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Trust in Government and Fiscal Adjustments

Bursian, Dirk; Weichenrieder, Alfons; Zimmer, Jochen - CESifo - 2013

The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...

Persistent link: https://www.econbiz.de/10010674456

Euro Membership and Fiscal Reaction Functions

Weichenrieder, Alfons; Zimmer, Jochen - CESifo - 2013

The paper uses fiscal reaction functions for a panel of euro-area countries to investigate whether euro membership has reduced the responsiveness of countries to shocks in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a...

Persistent link: https://www.econbiz.de/10010665043

Sovereign Default Risk and Banks in a Monetary Union

Uhlig, Harald - CESifo - 2013

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...

Persistent link: https://www.econbiz.de/10010877795

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

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

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

The Impact of Fiscal Rules on Public Finances: Theory and Empirical Evidence for the Euro Area

Marneffe, Wim; Aarle, Bas Van; Wielen, Wouter Van Der; … - CESifo - 2010

This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...

Persistent link: https://www.econbiz.de/10008833927