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Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion

Kooths, Stefan; Schwarzmüller, Tim; Scheide, Joachim; … - 2014

In Reaktion auf die Finanzkrise hat das Eurosystem seine Geldpolitik massiv gelockert. So hat die Europäische … budgets in several countries of the euro area. This has led to large liquidity flows into Germany. This situation is expected … to continue for some time to come. With huge amounts of excess liquidity already accumulated in the German banking sector …

Persistent link: https://www.econbiz.de/10010343472

Makroprudenzielle Finanzmarktpolitik : nationale Handlungsoptionen im Euroraum

Roye, Björn van; Plödt, Martin; Scheide, Joachim; … - 2014

Persistent link: https://www.econbiz.de/10010408479

Euroraum: gemeinsame Währung - nationales Geld

Kooths, Stefan - 2012

Persistent link: https://www.econbiz.de/10009558427

Nationale Geldschöpfung im Euroraum : Mechanismen, Defekte, Therapie

Kooths, Stefan - 2012

Persistent link: https://www.econbiz.de/10009559835

Fiscal variables and bond spreads: evidence from eastern European countries and Turkey

Nickel, Christiane; Rother, Philipp; Rülke, Jan C. - European Central Bank - 2009

We investigate the impact of fiscal variables on bond yield spreads relative to US Treasury bonds in the Czech Republic, Hungary, Poland, Russia and Turkey from May 1998 to December 2007. To account for the importance of market expectations we use projected values for fiscal and macroeconomic...

Persistent link: https://www.econbiz.de/10008549310

The role of fiscal transfers for regional economic convergence in Europe

Checherita-Westphal, Cristina; Nickel, Christiane; … - European Central Bank - 2009

This paper provides evidence on the role of net fiscal transfers to households and EU structural funds for per-capita output convergence across a large sample of European regions during the period 1995-2005. We find that net fiscal transfers, while achieving regional redistribution, seem to...

Persistent link: https://www.econbiz.de/10005002785

Fiscal consolidations in the Central and Eastern European countries

Afonso, António; Nickel, Christiane; Rother, Philipp - European Central Bank - 2005

We study fiscal consolidations in the Central and Eastern European countries and what determines the probability of their success. We define consolidation events as substantive improvements in fiscal balances adjusting for the impact of cyclical effects. We use Logit models for the period...

Persistent link: https://www.econbiz.de/10005162904

Debt and growth: new evidence for the euro area

Baum, Anja; Checherita-Westphal, Cristina; Rother, Philipp - European Central Bank - 2012

Against the background of the euro area sovereign debt crisis, our paper investigates the relationship between public debt and economic growth and adds to the existing literature in the following ways. First, we extend the threshold panel methodology by Hansen (1999) to a dynamic setting in...

Persistent link: https://www.econbiz.de/10010686872

Fiscal policy and inflation volatility

Rother, Philipp - European Central Bank - 2004

Among the harmful effects of inflation, the negative consequences of inflation volatility are of particular concern. These include higher risk premia, hedging costs and unforeseen redistribution of wealth. This paper presents panel estimations for a sample of OECD countries which suggest that...

Persistent link: https://www.econbiz.de/10005222301

The impact of high and growing government debt on economic growth: an empirical investigation for the euro area

Checherita-Westphal, Cristina; Rother, Philipp - European Central Bank - 2010

This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...

Persistent link: https://www.econbiz.de/10008484246