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The impact of external shocks on the eurozone: a structural VAR model
Gossé, Jean-Baptiste; Guillaumin, Cyriac - HAL - 2011
This paper studies the impact of the main external shocks which the eurozone and member states have undergone since the … obtained using SVAR models enabled us to determine the impact of these shocks on the eurozone and its member countries. The … study highlights the diversity of reactions inside the eurozone. The repercussions of the oil and monetary shocks were …
Persistent link: https://www.econbiz.de/10011026165
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Habit Formation and Fiscal Transmission in Open Economies
Cardi, Olivier; Muller, Gernot J. - HAL - 2010
In this paper we analyze the ability of an open economy version of the neoclassical model to account for the time-series evidence on fiscal policy transmission. In a first step, we identify government spending shocks within a vector autoregression model. We find that i) government spending...
Persistent link: https://www.econbiz.de/10008793608
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Is this all "Greek" in Europe ? Critical evaluation of the Euro zone policy response to debt crises
Ghani, Shazia - HAL - 2011
Eurozone is going though the worst ever crises since the adoption of the common currency in 1999. In the aftermath of …
Persistent link: https://www.econbiz.de/10009368002
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On policy interactions among nations : when do cooperation and commitment matter ?
Kempf, Hubert; Thadden, Leopold Von - HAL - 2008
This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...
Persistent link: https://www.econbiz.de/10010738606
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New-Consensus Macroeconomic Governance in a Keynesian world, and the Keynesian alternative
Asensio, Angel - HAL - 2006
The paper presents both the New Consensus and Keynesian equilibrium within the usual fourcompetitive macro-markets structure. It gives theoretical explanations of the perniciouseffects that the NCM governance, which has been designed for ergodic stationary regimes,brings about in Keynesian...
Persistent link: https://www.econbiz.de/10008789572
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Monetary and budgetary-fiscal policy interactions in a Keynesian heterogeneous monetary union
Asensio, Angel - HAL - 2006
The paper studies the effects of heterogeneity upon the monetary and fiscal-budgetary policy interactions in a Keynesian monetary union. As a result of interactions, some of our results contrast sharply with the ones in studies that consider separately monetary, fiscal and budgetary policies....
Persistent link: https://www.econbiz.de/10008792215
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Monetary and budgetary-fiscal policy interactions in a Keynesian context: revisiting macroeconomic governance
Asensio, Angel - HAL - 2005
Because it was designed for efficient stationary regimes, the New-Consensus Macroeconomic governance carries several drawbacks when implemented in Keynesian non-ergodic regimes. As long as Keynesian unemployment is interpreted in terms of 'natural' rate, it serves as a macroeconomic policy...
Persistent link: https://www.econbiz.de/10008792469
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The macroeconomic governance of the European Monetary Union: A Keynesian perspective
Asensio, Angel - HAL - 2005
-ergodicregimes. The Keynesian approach, on the other hand, pleads in favour of important changes in thecurrent governance of the eurozone …
Persistent link: https://www.econbiz.de/10008792744
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Financial Repression, Tax Evasion and Long-Run Monetary and Fiscal Policy Trade-Off in an Endogenous Growth Model with Transaction Costs
Villieu, Patrick; Minea, Alexandru - HAL - 2006
In this paper, we study maximizing long-run economic growth trade-off in monetary and fiscal policies in an endogenous growth model with transaction costs. We show that both monetary and fiscal policies are subject to threshold effects, a result that gives account of a number of recent empirical...
Persistent link: https://www.econbiz.de/10008793684
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Macroeconomic trouble and policy challenges in the wake of the financial bust
Asensio, Angel - HAL - 2010
Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures,...
Persistent link: https://www.econbiz.de/10008794219