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To React or Not? Fiscal Policy, Volatility and Welfare in the EU-3
Malley, Jim - 2008
This paper develops a dynamic stochastic general equilibrium model to examine the quantitative macroeconomic implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is the particular market failure justifying policy...
Persistent link: https://www.econbiz.de/10012773638
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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
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Financial Cycles, Credit Bubbles and Stabilization Policies
Corrado, Luisa - 2019
This paper analyzes the effects of several policy instruments to mitigate financial bubbles generated in the banking sector. We augment a New Keynesian macroeconomic framework by endogenizing boundedly-rational expectations on asset values of loan portfolios and allow for interbank trading. We...
Persistent link: https://www.econbiz.de/10012892165
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What Do We Know About the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers
Castelnuovo, Efrem - 2019
This article reviews recent research findings on the effects of fiscal multipliers in normal times, during booms/busts, and in the presence of the zero lower bound. Studies on the effects of fiscal policy in open economy settings as well as contributions on the fiscal-monetary policy mix are...
Persistent link: https://www.econbiz.de/10012892219
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How Did U.S. Consumers Use Their Stimulus Payments?
Coibion, Olivier - 2020
Using a large-scale survey of U.S. consumers, we study how the large one-time transfers to individuals from the CARES Act affected their consumption, saving and labor-supply decisions. Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15...
Persistent link: https://www.econbiz.de/10012824591
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Will Germany's Temporary VAT Tax Rates Cut as Part of the COVID-19 Fiscal Stimulus Package Boost Consumption and Growth?
Funke, Michael; Terasa, Raphael - 2021
On 3 June 2020, the German government announced a EUR 130 billion fiscal stimulus package to stimulate market demand and jumpstart the economy in the wake of the COVID-19 pandemic lockdown in the spring of 2020. The most prominent measure of this package is an unconventional fiscal policy in the...
Persistent link: https://www.econbiz.de/10013314775
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Appropriate Fiscal Policy Over the Business Cycle : Proper Stimulus Policies Can Work
Graves, Philip E. - 2010
being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to …
Persistent link: https://www.econbiz.de/10013139182
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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
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Labor Market Institutions, Fiscal Multipliers, and Macroeconomic Volatility
Böck, Maximilian; Crespo Cuaresma, Jesus; Glocker, … - 2022
We study empirically how various labor market institutions – (i) union density, (ii) unemployment benefit remuneration, and (iii) employment protection – shape fiscal multipliers and output volatility. Our theoretical model highlights that more stringent labor market institutions attenuate...
Persistent link: https://www.econbiz.de/10014083477
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Populists and Fiscal Policy : The Case of Poland
Wysocki, Maciej; Wojcik, Cezary; Freytag, Andreas - 2022
looking at the case of Poland which according to several recent studies has experienced the highest level of populist … rhetorics in recent years. Indeed, when the new populist government took power, between 2015-2019, Poland experienced a major … estimations show that in the period of 2016-2019 fiscal sustainability parameters were the lowest since Poland joined the EU in …
Persistent link: https://www.econbiz.de/10014264454