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German and the rest of euro area fiscal policy during the crisis
Gadatsch, Niklas; Hauzenberger, Klemens; Stähler, Nikolai - 2015
We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment and a complex international structure. We use the model...
Persistent link: https://www.econbiz.de/10010516561
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German labor market and fiscal reforms 1999 to 2008 : can they be blamed for intra-euro area imbalances?
Gadatsch, Niklas; Stähler, Nikolai; Weigert, Benjamin - 2015
In this paper, we assess the impact of major German structural reforms from 1999 to 2008 on key macroeconomic variables. By many, these reforms, especially the Hartz reforms on the labor market, are considered to be the root of observed imbalances in the Euro Area. Our simulations within a...
Persistent link: https://www.econbiz.de/10011316580
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Thoughts on a fiscal union in EMU
Gadatsch, Niklas; Hollmayr, Josef; Stähler, Nikolai - 2016
Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...
Persistent link: https://www.econbiz.de/10011546743
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EU regional policy : its theoretical foundations and their policy conclusions revisited
Schmidt, Peter - 2014 - Draft
This paper reconsiders the theoretical foundations of EU regional policy in economics. It begins with a discussion of the line of thought of its prevalent explanation in equilibrium economics which is focusing on market failures as its key underpinning and which is the major toolkit of...
Persistent link: https://www.econbiz.de/10011487099
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The EU structural funds as a means to hamper migration
Schmidt, Peter - 2012
convergence or economic cohesion, respectively. Following this strand of theory no regional policy is needed to achieve … convergence among the regions or nations of a common market. Thus, comparing the two internal markets, the question comes up if … inhibiting internal migration, which is one of the key measures in achieving convergence among the nations in the Single European …
Persistent link: https://www.econbiz.de/10011515661
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Fiscal devaluation in a monetary union : conference paper
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014
Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...
Persistent link: https://www.econbiz.de/10010487256
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Fiscal devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013
Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...
Persistent link: https://www.econbiz.de/10010221275
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EU regional policy and its theoretical foundations revisited
Schmidt, Peter - European Regional Science Association - 2014
This paper reconsiders the theoretical foundations of EU regional policy in economics. It begins with a discussion of the line of thought of its prevalent explanation in equilibrium economics which is focusing on market failures as its key underpinning and which is the major toolkit of...
Persistent link: https://www.econbiz.de/10011075859