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Optimal Fiscal Policy with Labor Selection
Chugh, Sanjay K. - 2018
This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the Ramsey government achieves efficient labor market...
Persistent link: https://www.econbiz.de/10012912678
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Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay - 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/10013057668
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Fiscal Transfers in a Monetary Union with Exit Option
Hefeker, Carsten - 2015
It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...
Persistent link: https://www.econbiz.de/10013025966
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Strategic Interactions between Fiscal and Monetary Authorities in a Multi-Country New-Keynesian Model of a Monetary Union
Michalak, Tomasz - 2013
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/10012753234
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Fiscal Transfers in a Monetary Union with Exit Option
Hefeker, Carsten; Neugart, Michael - CESifo - 2015
It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...
Persistent link: https://www.econbiz.de/10011202966
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The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area
Altavilla, Carlo - 2013
surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian …
Persistent link: https://www.econbiz.de/10012753184
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Do Government Purchases Affect Unemployment?
Holden, Steinar; Sparrman, Victoria - CESifo - 2011
We investigate empirically the effect of government purchases on unemployment in 20 OECD countries, for the period 1960 …-2007. Compared to earlier studies we use a data set with more variation in unemployment, and which allows for controlling for a host … unemployment; an increase equal to one percent of GDP reduces un-employment by 0.2 percentage point in the same year. The effect is …
Persistent link: https://www.econbiz.de/10009147743
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Fiscal Policies and Business Cycles in an Enlarged Euro Area
Staehr, Karsten - 2008
This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future members from Central and Eastern Europe. For the sample period 1995-2005, the fiscal balance exhibits less inertia and is more counter-cyclical in Central and Eastern European...
Persistent link: https://www.econbiz.de/10012773620
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Fiscal Federlism in a Monetary Union : The Cooperation Pitfall
Kempf, Hubert - 2018
Fiscal federalism may not be a panacea in a monetary union if it does not address the non-cooperative behaviour between fiscal policymakers. To prove this, we assess the relative merits of a fiscal federalism scheme in a monetary union and intergovernmental fiscal cooperation without such a...
Persistent link: https://www.econbiz.de/10012930695
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Uncertainty and Fiscal Policy in an Asymmetric Monetary Union
Hefeker, Carsten - 2013
The paper examines the monetary-fiscal interactions in a monetary union model with uncertainty due to imperfect central bank transparency. We first show that monetary uncertainty disciplines fiscal policymakers and thereby reduces taxes, average inflation and output distortions. However, as more...
Persistent link: https://www.econbiz.de/10012753473