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How Much Binding Is the Bill?
Cafiso, Gianluca; Cellini, Roberto - 2018
We study whether and how much the interest bill conditions the size and composition of public expenditures. The group of EU 15 countries over the 1995-2016 period is the object of analysis. We study both total public expenditures and public expenditures by function of government in order to...
Persistent link: https://www.econbiz.de/10011887407
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Reserves for All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence
Niepelt, Dirk - 2018
I offer a macroeconomic perspective on the “Reserves for All” (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an...
Persistent link: https://www.econbiz.de/10011931926
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Debt Sustainability in the Case of External Debt. An Analysis Based on Italy's Treasury Auctions
Cafiso, Gianluca - 2014
The objective of this paper is to assess whether external debt makes a difference for public debt stabilization, where … results point towards the irrelevance of the composition of the investor base for debt stabilization. …
Persistent link: https://www.econbiz.de/10010420708
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Evidence on fiscal consolidations and the evolution of public debt in Europe
Cafiso, Gianluca; Cellini, Roberto - 2012
The objective of this paper is to gain insights into the relationship between deficit-reducing policies and the evolution of the debt/GDP ratio. We consider past events of fiscal consolidation in a selected group of EU countries, by using the new data set recently made available by Devries et...
Persistent link: https://www.econbiz.de/10010291546
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Managing debt stability
Bacchiocchi, Emanuele; Missale, Alessandro - 2005
missing the stabilization target. The optimal debt structure is a function of the expected return differentials between debt … monetary regime and on Central Bank preferences for output stabilization, inflation control and interestrate smoothing. Finally …, we estimate the composition of public debt that would have supported debt stabilization in OECD countries over the last …
Persistent link: https://www.econbiz.de/10010261130
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The role of the corporate income tax as an automatic stabilizer
Buettner, Thiess; Fuest, Clemens - 2009
restrictions. Taking account of the income tax rates and the size differences of the firms, we find that demand stabilization … through the corporate income tax amounts to about 8 per cent of an initial shock to gross revenues. This stabilization effect …
Persistent link: https://www.econbiz.de/10010266003
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What Kind of EU Fiscal Capacity? Evidence from a Randomized Survey Experiment in Five European Countries in Times of Corona
Beetsma, Roel; Burgoon, Brian; Nicoli, Francesco; de … - 2020
Based on a conjoint survey experiment we explore the support among European citizens for a European Union (EU) budgetary assistance instrument to combat adverse temporary or permanent economic shocks hitting Member States. Suitably designed, there is quite substantial support for such an EU...
Persistent link: https://www.econbiz.de/10012269540
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Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
This paper explores the potential effectiveness of the ECB's Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...
Persistent link: https://www.econbiz.de/10010333401
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Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory
Schnabl, Gunther - 2016
The paper analyses the evolvement and effects of central bank crisis management since the mid 1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that, given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed,...
Persistent link: https://www.econbiz.de/10011584878
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Government Spending and Durable Goods
Boehm, Christoph E. - 2016
This paper shows that the fiscal multiplier for purchases of durable and investment goods is very small - much smaller than the multiplier for nondurable goods. Standard models predict small durables multipliers because private sector purchases of durable goods are highly intertemporally...
Persistent link: https://www.econbiz.de/10011584943