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Obstfeld, Maurice - 1999

and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear … joint currency. A third problems, one that is central for EMU and to any currency union, lies behind the difficulty of the … consider the past and prospective fiscal adjustments of the EMU 11, and suggest these might pose future difficulties for …

Persistent link: https://www.econbiz.de/10012471509

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?

Canzoneri, Matthew B. - 2005

Formation of the Euro area raises new questions about the coordination of monetary and fiscal policy. Using a New Neoclassical Synthesis (NNS) model, we show that a common monetary policy, responding to area-wide aggregates, has asymmetric effects on countries within the union, depending on...

Persistent link: https://www.econbiz.de/10012467632

The ECB's Fiscal Policy

Sinn, Hans-Werner - 2018

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also...

Persistent link: https://www.econbiz.de/10012453105

Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020

Jinjarak, Yothin - 2020

This case study compares the importance of prevailing market factors against that of COVID-19 dynamics and policy responses in explaining the evolution of Eurozone (EZ) sovereign spreads during the first half of 2020. Focusing on daily Eurozone CDS spreads, we adopt a multi-stage econometric...

Persistent link: https://www.econbiz.de/10012481646

Insulation Impossible : Fiscal Spillovers in a Monetary Union

Cooper, Russell - 2009

This paper studies fiscal spillovers in a monetary union. The focus of the analysis is on the interaction between the fiscal policy of member countries (regions) and the central monetary authority. When capital markets are integrated, the fiscal policy of one country will influence equilibrium...

Persistent link: https://www.econbiz.de/10012463473

Monetary-Fiscal Interactions and the Euro Area's Malaise

Jarociński, Marek - 2017

When monetary and fiscal policy are conducted as in the euro area, output, inflation, and government bond default premia are indeterminate according to a standard general equilibrium model with sticky prices extended to include defaultable public debt. With sunspots, the model mimics the recent...

Persistent link: https://www.econbiz.de/10012453965

Inspecting the Mechanism : Leverage and the Great Recession in the Eurozone

Martin, Philippe - 2014

We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage, fiscal policy, labor costs and interest rates and we propose a strategy to separate the impact of credit cycles, excessive government spending, and sudden stops. We then ask...

Persistent link: https://www.econbiz.de/10012458093

Fiscal Consequences of Central Bank Losses

Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024

In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...

Persistent link: https://www.econbiz.de/10014544756

Regional Nonadjustment and Fiscal Policy : Lessons for EMU

Obstfeld, Maurice - 1999

the single currency. If EMU aims to attain the economic and social cohesion of its constituent nations, it therefore may …

Persistent link: https://www.econbiz.de/10012471641

The Euro and Fiscal Policy

Fatas, Antonio - 2009

The paper provides and empirical characterization of fiscal policy in the euro area and in a group of twenty-two OECD economies over the period from 1970 until 2007. Using the cyclically-adjusted fiscal balance we document that policy in the euro area has been mildly pro-cyclical. The adoption...

Persistent link: https://www.econbiz.de/10012463925

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