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The Euro Area Crisis; Need for a Supranational Fiscal Risk Sharing Mechanism?
Furceri, Davide; Zdzienicka, Aleksandra - International Monetary Fund (IMF) - 2013
The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a … supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 … euro area countries over the period 1979-2010, the results of the paper show that: (i) the effectiveness of risk sharing …
Persistent link: https://www.econbiz.de/10011242326
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Fiscal Consolidation in the Euro Area; How Much Can Structural Reforms Ease the Pain?
Anderson, Derek; Hunt, Ben; Snudden, Stephen - International Monetary Fund (IMF) - 2013
The IMF’s Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path. The results suggest that structural reforms in core...
Persistent link: https://www.econbiz.de/10011242309
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Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area
Quint, Dominic; Rabanal, Pau - International Monetary Fund (IMF) - 2013
In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a...
Persistent link: https://www.econbiz.de/10010790358
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A Global Projection Model for Euro Area Large Economies
Jakab, Zoltan; Lukyantsau, Pavel; Wang, Shengzu - International Monetary Fund (IMF) - 2015
The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. This paper creates a special version of GPM that includes the four largest Euro Area (EA) countries. The EA countries are more vulnerable to domestic and external demand shocks because...
Persistent link: https://www.econbiz.de/10011242224
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Das Public Kapital: How Much Would Higher German Public Investment Help Germany and the Euro Area?
Elekdag, Selim; Muir, Dirk - International Monetary Fund (IMF) - 2014
Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but would also raise output over the longer-run as well as generate beneficial regional...
Persistent link: https://www.econbiz.de/10011123846
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Fiscal Devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - International Monetary Fund (IMF) - 2014
Using a DSGE model calibrated to the euro area, we analyze the international effects of a fiscal devaluation (FD) implemented as a revenue-neutral shift from employer's social contributions to the Value Added Tax. We find that a FD in ‘Southern European countries’ has a strong...
Persistent link: https://www.econbiz.de/10011142031
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A Model-Based Analysis of Spillovers: The Case of Poland and the Euro Area
Andrle, Michal; Garcia-Saltos, Roberto; Ho, Giang - International Monetary Fund (IMF) - 2014
This paper studies economic and financial spillovers from the euro area to Poland in a two-country semi-structural model. The model incorporates various channels of macrofinancial linkages and cross-border spillovers. We parameterize the model through an extensive calibration process, and...
Persistent link: https://www.econbiz.de/10011142199
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U.S. Fiscal Policies and Priorities for Long-Run Sustainability
Mühleisen, Martin; Towe, Christopher M. - International Monetary Fund (IMF) - 2004
This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting...
Persistent link: https://www.econbiz.de/10005824863
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Greece; Selected Issues
International Monetary Fund (IMF); International … - 2006
This Selected Issues paper analyzes the growth prospects of the Greek economy. It is estimated that exceptional factors boosted growth by 1 percentage point per year in recent years and, under current trends and policies, growth is likely to drop to about 3 percent by the end of the decade. The...
Persistent link: https://www.econbiz.de/10005825203
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Mexico; Selected Issues
International Monetary Fund (IMF); International … - 2004
This Selected Issues paper analyzes the sources of Mexico’s economic growth since the 1960s, and compares various decompositions of historical growth into trend and cyclical components. The role of the implied output gaps in the inflation process is assessed. The paper presents...
Persistent link: https://www.econbiz.de/10005825457