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One Money, But Many Fiscal Policies in Europe : What are the Consequences?

Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 2002

This paper outlines some issues regarding the interaction of independent fiscal authorities and one central bank in the European monetary union.It points out the possibilities for coordination failures,ranging everywhere from potentially excessive deficits and free-riding problems to...

Persistent link: https://www.econbiz.de/10011092175

Central Bank Purchases of Private Assets

Williamson, Stephen D. - Federal Reserve Bank of St. Louis - 2014

A model is constructed in which consumers and banks have incentives to fake the quality of collateral. Conventional monetary easing can exacerbate these problems, in that the mispresentation of collateral becomes more profitable, thus increasing haircuts and interest rate differentials. Central...

Persistent link: https://www.econbiz.de/10010938568

Discussion of Australia's Prosperous 2000s: Housing and the Mining Boom

Richardson, Chris - Reserve Bank of Australia

Persistent link: https://www.econbiz.de/10009385675

Australia's Prosperous 2000s: Housing and the Mining Boom

Kearns, Jonathan; Lowe, Philip - Reserve Bank of Australia

Persistent link: https://www.econbiz.de/10009385678

Australia's Prosperous 2000s: Housing and the Mining Boom

Kearns, Jonathan; Lowe, Philip - Reserve Bank of Australia - 2011

The 2000s was a particularly eventful decade for both the international and Australian economies. There were: two recessions in many countries; the largest international financial crisis since the Great Depression; the ongoing rapid development of Asia; asset booms and busts; and, Australia...

Persistent link: https://www.econbiz.de/10009393020

What are the Effects of Fiscal Policy Shocks?

Mountford, A.W.; Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 2002

:5, and that a surprise tax increase has a contractionary effect on output, consumption and investment.Our results differ from … shock is not, that government spending shocks crowd out both residential and on-residential investment but do not reduce … consumption, that a deficit spending cut stimulates the economy for the first 4 quarters but has a low median multiplier of 0 …

Persistent link: https://www.econbiz.de/10011092709

Money, Fiscal Defecits and Government Debt in a Monetary Union

Bovenberg, A.L.Bovenberg; van Aarle, B.; Raith, M. - Tilburg University, Center for Economic Research - 1996

The replacement of national currencies by a common currency in the EMU causes a monetary externality if the European Central Bank is inclined to monetize part of outstanding government debt in the community.High government debt in one part of the EU then increases the common inflation rate.We...

Persistent link: https://www.econbiz.de/10011092899

The Expected Inflation Channel of Government Spending in the Postwar U.S.

Dupor, Bill; Li, Rong - Federal Reserve Bank of St. Louis - 2013

expected inflation, which in turn, reduces the real interest rate and leads to an increase in private consumption. This paper …

Persistent link: https://www.econbiz.de/10011027321

Output Stabilization in EMU : IS there a Case for EFTS?

van Aarle, B.; Hougaard Jensen, S.E. - Tilburg University, Center for Economic Research - 1996

asymmetric, fiscal policy flexibility is limited, goods markets adjust sluggishly, labour mobility is low and automatic …

Persistent link: https://www.econbiz.de/10011092163

The 2009 recovery act: stimulus at the extensive and intensive labor margins

Dupor, Bill; Mehkari, M. Saif - Federal Reserve Bank of St. Louis - 2014

This paper (i) estimates the local effects of government stimulus spending on labor market outcomes and (ii) shows how … reinforces the importance of the intensive labor margin. …

Persistent link: https://www.econbiz.de/10010890136