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Policy mix and debt sustainability : evidence from fiscal policy rules

Claeys, Peter - 2005

This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of...

Persistent link: https://www.econbiz.de/10010261142

Redistribution and the Monetary-Fiscal Policy Mix

Bhattarai, Saroj; Lee, Jae Won; Yang, Choongryul - 2021

We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly tied to how much inflation it generates, which in turn hinges on monetary-fiscal adjustments that ultimately finance the transfers. We compare two distinct types of monetaryfiscal...

Persistent link: https://www.econbiz.de/10013314763

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

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

projection model for the Euro Area (aggregate data), Germany, Italy, and Portugal, we analyze the interaction between both …

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

Costly, But (Relatively) Ineffective? An Assessment of Germany's Temporary VAT Rate Reduction During the COVID-19 Pandemic

Baudisch, Victoria; Neuenkirch, Matthias - 2023

We evaluate Germany’s temporary value-added tax (VAT) rate reduction as a tool to stimulate consumer spending during … the Covid-19 pandemic using a comparative case study approach. We construct a credible counterfactual for Germany in a two … similar to Germany regarding important post-treatment characteristics. Second, we apply a reweighting scheme on the pre …

Persistent link: https://www.econbiz.de/10014356603

To React or Not? Fiscal Policy, Volatility and Welfare in the EU-3

Malley, Jim - 2008

implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is …

Persistent link: https://www.econbiz.de/10012773638

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

The Euro Crisis and Economic Growth : A Novel Counterfactual Approach

Terzi, Alessio - 2019

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone crisis countries (Greece, Portugal, Ireland, Cyprus, Spain)...

Persistent link: https://www.econbiz.de/10012866042

Do large cabinets favor large governments? : evidence from Swiss sub-federal jurisdictions

Feld, Lars P.; Schaltegger, Christoph A. - 2004

The fiscal commons problem is one of the most prominent explanations of excessive spending and indebtedness in political economics. The more fragmented a government, the higher its spending, deficits and debt. In this paper we investigate to what extent this problem can be mitigated by different...

Persistent link: https://www.econbiz.de/10010261274

Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union

Michalak, Tomasz; Engwerda, Jacob; Plasmans, Joseph - 2009

In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....

Persistent link: https://www.econbiz.de/10010264547

Macroeconomic stabilization policies in the EMU : spillovers, asymmetries, and institutions

Di Bartolomeo, Giovanni; Engwerda, Jacob; Plasmans, Joseph - 2005

This paper studies the institutional design of the coordination of macroeconomic stabilization policies within a monetary union in the framework of linear quadratic differential games. A central role in the analysis plays the partitioned game approach of the endogenous coalition formation...

Persistent link: https://www.econbiz.de/10010261121

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