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Austerity, Growth and Inflation. Remarks on the Eurozone's Unresolved Competitiveness Problem
Sinn, Hans-Werner - CESifo - 2013
While the financial protection measures enacted by the ECB and the community of Eurozone members have calmed financial markets, they have left the competitiveness problem of the Eurozone’s southern countries and France unresolved. The paper compares price inflation before the crisis with the...
Persistent link: https://www.econbiz.de/10010877720
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Budgetary and External Imbalances Relationship: A Panel Data Diagnostic
Afonso, António; Rault, Christophe - CESifo - 2009
We assess the cointegration relationship between current account and budget balances, and effective real exchange rates, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship between the two imbalances for each country for the...
Persistent link: https://www.econbiz.de/10005765818
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Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU
Afonso, António; Rault, Christophe - CESifo - 2009
We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use the panel-data approach of Kónya (2006), which is based on SUR systems and Wald tests with country specific...
Persistent link: https://www.econbiz.de/10005051497
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Inter-temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Schnabl, Gunther; Zemanek, Holger - CESifo - 2010
theory of optimum currency areas. We show that the asymmetric shock of the German unification can be seen not only as the …
Persistent link: https://www.econbiz.de/10008833919
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Iceland: How Could This Happen?
Gylfason, Thorvaldur - CESifo - 2014
This paper reviews economic developments in Iceland following its financial collapse in 2008, focusing on causes and consequences of the crash. The review is presented in the context of the Nordic region, with broad comparisons also with developments elsewhere on the periphery of Europe, in...
Persistent link: https://www.econbiz.de/10010877635
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Bank Bailouts, International Linkages and Cooperation
Niepmann, Friederike; Schmidt-Eisenlohr, Tim - CESifo - 2011
Financial institutions are increasingly linked internationally. As a result, financial crisis and government intervention have stronger effects beyond borders. We provide a model of international contagion allowing for bank bailouts. While a social planner trades off tax distortions, liquidation...
Persistent link: https://www.econbiz.de/10008872219
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Analysis of Monetary Policy and Financial Stability: A New Paradigm
Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - CESifo - 2009
This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for a comprehensive assessment of regulatory and monetary policy, as well as welfare analysis in the different sectors of the economy. Due to liquidity and endogenous default, the...
Persistent link: https://www.econbiz.de/10008583683
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The 2008 Financial Crisis and Taxation Policy
Hemmelgarn, Thomas; Nicodème, Gaëtan J.A. - CESifo - 2010
The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....
Persistent link: https://www.econbiz.de/10008534034
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Fiscal Multipliers and the Choice of Zero Lower Bound Modeling
Siemsen, Thomas; Watzka, Sebastian - CESifo - 2013
In this note we elaborate on the effect of the modeling choice of the zero lower bound on the size of the fiscal multiplier. To this end we contrast two different ways to implement the ZLB in a New Keynesian model: the ZLB modeled as an endogenous central bank reaction to a contractionary demand...
Persistent link: https://www.econbiz.de/10010681227
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An Empirical Growth Model for Major Oil Exporters
Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - CESifo - 2012
-run output equation with a coefficient equal to the share of capital (á). The long-run theory is tested using quarterly data on … results support the long-run theory. The existence of long-run relations between real output, foreign output and real oil … steadily over the past three decades, the theory suggests that the effect of oil income on the economy’s steady state growth …
Persistent link: https://www.econbiz.de/10010540249