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Policy mix and debt sustainability : evidence from fiscal policy rules
Claeys, Peter (contributor) - 2005
This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of...
Persistent link: https://www.econbiz.de/10002578199
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The macroeconomic policy challenges of balance sheet recession : lessons from Japan for the European crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the … characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary … well as gradual real income losses, the economic policy implication for Japan and Europe is the timely exit from the …
Persistent link: https://www.econbiz.de/10009743745
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Die Feststellung der Unternehmenskrise : Entscheidungen unter subjektiven Verzerrungen
Hauschildt, Jürgen - In: KSI : Krisen-, Sanierungs- und Insolvenzberatung ; … 4 (2008) 1, pp. 5-11
Persistent link: https://www.econbiz.de/10003604679
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Analysis of monetary policy and financial stability : a new paradigm
Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - 2009
This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for … the economy. Due to liquidity and endogenous default, the transmission mechanism of shocks is well defined, and their …
Persistent link: https://www.econbiz.de/10003923247
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Liquidity and default in an exchange economy
Martínez S., Juan Francisco; Tsomocos, Dimitrios P. - In: Journal of financial stability 35 (2018), pp. 192-214
Persistent link: https://www.econbiz.de/10012156867
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Bank credit, inflation, and default risks over an infinite horizon
Goodhart, Charles A. E.; Tsomocos, Dimitrios P.; Wang, Xuan - In: Journal of financial stability 67 (2023), pp. 1-16
Persistent link: https://www.econbiz.de/10014455477
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Transatlantic monetary and fiscal policy interaction
Aarle, Bas van; Garretsen, Harry; Huart, Florence - 2003
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
Persistent link: https://www.econbiz.de/10011509484
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Macroeconomic policy making and current account imbalances in the euro area
Murai, Taiki; Schnabl, Gunther - 2021
The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...
Persistent link: https://www.econbiz.de/10012550195
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Sustainability and solvency of government finances under the euro : illustrations and policy Options
Oksanen, Heikki - 2020
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/10012238506
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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 between the participants led to short-sighted fiscal discipline that has amplified the economic disturbances. Expert analysis on the proposed reforms is often deficient as the...
Persistent link: https://www.econbiz.de/10012119522