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Fiscal Spillovers in the Euro Area
Caporale, Guglielmo Maria; Girardi, Alessandro - CESifo - 2011
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of … VAR, or GVAR) using quarterly data for the EMU period suggests that euro-denominated government yields are strongly linked … imbalances in Italy and in other peripheral countries should be closely monitored by their EMU partners and the European …
Persistent link: https://www.econbiz.de/10009391724
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Fiscal Adjustments and Business Cycle Synchronization
Agnello, Luca; Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2013
Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of...
Persistent link: https://www.econbiz.de/10010721606
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Using Real-Time Data to Test for Political Budget Cycles
Jong-A-Pin, Richard; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2012
We use real]time annual data on the fiscal balance, government current spending, current revenues and net capital outlays as published at a half yearly frequency in the OECD Economic Outlook for 25 OECD countries. For each fiscal year t we have a number of forecasts, a first release, and...
Persistent link: https://www.econbiz.de/10010575440
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Inflation and Inflation Uncertainty in the Euro Area
Caporale, Guglielmo Maria; Onorante, Luca; Paesani, Paolo - CESifo - 2009
policy regime change associated with the start of EMU in 1999. The main findings are as follows. Steady-state inflation and … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly …
Persistent link: https://www.econbiz.de/10005013037
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Convergence of Monetary Transmission in EMU New Evidence
Toolsema, Linda A.; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2001
This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and …
Persistent link: https://www.econbiz.de/10005181532
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The Euro and Inflation Uncertainty in the European Monetary Union
Caporale, Guglielmo Maria; Kontonikas, Alexandros - CESifo - 2006
This paper investigates the relationship between inflation and inflation uncertainty in twelve EMU countries. A time …
Persistent link: https://www.econbiz.de/10005406171
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Has the EMU Reduced Wage Growth and Unemployment? Testing a Model of Trade Union Behaviour
Mikosch, Heiner; Sturm, Jan-Egbert - CESifo - 2011
(EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner’s model, monetary …. Although we come up with some weak evidence for increased business cycle amplitudes within the EMU, we neither find a … significant general effect of the EMU on wage growth nor on unemployment. …
Persistent link: https://www.econbiz.de/10009020101