Narrow search
Showing 1 - 10 of 428
Cover Image
Long-Term Public Debt and the Fiscal Theory of the Price Level
Bloise, Gaetano; Reichlin, Pietro - C.E.P.R. Discussion Papers - 2006
The fiscal theory of the price level asserts that the price level is determined by the ratio of outstanding public nominal debt into the present value of real primary budget surpluses of the government. We here argue that the logic of the fiscal theory fails when at least part of the public debt...
Persistent link: https://www.econbiz.de/10005123617
Cover Image
Some Cross-Country Evidence about Debt, Deficits and the Behaviour of Monetary and Fiscal Authorities
Melitz, Jacques - C.E.P.R. Discussion Papers - 1997
This paper assesses how monetary authorities behave and how they interact. Pooled data for the 15 members of the European Union except Luxembourg and five other OECD countries serves to answer these questions. Three basic conclusions emerge. First, fiscal policy responds to the ratio of public...
Persistent link: https://www.econbiz.de/10005497715
Cover Image
A Gold Standard Isn't Viable Unless Supported by Sufficiently Flexible Monetary and Fiscal Policy
Buiter, Willem H. - C.E.P.R. Discussion Papers - 1986
The paper studies an idealized gold standard in a two-country setting. Unless national policies for domestic credit expansion (dce) are flexible enough to offset the effect of money demand shocks on international gold reserves, the gold standard collapses with certainty in finite time through a...
Persistent link: https://www.econbiz.de/10005497804
Cover Image
Price Effects of Sovereign Debt Auctions in the Euro-zone: The Role of the Crisis
Beetsma, Roel; de Jong, Frank; Giuliodori, Massimo; … - C.E.P.R. Discussion Papers - 2013
Exploring the period since the inception of the euro, we show that secondary-market yields on Italian public debt increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present for German public debt. However, these yield movements...
Persistent link: https://www.econbiz.de/10011083630
Cover Image
Sterling Misalignment and British Trade Performance
Bean, Charles R - C.E.P.R. Discussion Papers - 1987
In the first part of this paper I use a small macroeconomic model to examine the causes of the appreciation of sterling during 1979-81. Oil takes about half of the blame. Contractionary monetary policies alone do not seem sufficient to explain the rest, but when coupled with adverse supply-side...
Persistent link: https://www.econbiz.de/10005666768
Cover Image
The Costs/Benefits of a Common Monetary Policy in France and Germany and Possible Lessons for Monetary Union
Melitz, Jacques; Weber, Axel A - C.E.P.R. Discussion Papers - 1996
In order to study the costs/benefits of a monetary union between Germany and France, we attempt to go beyond a mere …, Germany would lose from any French participation in the setting of domestic monetary policy. By contrast, however, France …
Persistent link: https://www.econbiz.de/10005123945
Cover Image
Monetary Discipline, Germany, and the European Monetary System
Melitz, Jacques - C.E.P.R. Discussion Papers - 1987
Germany in the EMS and is consistent with the evidence that membership has induced several countries to disinflate more than …
Persistent link: https://www.econbiz.de/10005791579
Cover Image
With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression
Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2002
Asset price inflation presents central banks with a puzzle. I examine the case of Germany, 1925-7, when the Reichsbank …
Persistent link: https://www.econbiz.de/10005792124
Cover Image
Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States
Smets, Frank; Tsatsaronis, Kostas - C.E.P.R. Discussion Papers - 1997
This paper investigates why the slope of the yield curve predicts future economic activity in Germany and the United … spread in that country. However, the main reason for the stronger leading indicator property in Germany is the positive … at lag four in Germany and almost nothing in the United States. …
Persistent link: https://www.econbiz.de/10005123911
Cover Image
How Large Are the Effects of Tax Changes?
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009
We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...
Persistent link: https://www.econbiz.de/10005082536