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Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone

Martin, Philippe; Philippon, Thomas - C.E.P.R. Discussion Papers - 2014

We provide a first comprehensive account of the dynamics of Eurozone countries from the creation of the Euro to the Great recession. We model each country as an open economy within a monetary union and analyze the dynamics of private leverage, fiscal policy and spreads. Our parsimonious model...

Persistent link: https://www.econbiz.de/10011084051

Heterogeneous Consumers and Fiscal Policy Shocks

Anderson, Emily; Inoue, Atsushi; Rossi, Barbara - C.E.P.R. Discussion Papers - 2013

Consumption Expenditure Survey (CEX) to estimate individual-level impulse responses as well as multipliers for government spending … tend to decrease consumption inequality, whereas tax policy shocks most negatively affect the lives of the poor, more so … than the rich, thus increasing consumption inequality. …

Persistent link: https://www.econbiz.de/10011083875

Cross-border spillovers from fiscal stimulus

Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2009

The global recession of 2008-09 has revived interest in the international repercussions of domestic policy choices. This paper focuses on the case of fiscal stimulus, investigating cross-border spillovers from an increase in exhaustive government spending on the basis of a two-country business...

Persistent link: https://www.econbiz.de/10008496454

Debt consolidation and fiscal stabilization of deep recessions

Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - C.E.P.R. Discussion Papers - 2010

The global financial crisis of 2008-09 has sent public debt on sharply higher trajectories. With the economic recovery gradually taking hold, the focus is now shifting to fiscal "exit" strategies. Medium-term consolidation efforts are likely to include not only tax increases but also sizeable...

Persistent link: https://www.econbiz.de/10008468677

Unconventional Fiscal Policy at the Zero Bound

Correia, Isabel; Farhi, Emmanuel; Nicolini, Juan Pablo; … - C.E.P.R. Discussion Papers - 2011

When the zero lower bound on nominal interest rates binds, monetary policy cannot provide appropriate stimulus. We show that in the standard New Keynesian model, tax policy can deliver such stimulus at no cost and in a time-consistent manner. There is no need to use inefficient policies such as...

Persistent link: https://www.econbiz.de/10008854460

On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013

Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, government’s capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...

Persistent link: https://www.econbiz.de/10011084186

Growth in federal states - a bird's eye view

Lödl, Felix; Gruber, Matthias - Österreich / Bundesministerium für Finanzen - 2020

Persistent link: https://www.econbiz.de/10014233453

Österreichisches Stabilitätsprogramm

Österreich / Bundesministerium für Finanzen - 2005

Persistent link: https://www.econbiz.de/10009637047

Österreichisches Stabilitätsprogramm

Österreich / Bundesministerium für Finanzen - 2004

Persistent link: https://www.econbiz.de/10009637673

Österreichisches Stabilitätsprogramm

Österreich / Bundesministerium für Finanzen - 2003

Persistent link: https://www.econbiz.de/10009637674