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Fiscal policy and inflation : accounting for non-linearities in government debt
Checherita-Westphal, Cristina (contributor);  … - European Central Bank - 2024
This paper investigates the interplay between discretionary fiscal policy and inflation in the euro area, emphasizing … on inflation is non-linear, with debt levels significantly affecting the inflationary outcome of fiscal measures. High … debt levels tend to amplify the inflation response to fiscal expansions, a finding that holds under multiple analytical …
Persistent link: https://www.econbiz.de/10015320972
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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
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Fiscal sustainability using growth-maximising debt targets
Checherita-Westphal, Cristina; Hughes Hallett, Andrew; … - European Central Bank - 2012
This paper highlights the importance of debt-related fiscal rules and derives growth-maximising public debt ratios from a simple theoretical model. On the basis of evidence on the productivity of public capital, we estimate public debt targets that governments should try to maintain if they wish...
Persistent link: https://www.econbiz.de/10010686809
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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
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The growth effect of EU funds : the role of institutional quality
Augusztin, Anna (contributor); Iker, Áron (contributor);  … - European Central Bank - 2025
This paper investigates the growth impact of the EU's Structural, Cohesion and Pre-accession Funds. We look at a large sample of 27 EU countries and the UK, over a period of 1989 and 2020, essentially covering the full history of these funds. We show that the growth effect of the funds is...
Persistent link: https://www.econbiz.de/10015322770
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The signatures of euro area imbalances : export performance and the composition of ULC growth
Gaulier, Guillaume (contributor);  … - European Central Bank - 2013
Growing current account imbalances within the euro area between 1999 and 2007 were not driven by divergences in export performance between surplus and deficit countries. While current account dynamics are highly correlated with unit labour costs (ULC) and imports, it is not the case for exports....
Persistent link: https://www.econbiz.de/10015304332
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Tax reforms in EU Member States 2015 : tax policy challenges for economic growth and fiscal sustainability
European Commission / Directorate-General for Economic …; … - 2015
Tax reforms in EU Member States can contribute to the stability of public finances; boost economic growth, employment and competitiveness; and improve social fairness. Applying an indicator-based approach, this report identifies tax policy challenges faced by the EU's Member States. First, it...
Persistent link: https://www.econbiz.de/10015300673
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Monetary policy and growth-at-risk : the role of institutional quality
Emter, Lorenz (contributor); Moura, Afonso S. (contributor);  … - European Central Bank - 2024
This paper analyses how country-specific institutional quality shapes the impact of monetary policy on downside risks to GDP growth in the euro area. Using identified highfrequency shocks in a growth-at-risk framework, we show that monetary policy has a higher impact on downside risks in the...
Persistent link: https://www.econbiz.de/10015321121
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The geography of the great rebalancing in euro area bond markets during the sovereign debt crisis
Beck, Roland (contributor); Georgiadis, Georgios (contributor) - European Central Bank - 2015
Persistent link: https://www.econbiz.de/10015297782
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The impact of fiscal policy announcements by the Italian government on the sovereign spread : a comparative analysis
Falagiarda, Matteo (contributor);  … - European Central Bank - 2015
This paper attempts to evaluate the impact of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the three...
Persistent link: https://www.econbiz.de/10015298971