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Persistent link: https://www.econbiz.de/10010480228
This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different...
Persistent link: https://www.econbiz.de/10011605805
This paper revisits the empirical relationship between unemployment and output, and its evolution following the financial crisis of 2008, with the aim of drawing potential consequences for labour market modelling strategies in place within the European System of Central Banks (ESCB). First, the...
Persistent link: https://www.econbiz.de/10011606327
This paper studies the cyclical properties of real GDP, house prices, credit, and nominal liquid financial assets in 17 EU countries, by applying several methods to extract cycles. The estimates confirm earlier findings of large medium-term cycles in credit volumes and house prices. GDP appears...
Persistent link: https://www.econbiz.de/10011804708
This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different...
Persistent link: https://www.econbiz.de/10011506798
Persistent link: https://www.econbiz.de/10009504608
Persistent link: https://www.econbiz.de/10009424360
Persistent link: https://www.econbiz.de/10009708471
Persistent link: https://www.econbiz.de/10009793419
This paper analyses the challenges that high public debt and ageing populations pose to medium-term growth. First, macroeconometric model simulations suggest that medium-term growth can benefit from credible fiscal consolidation, partly through reductions in sovereign risk premia. Second, a...
Persistent link: https://www.econbiz.de/10013014734