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Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020

—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete … markets and portfolio choice, in which public debt affects private liquidity. In this environment, the short-run fiscal … multiplier is amplified by the countercyclical liquidity premium. This liquidity channel stabilizes investment and crowds in …

Persistent link: https://www.econbiz.de/10012231567

The liquidity channel of fiscal policy

Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020

Persistent link: https://www.econbiz.de/10012229643

The ECB's policy, the recovery fund and the importance of trust : the case of Greece

Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; … - 2021

This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to...

Persistent link: https://www.econbiz.de/10012650611

Can central banks do the unpleasant job that governments should do?

Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; … - 2023

We investigate what happens when the fiscal authorities do not react to rising public debt so that the unpleasant task of fiscal sustainability falls upon the Central Bank (CB). In particular, we explore whether the CB's bond purchases in the secondary market can restore stability and...

Persistent link: https://www.econbiz.de/10014331713

Monetary union, even higher integration, or back to national currencies?

Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; … - 2016

This paper quantifies the welfare differences among a monetary union, flexible exchange rates (economic disintegration) and a monetary plus fiscal transfer union (higher economic integration). The vehicle of analysis is a medium-scale New Keynesian DSGE model consisting of two heterogeneous...

Persistent link: https://www.econbiz.de/10011430977

Policy risk and the business cycle

Born, Benjamin; Pfeifer, Johannes - 2013 - This version: July 11, 2013, First Version: December 2010

The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining business cycle fluctuations by using an estimated New...

Persistent link: https://www.econbiz.de/10009772961

Macroeconomic policy lessons for Greece from the debt crisis

Oikonomidēs, Geōrgios; Papageorgiou, Dimitris; … - 2020

This paper first searches for the drivers of the Greek depression in the aftermath of the 2007-8 global crisis and in turn looks for engines of sustained growth. We use a micro-founded macroeconomic model calibrated to Greece. Our simulations show that the adopted adjustment program (namely, the...

Persistent link: https://www.econbiz.de/10012195896

Shocks, frictions, and inequality in US business cycles

Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020

How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...

Persistent link: https://www.econbiz.de/10012162730

Shocks, frictions, and inequality in us business cycles

Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020

Persistent link: https://www.econbiz.de/10012205910

Credibility and transparency of Central Banks : new results based on Ifo s world economicy survey

Hamella, Sandra; Haan, Jakob de - 2004

This paper reports the results of a survey among private sector economists about credibility and transparency of central banks. In line with the survey of Alan Blinder among central bankers, we asked participants in Ifo s World Economic Survey to answer questions on the importance and...

Persistent link: https://www.econbiz.de/10011399168