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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

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

Elections, fiscal policy and growth : revisiting the mechanism

Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; … - 2002

This short paper reconsiders the popular result that the lower the probability of getting reelected, the stronger the incumbent politicians incentive to follow short-sighted, inefficient policies. The set-up is a general equilibrium model of endogenous growth and optimal fiscal policy, in which...

Persistent link: https://www.econbiz.de/10011409401

On the composition of public spending and taxes

Oikonomidēs, Geōrgios; Park, Hyun; Philippopulos, … - 2015

This paper studies the implications of changes in the fiscal (spending-tax) policy mix when all categories of spending and taxes are according to their functional breakdown. In so doing, we build a general equilibrium OLG model which naturally incorporates the main functional categories of...

Persistent link: https://www.econbiz.de/10011342332

Effects of fiscal rules : 85 years' experience in Switzerland

Burret, Heiko T.; Feld, Lars P. - 2016

The paper investigates the fiscal effects of Swiss cantonal debt brakes by taking explicitly into account the rules' coverage. An in-depth analysis provides unique evidence that suggests the following: First, fiscal rules at the cantonal level have a negative effect on public deficits, which is...

Persistent link: https://www.econbiz.de/10011523766

Electoral uncertainty, fiscal policies & growth : theory and evidence from Germany, the UK and the US

Oikonomidēs, Geōrgios; Malley, James R.; … - 2003

between public consumption and production services. The main theoretical prediction is that forward-looking incumbents, with … productivity of public production services, the weight which households place on public consumption services relative to private … consumption and the time discount rate. Moreover, we find that changes in electoral uncertainty produce the longest lasting …

Persistent link: https://www.econbiz.de/10011511068

Vertical effects of fiscal rules : the Swiss experience

Burret, Heiko T.; Feld, Lars P. - 2014

Formal fiscal rules have been introduced in many countries throughout the world. While most studies focus on intra-jurisdictional effects of fiscal rules, vertical impacts on the finances of other levels of governments have yet to be explored thoroughly. The paper investigates the influence of...

Persistent link: https://www.econbiz.de/10010424734

Panel cointegration tests on the fiscal sustainability of German Laender

Burret, Heiko T.; Feld, Lars P.; Köhler, Ekkehard A. - 2014

This paper provides new evidence on the sustainability of public finances in German states (Laender) by exploiting a newly compiled database covering the years 1950 - 2011. Unlike previous studies on Germany, we analyze fiscal sustainability by applying "gsecond generation" panel cointegration...

Persistent link: https://www.econbiz.de/10010388585