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Taxation, Corruption and the Exchange Rate Regime
Hefeker, Carsten - CESifo - 2009
The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...
Persistent link: https://www.econbiz.de/10005013051
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Fiscal policy in a monetary economy with capital and finite lifetime
Annicchiarico, Barbara; Giammarioli, Nicola; … - European Central Bank - 2006
This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...
Persistent link: https://www.econbiz.de/10005344905
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Fiscal convergence before entering the EMU
Onorante, Luca - European Central Bank - 2006
The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...
Persistent link: https://www.econbiz.de/10005344947
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What accounts for the changes in U.S. fiscal policy transmission?
Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - European Central Bank - 2006
Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited...
Persistent link: https://www.econbiz.de/10005344962
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Government bond risk premia and the cyclicality of fiscal policy
Christoffel, Kai; Jaccard, Ivan; Kilponen, Juha - European Central Bank - 2011
We introduce a specification of habit formation featuring non-separability between consumption and leisure into an otherwise standard New Keynesian model. The model can be estimated with standard Bayesian techniques and the bond pricing implications are evaluated using higher-order...
Persistent link: https://www.econbiz.de/10009399786
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Monetary Policy and Redistribution: What can or cannot be Neutralized with Mirrleesian Taxes
Gahvari, Firouz; Micheletto, Luca - CESifo - 2012
This paper develops an overlapping-generations model with heterogeneous agents in terms of earning ability and cash-in-advance constraint. It shows that tax policy cannot fully replicate or neutralize the redistributive implications of monetary policy. While who gets the extra money becomes...
Persistent link: https://www.econbiz.de/10009645639
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Fiscal activism and the zero nominal interest rate bound
Schmidt, Sebastian - European Central Bank - 2014
I show that the zero nominal interest rate bound may render it desirable for society to appoint a fiscally activist policy-maker who cares less about the stabilisation of government spending relative to inflation and output gap stabilisation than the private sector does. I work with a simple New...
Persistent link: https://www.econbiz.de/10010753730
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Transatlantic Monetary and Fiscal Policy Interaction
Aarle, Bas van; Garretsen, Harry; Huart, Florence - CESifo - 2003
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
Persistent link: https://www.econbiz.de/10005765866
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Inflation forecasting in the new EU Member States
Arratibel, Olga; Kamps, Christophe; Leiner-Killinger, Nadine - European Central Bank - 2009
To the best of our knowledge, our paper is the first systematic study of the predictive power of monetary aggregates for future inflation for the cross section of New EU Member States. This paper provides stylized facts on monetary versus non-monetary (economic and fiscal) determinants of...
Persistent link: https://www.econbiz.de/10005002771
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …
Persistent link: https://www.econbiz.de/10005530784