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Automatic Stabilizers and Economic Crisis: US vs. Europe

Dolls, Mathias; Fuest, Clemens; Peichl, Andreas - CESifo - 2009

This paper analyzes the effectiveness of the tax and transfer systems in the European Union and the US to act as an automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional income shock in the EU, compared to 32 per cent in the...

Persistent link: https://www.econbiz.de/10008583723

Evidence on Fiscal Consolidations and the Evolution of Public Debt in Europe

Cafiso, Gianluca; Cellini, Roberto - CESifo - 2012

The objective of this paper is to gain insights into the relationship between deficit-reducing policies and the evolution of the debt/GDP ratio. We consider past events of fiscal consolidation in a selected group of EU countries, by using the new data set recently made available by Devries et...

Persistent link: https://www.econbiz.de/10010598914

Fiscal Transfers in a Monetary Union with Exit Option

Hefeker, Carsten; Neugart, Michael - CESifo - 2015

’ inflation aversion and exit costs. …

Persistent link: https://www.econbiz.de/10011202966

Financial Contagion and the European Debt Crisis

Missio, Sebastian; Watzka, Sebastian - CESifo - 2011

Since the beginning of 2010, the Euro Area faces a severe sovereign debt crisis, now generally known as the Euro Crisis. While the Euro Crisis has its origin in Greece, problems have now spread to several other European countries as well. Dynamic conditional correlation models (DCC) are...

Persistent link: https://www.econbiz.de/10009278131

Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis

Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2012

As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...

Persistent link: https://www.econbiz.de/10010814462

A Macroeconomic Analysis of Energy Subsidies in a Small Open Economy

Glomm, Gerhard; Jung, Jürgen - CESifo - 2015

We construct a dynamic model of a small open economy to analyze the effects of large energy subsidies. The model includes domestic energy production and consumption, trade in energy at world market prices, as well as private and public sector production. The model is calibrated to Egypt and used...

Persistent link: https://www.econbiz.de/10011165505

Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility

Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2011

The European Monetary Union is stuck in a severe balance of payments crisis. Greece, Ireland, Portugal and Spain in particular have suffered from balance of payment deficits whose accumulated value, as measured by the Target balances in the national central banks’ balance sheets, was 314...

Persistent link: https://www.econbiz.de/10009150656

Debt Sustainability in the Case of External Debt. An Analysis Based on Italy's Treasury Auctions

Cafiso, Gianluca - CESifo - 2014

The objective of this paper is to assess whether external debt makes a difference for public debt stabilization, where external debt is considered through the non-residents’ holdings according to a Balance of Payments perspective. The analysis is empirical and considers the case of Italy, one...

Persistent link: https://www.econbiz.de/10010948904

Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program

Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - CESifo - 2014

This paper explores the potential effectiveness of the ECB’s Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...

Persistent link: https://www.econbiz.de/10010877947

Economic Policy Uncertainty, Trust and Inflation Expectations

Istrefi, Klodiana; Piloiu, Anamaria - CESifo - 2013

variables, should not affect agents’ expectations of inflation in the long term. Our estimated structural VARs show that both … long- and short-term inflation expectations are sensible to policy-related uncertainty shocks. A rise of long …-term inflation expectations in times of economic contraction, in response to such shocks, suggests that heightened policy uncertainty …

Persistent link: https://www.econbiz.de/10010670794

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