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Fiscal stimulus and exit strategies in the EU: a model-based analysis
Roeger, Werner; Jan in 't Veld - Directorate-General Economic and Financial Affairs, … - 2010
Summary for non-specialistsThis paper uses a multi-region dynamic general equilibrium model with collateral constrained households and residential investment to examine the effectiveness of fiscal policy. The presence of credit constrained households makes fiscal policy a more powerful tool for...
Persistent link: https://www.econbiz.de/10010896596
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Fiscal policy with credit constrained households
Roeger, Werner; Jan in 't Veld - Directorate-General Economic and Financial Affairs, … - 2009
This paper explores the effects of discretionary fiscal policy in a DSGE model that explicitly models housing investment and allows for credit constrained households along the lines of the financial accelerator literature.The presence of credit constrained households raises the marginal...
Persistent link: https://www.econbiz.de/10008635819
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Indebtedness, Deleveraging Dynamics and Macroeconomic Adjustment
Cuerpo, Carlos; Drumond, Inês; Lendvai, Julia; … - Directorate-General Economic and Financial Affairs, … - 2013
The current crisis revealed the unsustainability of private sector indebtedness levels, fuelled, in the recent past, by a prolonged period of rapid credit expansion in some EU Member States. The deleveraging process that is now taking place, although necessary, stands as a source of concern in...
Persistent link: https://www.econbiz.de/10010705892
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Household savings and mortgage decisions: the role of the "down-payment channel" in the euro area
Balta, Narcissa; Ruscher, Eric - Directorate-General Economic and Financial Affairs, … - 2011
of a rise in house prices on private consumption can be seen as the result of two offsetting forces: a rise in house … prices tends to push up consumption via the traditional housing wealth channel but it also tends to depress the consumption … into an overall negative impact of higher house prices on consumption in the euro area. …
Persistent link: https://www.econbiz.de/10009364512
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International Capital Flows and the Boom-Bust Cycle in Spain
Jan in’t Veld; Kollmann, Robert; Pataracchia, Beatrice; … - Directorate-General Economic and Financial Affairs, … - 2014
We study the joint dynamics of foreign capital flows and real activity during the recent boom-bust cycle of the Spanish economy, using a three-country New Keynesian model with credit-constrained households and firms, a construction sector and a government. We estimate the model using...
Persistent link: https://www.econbiz.de/10011157160
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Imbalances and rebalancing scenarios in an estimated structural model for Spain
Jan in 't Veld; Pagano, Andrea; Raciborski, Rafal; … - Directorate-General Economic and Financial Affairs, … - 2012
This paper uses an estimated DSGE model to analyse the factors behind the build-up of imbalances in the Spanish economy. Shock decompositions suggest that external imbalances have been able to build up mainly due to the reduction in real interest rates and easier access to credit following the...
Persistent link: https://www.econbiz.de/10010558439
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An early-detection index of fiscal stress for EU countries
Berti, Katia; Salto, Matteo; Lequien, Matthieu - Directorate-General Economic and Financial Affairs, … - 2012
The financial and economic crisis has generated renewed interest, especially among policy-makers, in early-warning systems that could help identifying fiscal and macro-financial vulnerabilities potentially triggering risks. Against this background, this paper presents an early-warning index of...
Persistent link: https://www.econbiz.de/10010602129
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The housing market in the Netherlands
Vandevyvere, Windy; Zenthöfer, Andreas - Directorate-General Economic and Financial Affairs, … - 2012
The Dutch housing market has been shaped by highly interventionist public policies spanning over several decades. Direct and indirect government intervention in the housing market through spatial planning and land policy, regulation and supervision of housing associations, rent policy and...
Persistent link: https://www.econbiz.de/10010558441
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The flow of credit in the UK economy and the availability of financing to the corporate sector
Monteiro, Daniel - Directorate-General Economic and Financial Affairs, … - 2013
This paper analyses the flow of credit in the UK economy in the years before and after the 2008 financial and economic crisis, with particular emphasis on the corporate sector and the SME segment. It carries out a comparative flow-of-funds analysis highlighting the parallelisms and differences...
Persistent link: https://www.econbiz.de/10010734543
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Consumer Confidence and Consumer Spending in France.
Belessiotis, T. - Directorate-General Economic and Financial Affairs, … - 1996
Over much of the period since the late 1970s consumer confidence in France according to the consumer surveys prepared by the Commision, has generally been weak, with the balance between those consumers responding positively and those responding negatively to the questionaire, in percentage...
Persistent link: https://www.econbiz.de/10005486893