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New Output Gap Estimates for Assessing Fiscal Policy with Lessons for Euro Area Reform
Oksanen, Heikki - 2018
conducted. - Fiscal policy in the euro area was tight in 2012-13, contributing to an unexpected fall in the GDP. Fiscal policy … has generally amplified cycles in the euro area, except in 2009. - Procyclicality is caused by short-sighted fiscal …
Persistent link: https://www.econbiz.de/10011932037
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Smoothing Asymmetric Shocks vs. Redistributionin the Euro Area: A Simple Proposal for Dealingwith Mistrust in the Euro Area
Oksanen, Heikki - 2016
The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private …
Persistent link: https://www.econbiz.de/10011451435
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Sustainability and Solvency of Government Finances under the Euro: Illustrations and Policy Options
Oksanen, Heikki - 2020
In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium …-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several … resort for a euro area government under liquidity shortage to prevent it from developing into a general financial crisis …
Persistent link: https://www.econbiz.de/10012269466
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Reforming the Euro Pragmatically : Towards Sustainable Fiscal Policy and a Revamped Eurosystem
Oksanen, Heikki - 2019
The conflicting standpoints on reforming the euro are creating more controversies than practical results. Mistrust …, reforming the euro successfully calls for a convincing high-level commitment to preserve the euro also in unexpected …
Persistent link: https://www.econbiz.de/10012860367
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Sustainability and Solvency of Government Finances Under the Euro : Illustrations and Policy Options
Oksanen, Heikki - 2020
In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium …-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several … resort for a euro area government under liquidity shortage to prevent it from developing into a general financial crisis …
Persistent link: https://www.econbiz.de/10012829317
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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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Structural Distortions and Decentralized Fiscal Policies in EMU
Beetsma, Roel; Bovenberg, Lans - 2001
The combination of discretionary monetary policy, labor-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an inflation target eliminates this inflation bias, it creates a...
Persistent link: https://www.econbiz.de/10010315136
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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10010319382
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Hitting and hoping?: meeting the exchange rate and inflation criteria during a period of nominal convergence
Lewis, John - 2007
This paper analyses the problem faced by CEECs wishing to join the Euro who must hit both an inflation and exchange …
Persistent link: https://www.econbiz.de/10010264059
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Fool the markets?: Creative accounting, fiscal transparency and sovereign risk premia
Bernoth, Kerstin; Wolff, Guntram B. - 2006
We investigate the effects of official fiscal data and creative accounting signals on interest rate spreads between bond yields in the European Union. Our model predicts that risk premia contained in government bond spreads should increase in both the official fiscal position and the expected...
Persistent link: https://www.econbiz.de/10010263922