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Identifying Global and National Output and Fiscal Policy Shocks Using a Gvar
Chudik, Alexander - 2019
due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross ….75 when the rise in output follows from a favorable output shock …
Persistent link: https://www.econbiz.de/10012892134
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Coherence of Output Gaps in the Euro Area : The Impact of the COVID-19 Shock
de Haan, Jakob; Jacobs, Jan P. A. M.; Zijm, Renske - 2022
Using the measures proposed by Mink et al. (2012), we reexamine the coherence of business cycles in the euro area using a long sample period. We also analyze the impact of the COVID-19 pandemic on business cycle coherence and examine whether our measures for business cycle coherence indicate a...
Persistent link: https://www.econbiz.de/10013293282
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New Output Gap Estimates for Assessing Fiscal Policy with Lessons for Euro Area Reform
Oksanen, Heikki - 2019
Output gaps (OG) identify economic cycles and the cyclical and structural components in government budget balances. A new simple method for estimating OGs is presented here. The new results are more transparent than those published by the leading economic policy institutions. - The retroactive...
Persistent link: https://www.econbiz.de/10012892285
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Globalization in the Time of COVID-19
Sforza, Alessandro - 2020
networks. In this paper we incorporate production barriers induced by COVID-19 shock into a Ricardian model with sectoral … shock has a considerable impact on most economies in the world, especially when a share of the labor force is quarantined …. Moreover, we show that global production linkages have a clear role in magnifying the effect of the production shock. Finally …
Persistent link: https://www.econbiz.de/10012837986
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The Fiscal Response to Revenue Shocks
Berset, Simon; Huber, Martin; Schelker, Mark - 2021
We study the impact of fiscal revenue shocks on local fiscal policy. We focus on the very volatile revenues from the immovable property gains tax in the canton of Zurich, Switzerland, and analyze fiscal behavior following large and rare positive and negative revenue shocks. We apply causal...
Persistent link: https://www.econbiz.de/10013249661
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Strategic Inattention, Inflation Dynamics, and the Non-Neutrality of Money
Afrouzi, Hassan - 2020
How does competition affect information acquisition of firms and thus the response of inflation and output to monetary policy shocks? This paper addresses these questions in a new dynamic general equilibrium model with both dynamic rational inattention and oligopolistic competition. In the...
Persistent link: https://www.econbiz.de/10012836931
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Domestic and Global Output Gaps as Inflation Drivers : What Does the Phillips Curve Tell?
Jasova, Martina - 2019
We study how domestic and global output gaps affect CPI inflation. We use a New-Keynesian Phillips curve framework which controls for nonlinear exchange rate movements for a panel of 26 advanced and 22 emerging economies covering the 1994Q1-2017Q4 period. We find broadly that both global and...
Persistent link: https://www.econbiz.de/10012892246
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Inflation and GDP Dynamics in Production Networks : A Sufficient Statistics Approach
Afrouzi, Hassan; Bhattarai, Saroj - 2023
aggregate inflation. Quantitatively, we confirm the significant role of production networks in shock propagation, emphasizing …
Persistent link: https://www.econbiz.de/10014356604
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Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus
Hristov, Nikolay - 2020
We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...
Persistent link: https://www.econbiz.de/10012838235
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The Effect of News Shocks and Monetary Policy
Görtz, Christoph - 2019
the pre-1980 period. Measuring expectations of future monetary policy rates conditional on a news shock suggests that the …
Persistent link: https://www.econbiz.de/10012889175