Rabah - 2011
We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government...
Persistent link: https://www.econbiz.de/10013117356
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Monetary-fiscal interactions and the euro area's malaise
Jarociński, Marek; Maćkowiak, Bartosz - 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/10011658576
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Convex supply curves
Boehm, Christoph E.; Pandalai-Nayar, Nitya - 2020
We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model, in which capacity constraints at the plant level generate convex supply curves at the industry level. The industry's capacity utilization rate is a sufficient statistic for the...
Persistent link: https://www.econbiz.de/10012271523