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The effects of government spending in a small open economy within a monetary union : N°1727, August 2014

Clancy, Daragh (contributor); Jacquinot, Pascal (contributor) - European Central Bank - 2014

Small open economies within a monetary union have a limited range of stabilisation tools, as area-wide nominal interest and exchange rates do not respond to country-specific shocks. Such limitations imply that imbalances can be difficult to resolve. We assess the role that government spending...

Persistent link: https://www.econbiz.de/10015301889

For whom the bill tolls : redistributive consequences of a monetary-fiscal stimulus

Brzoza-Brzezina, Michał (contributor); … - European Central Bank - 2024

During the COVID-19 pandemic, governments in the euro area sharply increased spending while the European Central Bank eased financing conditions. We use this episode to assess how such a concerted monetary-fiscal stimulus redistributes welfare between various age cohorts. Our assessment involves...

Persistent link: https://www.econbiz.de/10015321746

Combining time-variation and mixed-frequencies : an analysis of government spending multipliers in Italy; 1856, October 2015

Cimadomo, Jacopo (contributor); … - European Central Bank - 2015

In this paper, we propose a time-varying parameter VAR model with stochastic volatility which allows for estimation on data sampled at different frequencies. Our contribution is twofold. First, we extend the methodology developed by Cogley and Sargent (2005), and Primiceri (2005), to a...

Persistent link: https://www.econbiz.de/10015296808

A new identification of fiscal shocks based on the information flow : N°1813 / June 2015

Ricco, Giovanni (contributor) - European Central Bank - 2015

Can discretionary increases in government spending stimulate the economy? We answer this question by taking into account both the information flow on fiscal measures and the role played by information frictions. Using a novel set of empirical proxies for fiscal news and agents' misperceptions,...

Persistent link: https://www.econbiz.de/10015298451

The growth impact of discretionary fiscal policy measures : N°1697, July 2014

Attinasi, Maria Grazia (contributor); … - European Central Bank - 2014

This paper looks at the impact of discretionary fiscal policy on economic growth for a sample of 18 EU countries over the period 1998-2011. The main novelty of this paper is the use, on the revenue side, of a dataset of fiscal measures based on the yield of actual legislative and budgetary...

Persistent link: https://www.econbiz.de/10015301893

Does fiscal austerity affect public opinion?

Kalbhenn, Anna (contributor); Stracca, Livio (contributor) - European Central Bank - 2015

In this paper we explore the impact of fiscal austerity on three different dimensions of public opinion (overall life satisfaction and confidence, attitude towards national authorities, and European institutions). Based on a panel of 26 EU countries, we find that, overall, fiscal consolidation...

Persistent link: https://www.econbiz.de/10015298768

The impact of monetary policy and exchange rate shocks in Poland : evidence from a time-varying VAR; N° 1636 / February 2014

Arratibel, Olga (contributor); … - European Central Bank - 2014

-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …

Persistent link: https://www.econbiz.de/10015302567

Governments' payment discipline : the macroeconomic impact of public payment delays and arrears

Checherita-Westphal, Christina (contributor); … - European Central Bank - 2015

Persistent link: https://www.econbiz.de/10015298704

Monetary and fiscal policy interactions : risks to price stability in times of high government debt

Checherita-Westphal, Cristina (contributor); … - European Central Bank - 2024

The change in macroeconomic conditions since the ECB's strategy review in 2021 towards an environment characterised by above-target inflation, high interest rates, and renewed concerns about elevated government debt has been a vocal reminder of the intricate interdependencies between monetary...

Persistent link: https://www.econbiz.de/10015321150

Marrying fiscal rules & investment : a central fiscal capacity for Europe

Schang, Christopher (contributor); … - European Central Bank - 2024

The European fiscal governance framework remains incomplete, hindering policy coordination during economic shocks and affecting the transmission of the single monetary policy. High public debt and low public investment worsen resilience across Member States. Many policymakers, institutions, and...

Persistent link: https://www.econbiz.de/10015275792