Similar Search Results

Macroeconomic Policy Co-ordination in the Euro Area

Vijselaar, Focco W. - de Nederlandsche Bank - 2000

This paper reviews the rationale for co-ordination of macroeconomic policies in the euro area. It makes clear what co-ordination can do and what it cannot do in European practice. It concludes that with the Pact for Stability and Growth, the framework for co-ordination of fiscal policies has by...

Persistent link: https://www.econbiz.de/10005101929

Does the Stability and Growth Pact induce a bias in the EC's fiscal forecasts

Gilbert, Niels; Jong, Jasper de - de Nederlandsche Bank - 2014

Enforcement of European fiscal rules, to a large extent, hinges on the fiscal forecasts prepared by the European Commission (EC). The reliability of these forecasts has received little attention in the literature, despite the fact that i) the forecasts have potentially far-reaching consequences...

Persistent link: https://www.econbiz.de/10011098670

An Independent Central Bank faced with Elected Government: A Political Economy Conflict

Demertzis, M.; Hallett, A. Hughes; Viegi, N. - de Nederlandsche Bank - 2002

The literature argues that the benefits of an independent Central Bank accrue at no cost to the real side. In this paper, we argue that the lack of correlation between monetary autonomy and output variability, is due to the proactive role of fiscal policy when faced with rigid monetary...

Persistent link: https://www.econbiz.de/10005021867

Contagion during the Greek Sovereign Debt Crisis

Mink, Mark; Haan, Jakob de - de Nederlandsche Bank - 2012

Using an event study approach, we examine the impact of news about Greece and news about a Greek bailout on bank stock prices in 2010 using data for 48 banks included in the European stress tests. We identify the twenty days with extreme returns on Greek sovereign bonds and categorize the news...

Persistent link: https://www.econbiz.de/10009493319

On the Impact of Income and Policy Shocks on Consumption

Bayoumi, Tamim; Sgherri, Silvia - de Nederlandsche Bank - 2007

An increasing body of evidence suggests that the behavior of the economy has changed in many fundamental ways over the last decades. In particular, greater financial deregulation, larger wealth accumulation, and better policies might have helped lower uncertainty about future income and lengthen...

Persistent link: https://www.econbiz.de/10005106649

The Maastricht Inflation Criterion: What is the Effect of Expansion of the European Union?

Lewis, John; Staehr, Karsten - de Nederlandsche Bank - 2007

Following the Maastricht criteria, a country seeking to join the European Monetary Union cannot have an inflation rate in excess of 1.5 percent plus the average inflation rates in the three 'best performing' EU countries. This inflation reference value is a non-increasing function of the number...

Persistent link: https://www.econbiz.de/10005053800

The fiscal dimension of a common monetary policy: results with a non-Ricardian global model

Sgherri, S. - de Nederlandsche Bank - 2000

This paper studies the interaction of fiscal and monetary policy within an Economic and Monetary Union (EMU). Results …, remarkably costly for high-debt EMU countries. Finally, whereas different degrees of rigidity in labour markets are sufficient to …

Persistent link: https://www.econbiz.de/10005030229

How does unconventional monetary policy affect inequality? Evidence from Japan

Saiki, Ayako; Frost, Jon - de Nederlandsche Bank - 2014

Inequality has been largely ignored in the literature and practice of monetary policy, but is gaining more attention recently. We look at how a decade of unconventional monetary policy (UMP) in Japan affected inequality among households using survey data. Our vector auto regression (VAR) results...

Persistent link: https://www.econbiz.de/10010822702

Did fiscal policy makers know what they were doing? Reassessing fiscal policy with real-time data

Bernoth, Kerstin; Hallet, Andrew Hughes; Lewis, John - de Nederlandsche Bank - 2008

Empirical fiscal policy reaction functions based on ex post data cannot be said to describe fiscal policymakers intentions, since they utilise data which did not exist when their decisions were made. A characterisation of what fiscal policymakers were trying to do requires real time data. This...

Persistent link: https://www.econbiz.de/10005021848

Towards a Stable Monetary Union: What Role for Eurobonds?

Gilbert, Niels; Hessel, Jeroen; Verkaart, Silvie - de Nederlandsche Bank - 2013

This paper investigates the role that Eurobonds could play in making EMU stable in the long run. We establish that EMU … during the financial crisis. This type of shock can never be fully ruled out. EMU member states appear more vulnerable in … and moral hazard by using Eurobonds themselves to further enforce budgetary discipline. Even then, however, EMU governance …

Persistent link: https://www.econbiz.de/10010757280