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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
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Trust in government and fiscal adjustments
Bursian, Dirk; Weichenrieder, Alfons J.; Zimmer, Jochen - 2013
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...
Persistent link: https://www.econbiz.de/10009764994
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Euro membership and fiscal reaction functions
Weichenrieder, Alfons J.; Zimmer, Jochen - 2013
The paper uses fiscal reaction functions for a panel of euro-area countries to investigate whether euro membership has reduced the responsiveness of countries to shocks in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a...
Persistent link: https://www.econbiz.de/10009748386
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Euro-area fiscal stance : from theory to practical implementation
Bénassy-Quéré, Agnès - 2016
Despite large automatic stabilizers, the performance of the Euro area as a whole in terms of fiscal stabilization is relatively poor. This report argues that a meaningful fiscal stance for the Euro area should rely on the current account as a complement to the output gap, and be coordinated only...
Persistent link: https://www.econbiz.de/10011521835
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The euro area government spending multiplier in demand- and supply-driven recessions
Di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel; … - 2022
We estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between multipliers being non-zero with very high...
Persistent link: https://www.econbiz.de/10013174156
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Public finances solvency in the Euro Area : true or false?
Afonso, António; Coelho, José Carlos - 2022
We assess public finances solvency for Euro Area countries using quarterly data between 1999Q1 and 2020Q4. Through a country-by-country analysis, the answer to the title question is true. For most countries, (i) the primary budget balance reacts positively to the lagged public debt ratio and...
Persistent link: https://www.econbiz.de/10013365375
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Fiscal sustainability and the role of inflation
Afonso, António; Alves, José; Matvejevs, Oļegs; … - 2023
We examine the relationship between inflation and fiscal sustainability with a two-step approach. In the first step, we estimate to estimate a country-specific time-varying measure of fiscal sustainability using the fiscal reaction function. This function captures the response of the primary...
Persistent link: https://www.econbiz.de/10014444867
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Fiscal policy spillovers in the Euro Area : a new assessment
Afonso, António; Loureiro, Daniel - 2024
We compute a GVAR to estimate the fiscal spillovers on output, consumption, investment, employment, and income, from 2002Q1 to 2021Q4, with 16 Euro Area (EA) countries. We found that a budget balance expansionary shock in Germany would generate positive spillovers on output and employment....
Persistent link: https://www.econbiz.de/10015077839
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Transatlantic monetary and fiscal policy interaction
Aarle, Bas van; Garretsen, Harry; Huart, Florence - 2003
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
Persistent link: https://www.econbiz.de/10011509484
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Does it pay to fulfill the Maastricht convergence criteria? : reflections on the public debt and growth nexus for selected European economies
Bökemeier, Bettina; Clemens, Christiane - 2016
the public budget and participation in the Euro-zone. The analysis is based on data of European economies with a special … focus on twelve Euro-zone members and a control group of six non-Euro countries for the years from 1970 to 2014. The results … European economies outside the Euro-zone shows higher growth values for Euro-members than for the control group. Regression …
Persistent link: https://www.econbiz.de/10011557773