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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

Is monetary policy in the eurozone less effective than in the US?

De Grauwe, Paul (contributor); Costa, Cláudia (contributor) - 2005

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the … monetary policies in the US and the Eurozone countries. This consists in collecting the estimated transmission coefficients …

Persistent link: https://www.econbiz.de/10003297484

The price puzzle revisited : can the cost channel explain a rise in inflation after a monetary policy shock?

Henzel, Steffen; Hülsewig, Oliver; Mayer, Eric; … - 2007

Persistent link: https://www.econbiz.de/10003499532

One country, one vote? : labor market structure and voting rights in the ECB

Berger, Helge; Hefeker, Carsten - 2004

The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a...

Persistent link: https://www.econbiz.de/10011402520

A mechanism to regulate sovereign debt restructuring in the Euro area

Andritzky, Jochen; Christofzik, Désirée I.; Feld, Lars P. - 2016

To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a two-stage...

Persistent link: https://www.econbiz.de/10011521803

Catching up : the role of demand, supply and regulated price effects on the real exchange rates of four accession countries

MacDonald, Ronald; Wójcik, Cezary - 2003

The main aim of this paper is to examine the exchange rate behavior of a group of four transitional, EU accession countries, with a view to making policy recommendations regarding their accession to full European Monetary Union. We employ a dynamic OLS panel estimator to investigate the relative...

Persistent link: https://www.econbiz.de/10011506491

Output smoothing in EMU and OECD : can we forego government contribution? : a risk sharing approach

Marinheiro, Carlos Fonseca - 2003

This paper analyses the smoothing of asymmetric shocks to output for a sample of OECD countries. It also examines whether the private capital markets will be able to replace the government in providing output smoothing in the euro-area, in the near future. The research finds no evidence of large...

Persistent link: https://www.econbiz.de/10011509508

Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union

Schnabl, Gunther; Zemanek, Holger - 2010

In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public spending, Germany is urged to reduce its current account...

Persistent link: https://www.econbiz.de/10008798227

Italy in the Eurozone

Keuschnigg, Christian; Kirschner, Linda; Kogler, Michael; … - 2020

benign exit from the Eurozone with stable investor expectations could substantially dampen the short-run impact …

Persistent link: https://www.econbiz.de/10012244451

The euro crisis and economic growth : a novel counterfactual approach

Terzi, Alessio - 2019 - This Draft: 25 June 2019

warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone’s specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …

Persistent link: https://www.econbiz.de/10012033212