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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

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

Designing the Policy Mix in a Monetary Union

Kempf, Hubert - 2020

This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...

Persistent link: https://www.econbiz.de/10012832189

Do EU Fiscal Rules Support or Hinder Counter-Cyclical Fiscal Policy?

Larch, Martin; Orseau, Eloise; der Wielen, Wouter van - 2021

. The commonly accepted reasons are political economy and uncertainty. In the EU, the pro-cyclical nature of discretionary … scope for stabilising output. Using panel data covering close to 40 EU and non-EU countries, we provide evidence that the …

Persistent link: https://www.econbiz.de/10013315041

The Effects of Monetary Policy Surprises and Fiscal Sustainability Regimes in the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn’s (1998) approach through Schlicht’s (2003)...

Persistent link: https://www.econbiz.de/10014346445

Public Finance in the Era of the COVID-19 Crisis

Agrawal, David R.; Butikofer, Aline - 2022

The COVID-19 crisis poses new policy challenges and has spurred new research agendas in public economics. In this article, we selectively reflect on how the field of public economics has been shaped by the COVID-19 pandemic and discuss several areas where more research is necessary. We highlight...

Persistent link: https://www.econbiz.de/10014243165