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Absorbing Shocks : National Rainy-Day Funds and Cross-Country Transfers in a Fiscal Union
Goodspeed, Timothy - 2016
In this paper we investigate the interplay between national rainy-day funds and supra-national transfers in a fiscal union. Given that the EU has established rules limiting deficits, national rainy-day funds could in theory provide a way for countries to obey the rules and use fiscal policy, yet...
Persistent link: https://www.econbiz.de/10012979109
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Is There a Debt-Threshold Effect on Output Growth?
Chudik, Alexander - 2015
This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth … for a universally applicable threshold effect in the relationship between public debt and economic growth, once we account … negative long-run effects of public debt build-up on output growth. Provided that public debt is on a downward trajectory, a …
Persistent link: https://www.econbiz.de/10013019040
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Fiscal Consolidation and its Cross-Country Effects
Philippopoulos, Apostolis - 2016
We build a new Keynesian DSGE model consisting of two heterogeneous countries participating in a monetary union. We study how public debt consolidation in a country with high debt (like Italy) affects welfare in a country with solid public finances (like Germany). Our results show that debt...
Persistent link: https://www.econbiz.de/10012984567
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The 2008 Financial Crisis and Taxation Policy
Hemmelgarn, Thomas - 2013
The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....
Persistent link: https://www.econbiz.de/10013095147
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Fiscal Rules, Financial Stability and Optimal Currency Areas
De Grauwe, Paul - 2015
In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...
Persistent link: https://www.econbiz.de/10013020581
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Too Many Cooks? Committees in Monetary Policy
Berger, Helge - 2013
and output growth. We also find that MPC size influences the success of monetary targeting regimes. In contrast, there is …
Persistent link: https://www.econbiz.de/10012753618
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Central Bank Boards Around the World : Why Does Membership Size Differ?
Berger, Helge - 2013
This paper analyzes empirically differences in the size of central bank boards across countries. Defining a board as the body that changes monetary instruments to achieve a specified target, we discuss the possible determinants of a board's size. The empirical relevance of these factors is...
Persistent link: https://www.econbiz.de/10012754018
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China's Exchange Rate Impasse and the Weak U.S. Dollar
McKinnon, Ronald; Schnabl, Gunther - 2021
Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar, and this one-way bet has led to a loss of domestic monetary control. Combined with a more general flight from the U.S. dollar, the resulting monetary explosion in China...
Persistent link: https://www.econbiz.de/10013316479
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Economic fallout of the September 11 terorist attacks in US
Bhuyan, Ayubur Rahman - In: Bangladesh journal of political economy 16 (2002) 1, pp. [157]-176
Persistent link: https://www.econbiz.de/10001706334
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External economic environment affecting world trade in garments : an overview
Nath, Narayan Chandra - In: Bangladesh journal of political economy 11 (1991) 2, pp. 544-569
Persistent link: https://www.econbiz.de/10001158893