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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

Liquidity traps and large-scale financial crises

Caggiano, Giovanni; Castelnuovo, Efrem; Damette, Olivier; … - 2018

This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive … of the liquidity effect after an unexpected increase in M2 in the 1921-1940 period. This evidence, which is consistent … with the Keynesian view on a liquidity trap, is shown to be state contingent. In particular, it emerges only when a …

Persistent link: https://www.econbiz.de/10011863616

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

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

Chinese acquisitions abroad : are they different?

Fuest, Clemens; Hugger, Felix; Sultan, Samina; Xing, Jing - 2019

In recent years Chinese acquisitions abroad have increased significantly. This paper uses a large dataset on cross-border M&A deals to investigate whether Chinese foreign acquisitions differ from acquisitions coming from other countries. We find that Chinese acquirers buy targets with lower...

Persistent link: https://www.econbiz.de/10011992349

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

The pass-through of temporary VAT rate cuts : evidence from German supermarket retail

Fuest, Clemens; Neumeier, Florian; Stöhlker, Daniel - 2021 - First draft: November 2020, this version: June 2021

On 3 June 2020, the German government announced a temporary value added tax (VAT) rate reduction. VAT rates were reduced on 1 July 2020 and went back to their previous level on 1 January 2021. We study the price effects of the temporary VAT rate reduction using a web-scraped data set covering...

Persistent link: https://www.econbiz.de/10012547036

Are fiscal multipliers estimated with proxy-SVARs robust?

Angelini, Giovanni; Caggiano, Giovanni; Castelnuovo, Efrem - 2020

How large are government spending and tax multipliers? The fiscal proxy-SVAR literature provides heterogenous estimates, depending on which proxies - fiscal or non-fiscal - are used to identify fiscal shocks. We reconcile the existing estimates via a flexible vector autoregressive model that...

Persistent link: https://www.econbiz.de/10012249273