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EMU and the External Value of the Euro
Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1999
The size and economic relevance of Europe may imply a new role for the EURO in the international financial markets. But … will the EURO compete with the $US and the Yen for a place in the basket of international currencies? Will that induce a … run trend of the EURO depends on the economic performance of the partner countries as well as on the properties of the new …
Persistent link: https://www.econbiz.de/10005662141
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The Emergence of the Euro as an International Currency
Alogoskoufis, George; Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1997
*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …
Persistent link: https://www.econbiz.de/10005662175
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How Large Are the Effects of Tax Changes?
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009
We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...
Persistent link: https://www.econbiz.de/10005082536
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Austerity and Anarchy: Budget Cuts and Social Unrest in Europe, 1919-2008
Ponticelli, Jacopo; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2011
Does fiscal consolidation lead to social unrest? Using cross-country evidence for the period 1919 to 2008, we examine the extent to which societies become unstable after budget cuts. The results show a clear correlation between fiscal retrenchment and instability. We test if the relationship...
Persistent link: https://www.econbiz.de/10009201119
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Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy
Favero, Carlo A.; Giavazzi, Francesco; Perego, Jacopo - C.E.P.R. Discussion Papers - 2011
This paper shows how the richer frequency and variety of fiscal policy shocks available in an international sample can be analyzed recognizing the heterogeneity that exists across different countries. The main conclusion of our empirical analysis is that the question 'what is the fiscal policy...
Persistent link: https://www.econbiz.de/10009201121
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Budgeting versus implementing fiscal policy in the EU
Beetsma, Roel; Giuliodori, Massimo; Wierts, Peter - C.E.P.R. Discussion Papers - 2009
Using real-time data from Europe's Stability and Convergence Programs, we explore how fiscal plans and their implementation in the EU are determined. We find that (1) implemented budgetary adjustment falls systematically short of planned adjustment and this shortfall increases with the...
Persistent link: https://www.econbiz.de/10005041099
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Reconciling VAR-based and Narrative Measures of the Tax-Multiplier
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2010
The currently available empirical evidence shows remarkable differences between various estimates of the effects on U.S. output of an exogenous shift in Federal tax liabilities. Shocks identified via the narrative method imply a multiplier of about three over an horizon of three years. Tax...
Persistent link: https://www.econbiz.de/10008468626
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The 2008 Financial Crisis and Taxation Policy
Hemmelgarn, Thomas; Nicodème, Gaëtan - C.E.P.R. Discussion Papers - 2010
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/10008468635
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Economic Policy and Reforms in Contemporary Italy
Schioppa, Padoa; Kostoris, Fiorella - C.E.P.R. Discussion Papers - 1998
This paper analyses the spectacular fiscal adjustment currently occurring in Italy. In 1990, the Italian General Government showed the second largest primary deficit-to-GDP ratio in Europe; in 1997 it is expected to have the largest primary surplus-to-GDP ratio, with a 3% overall deficit-to-GDP...
Persistent link: https://www.econbiz.de/10005123540
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What are the Effects of Fiscal Policy Shocks?
Mountford, Andrew; Uhlig, Harald - C.E.P.R. Discussion Papers - 2002
We investigate the effects of fiscal policy surprises for US data, using vector autoregressions. We overcome the difficulties that changes in fiscal policy may manifest themselves in variables other than fiscal variables first and that fiscal variables may respond ‘automatically’ to business...
Persistent link: https://www.econbiz.de/10005124017