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What do we really know about fiscal sustainability in the EU?: a panel data diagnostic

Afonso, António; Rault, Christophe - 2008

We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically … revenues. While sustainability may be lacking in individual cases, fiscal policy was overall sustainable both for the EU15 …

Persistent link: https://www.econbiz.de/10010264310

Spend-and-tax : a panel data investigation for the EU

Afonso, António; Rault, Christophe - 2009

, we study the causality between government spending and revenue for the EU in the period 1960-2006. We find spend … Finland and the UK, and for several EU New Member States. Moreover, in the run-up to EMU there was some shifting away from a …

Persistent link: https://www.econbiz.de/10010276304

The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy

Hülsewig, Oliver - 2020

We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...

Persistent link: https://www.econbiz.de/10012843420

Fiscal Sustainability in the EU after the Global Crisis : Is There Any Progress?

Wysocki, Maciej - 2018

interesting case of a member state that without significant market pressure (the only EU country without recession during the … crisis) actively promoted several changes in the EU fiscal framework (e.g. 6-pack) and effectively internalized some of these … 2014 Q1. The case of Poland seems to suggest that the post-crisis EU fiscal measures can be effectively used to increase …

Persistent link: https://www.econbiz.de/10012908672

What Do Central Bankers Do? Evidence from the European Central Banks' Executive Board

Badinger, Harald - 2019

This paper examines how managers at the top of a public institution, central bank executives, allocate their working time. Using detailed information from personal diaries of the six members of the European Central Bank’s Executive Board over a period of two years, we codify and analyze more...

Persistent link: https://www.econbiz.de/10012892122

Central Bank Policies and Financial Markets : Lessons from the Euro Crisis

Mody, Ashoka - 2019

The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we identify financial markets’ response to the...

Persistent link: https://www.econbiz.de/10012892183

New Output Gap Estimates for Assessing Fiscal Policy with Lessons for Euro Area Reform

Oksanen, Heikki - 2019

across the members and (2) implementation without changes to the EU Treaty. Focussing on long-term sustainability meets them …

Persistent link: https://www.econbiz.de/10012892285

Reforming the Euro Pragmatically : Towards Sustainable Fiscal Policy and a Revamped Eurosystem

Oksanen, Heikki - 2019

energy. The EU should take a leading role globally in meeting these long-term challenges …

Persistent link: https://www.econbiz.de/10012860367

The Impact of Containment Measures and Monetary and Fiscal Responses on US Financial Markets During the COVID-19 Pandemic

Aikins Abakah, Emmanuel Joel; Caporale, Guglielmo Maria; … - 2021

This paper analyses the effects of containment measures and monetary and fiscal responses on US financial markets during the Covid-19 pandemic. More specifically, it applies fractional integration methods to analyse their impact on the daily S&P500, the US Treasury Bond Index (USTB), the S&P...

Persistent link: https://www.econbiz.de/10013220137

The Euro Area Government Spending Multiplier in Demand- and Supply-Driven Recessions

di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel; … - 2022

We estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between multipliers being non-zero with very high...

Persistent link: https://www.econbiz.de/10013292507