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Fiscal and monetary policy interactions : empirical evidence and optimal policy using a structural New Keynesian model

Muscatelli, V. Anton; Tirelli, Patrizio; Trecroci, Carmine - 2003

This paper examines the interaction of monetary and fiscal policies using an estimated New Keynesian dynamic general equilibrium model for the US. In contrast to earlier work using VAR models, we show that the strategic complementarity or substitutability of fiscal and monetary policy depends...

Persistent link: https://www.econbiz.de/10011511042

Ideologically-charged terminology : austerity, fiscal consolidation, and sustainable governance

Gründler, Klaus; Potrafke, Niklas - 2019

Scholars have been active in investigating causes and consequences of austerity policies. We examine how economists use the term "austerity" in scientific studies and measure austerity in empirical analyses. The sample includes around 3,500 journal articles published in the top 400 journals...

Persistent link: https://www.econbiz.de/10011997341

Structural reforms and income inequality : who benefits from market-oriented reforms?

Gründler, Klaus; Potrafke, Niklas; Wochner, Timo - 2020

We examine how structural reforms relate to income inequality. We employ many indicators of structural reforms and use data for market and net income inequality. The dataset includes up to 135 countries since 1960. The results do not suggest that market-oriented structural reforms were...

Persistent link: https://www.econbiz.de/10012154916

Experts and epidemics

Gründler, Klaus; Potrafke, Niklas - 2020

Do experts adjust their policy recommendations when the facts change? We conduct a large-scale randomized experiment among 1,224 economic experts across 109 countries that includes two treatments. The first treatment is the geographic and temporal variation in the initial spread of Covid-19...

Persistent link: https://www.econbiz.de/10012287982

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

Optimal fiscal action in an economy with sovereign Premia and without monetary independence : an application to Italy

Philippopulos, Apostolēs; Varthalitis, Petros; … - 2013

We welfare rank various tax-spending policies. The setup is a New Keynesian model of a semi-small open economy featuring sovereign risk premia and loss of monetary policy independence. The model is calibrated to match data from the Italian economy 2001-2011. We compute various optimized...

Persistent link: https://www.econbiz.de/10009731213

Rent-seeking competition from state coffers : a calibrated DSGE model of the euro area

Angelopulos, Kōnstantinos (contributor); … - 2006

This paper incorporates an uncoordinated struggle for extra fiscal favors into an otherwise standard Dynamic Stochastic General Equilibrium model. This reflects the popular belief that interest groups compete for privileged transfers and tax treatment at the expense of the general public...

Persistent link: https://www.econbiz.de/10003300952

The role of fiscal policy in a monetary union : are national automatic stabilizers effective?

Colciago, Andrea; Muscatelli, V. Anton; Ropele, Tiziano; … - 2006

We assess the role of national fiscal policies, as automatic stabilizers, within a monetary union. We use a two-country New Keynesian DGE model which incorporates non-Ricardian consumers (as in Galì et al. 2004) and a home bias in the composition of national consumption bundles. We find that...

Persistent link: https://www.econbiz.de/10003301196

On the optimal size of public sector under rent-seeking competition from state coffers

Park, Hyun; Philippopulos, Apostolēs; Vassilatos, Vanghelis - 2003

This paper incorporates competition for fiscal transfers (or, equivalently, rent seeking from state coffers) into a standard general equilibrium model of economic growth and endogenously chosen fiscal policy. The government generates tax revenues, but then each selfinterested individual agent...

Persistent link: https://www.econbiz.de/10011508090

A simple and flexible alternative to the stability and growth pact deficit ceilings : is it at hand?

Muscatelli, V. Anton; Natale, Piergiovanna; Tirelli, … - 2003

There have been widespread criticisms of EMU fiscal institutions. We consider a simple alternative to the deficit … rule. This ensures fiscal discipline and leaves room for stabilisation policies. For the rule to be credible, only small … changes are required to current EMU institutions. Our scheme performs well in comparison with existing reform proposals and is …

Persistent link: https://www.econbiz.de/10011509363