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Government size, composition, volatility and economic growth
Afonso, António; Furceri, Davide - European Central Bank - 2008
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government...
Persistent link: https://www.econbiz.de/10005530997
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optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485
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Background studies for the ECB's evaluation of its monetary policy strategy
Issing, Otmar (contributor) - European Central Bank - 2003
Persistent link: https://www.econbiz.de/10004820102
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The role of money : money and monetary policy in the twenty-first century
Beyer, Andreas (contributor) - 2008
Persistent link: https://www.econbiz.de/10004924307
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Government spending volatility and the size of nations
Furceri, Davide; Poplawski Ribeiro, Marcos - European Central Bank - 2008
This paper provides empirical evidence showing that smaller countries tend to have more volatile government spending for a sample of 160 countries from 1960 to 2000. We argue that the larger size of a country decreases the volatility of government spending because it acts as an insurance against...
Persistent link: https://www.econbiz.de/10005222361
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Can non-linear real shocks explain the persistence of PPP exchange rate disequilibria?
Peltonen, Tuomas A.; Popescu, Adina; Sager, Michael - European Central Bank - 2009
typicallyproceed along two distinct paths, resorting either to the presence of real shocks suchas productivity differentials that drive …
Persistent link: https://www.econbiz.de/10005866489
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Productivity shocks and real exchange rate: a reappraisal
Peltonen, Tuomas A.; Sager, Michael - European Central Bank - 2009
We reappraise the relationship between productivity and equilibrium real exchangerates using a panel estimation … ofnon-traded, as well as traded, sector productivity shocks in exchange ratedetermination. We find evidence of significant … correlation between real exchangerates and productivity differentials in both sectors. But our finding of a significant rolefor …
Persistent link: https://www.econbiz.de/10005866628
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The effect of durable goods and ICT on euro area productivity growth?
Jalava, Jukka; Kavonius, Ilja Kristian - European Central Bank - 2008
and productivity change; when expenditure on consumer durables is recorded as capital investment. The capitalization of … consumer durables impacts both the levels and growth rates of the capital stock, productivity and GDP. Our growth accounting … productivity growth in 1995-2004. ICT's impacts were larger, i.e., one-fifth of GVA growth and one-sixth of labour productivity …
Persistent link: https://www.econbiz.de/10005344875