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Fiscal consolidation in the euro area : long-run benefits and short-run costs

Coenen, Günter (contributor); Mohr, Matthias (contributor); … - 2008

In this paper, we examine the macroeconomic effects of alternative fiscal consolidation policies in the New Area-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al., 2007). We model fiscal consolidation as a permanent...

Persistent link: https://www.econbiz.de/10003778833

The New Area-Wide Model of the euro area : a micro-founded open-economy model for forecasting and policy analysis

Christoffel, Kai (contributor); Coenen, Günter (contributor) - 2008

In this paper, we outline a version of the New Area-Wide Model (NAWM) of the euro area designed for use in the (Broad) Macroeconomic Projection Exercises regularly undertaken by ECB/Eurosystem staff. We present estimation results for the NAWM that are obtained by employing Bayesian inference...

Persistent link: https://www.econbiz.de/10003790951

Tax reform and labour-market performance in the euro area : a simulation-based analysis using the New Area-Wide Model

Coenen, Günter (contributor); McAdam, Peter (contributor); … - 2007

In this paper, we employ a calibrated two-country version of the New Area-Wide Model (NAWM) currently under development at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions caused by euro area tax structures. Our analysis shows that...

Persistent link: https://www.econbiz.de/10003457015

Forecasting with DSGE models

Christoffel, Kai; Coenen, Günter; Warne, Anders - 2010

growth over the forecast evaluation period and, therefore, it tends to overestimate nominal wages. As a consequence, both the …

Persistent link: https://www.econbiz.de/10003972991

Fiscal policy and the "Great Recession" in the euro area

Coenen, Günter; Straub, Roland; Trabandt, Mathias - 2012

Persistent link: https://www.econbiz.de/10009765223

Gauging the effects of fiscal stimulus packages in the euro area

Coenen, Günter; Straub, Roland; Trabandt, Mathias - 2012

Persistent link: https://www.econbiz.de/10009765957

Zero lower bound : is it a problem in the euro area?

Coenen, Günter (contributor) - 2003

Persistent link: https://www.econbiz.de/10001820913

Downward nominal wage rigidity and the long-run Phillips Curve : simulation-based evidence for the euro area

Coenen, Günter (contributor) - 2003

Persistent link: https://www.econbiz.de/10001820916

Employment and the Conduct of Monetary Policy in the Euro Area

Brand, Claus; Coenen, Günter; Sondermann, David; … - 2021

price stability is shown to provide flexibility to contribute to the achievement of the EU’s full employment objective …

Persistent link: https://www.econbiz.de/10013210706

The Ecb's Price Stability Framework : Past Experience, and Current and Future Challenges

Cecioni, Martina; Coenen, Günter; Motto, Roberto; le … - 2021

The ECB’s price stability mandate has been defined by the Treaty. But the Treaty has not spelled out what price stability precisely means. To make the mandate operational, the Governing Council has provided a quantitative definition in 1998 and a clarification in 2003. The landscape has...

Persistent link: https://www.econbiz.de/10013210725