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Managing households' expectations with salient economic policies
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019
consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …
Persistent link: https://www.econbiz.de/10012057290
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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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Fiscal divergence and current account imbalances in Europe
Schnabl, Gunther; Wollmershäuser, Timo - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10009702880
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Fiscal policy and liquidity traps with heterogeneous agents
Piergallini, Alessandro - In: Economics letters 157 (2017), pp. 103-106
Persistent link: https://www.econbiz.de/10011847323
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Unconventional fiscal policy, inflation expectations, and consumption expenditure
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2016
Unconventional fiscal policies incentivize households to accelerate consumption by generating future consumer price … study the causal effect of unconventional fiscal policies on consumption expenditure via the inflation-expectations channel … intratemporal substitution from non-durable to durable consumption. …
Persistent link: https://www.econbiz.de/10011436147
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Natural disasters and the effect of trade on income : a new panel IV approach
Felbermayr, Gabriel; Gröschl, Jasmin - 2011
Does trade openness cause higher GDP per capita? Since the seminal instrumental variables (IV) estimates of Frankel and Romer [F&R](1999) important doubts have surfaced. Is the correlation spurious and driven by omitted geographical and institutional variables? In this paper, we generalize F&R's...
Persistent link: https://www.econbiz.de/10009240715
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Subnational income growth and international border effects
Adam, Hanna L.; Larch, Mario; Stadelmann, David - 2021
This paper analyses the effect of international borders and of trade agreements at international borders on subnational (i.e. regional) growth. We construct an extensive panel dataset covering 1,350 regions in 86 countries worldwide between 1950 and 2017. Our results show that international...
Persistent link: https://www.econbiz.de/10012533891
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The KOF Globalisation Index : revisited
Gygli, Savina; Haelg, Florian; Potrafke, Niklas; Sturm, … - 2018
We introduce the revised version of the KOF Globalisation Index, a composite index measuring globalization for every country in the world along the economic, social and political dimension. The original index was introduced by Dreher (2006) and updated in Dreher et al. (2008). This second...
Persistent link: https://www.econbiz.de/10011954444
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Bilateral trade imbalances
Cuñat, Alejandro; Zymek, Robert - 2019
Bilateral trade imbalances are determined by aggregate trade imbalances, production and expenditure patterns, and trade barriers. We calibrate a dynamic many-sector trade model to match the recent sectoral trade and production shares of 40 economies and the rest of the world. Through a variance...
Persistent link: https://www.econbiz.de/10012064397
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Harnessing windfall revenues : optimal policies for resource-rich developing economies
Ploeg, Frederick van der; Venables, Anthony - 2009
, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We … show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …
Persistent link: https://www.econbiz.de/10003813611