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distribution; and a permanent positive effect on full-time employment. …
Persistent link: https://www.econbiz.de/10012821802
Persistent link: https://www.econbiz.de/10012604343
Our paper deals with the welfare and employment effects of green tax reforms. In the first part we develop a flexible … emission quotas and quantify welfare and employment effects. He or she can choose between different model variants, e. g …ur paper deals with the welfare and employment effects of green tax reforms. In the first part we develop a flexible …
Persistent link: https://www.econbiz.de/10013428403
This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inflation process. The paper focuses on the euro area and utilises two variants of...
Persistent link: https://www.econbiz.de/10009635885
We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...
Persistent link: https://www.econbiz.de/10009635907
In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy...
Persistent link: https://www.econbiz.de/10009635926
We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind: has it changed after u0096 and because of u0096 EMU and, if so, is it becoming homogeneous across countries. Given the data limitations, we concentrate on three blocks of...
Persistent link: https://www.econbiz.de/10009635961
This paper analyses the international transmission of monetary shocks with a special focus on the effects of foreign money ("global liquidity") on the euro area. We estimate structural VAR models for the euro area and the global economy including a global liquidity aggregate. The impulse...
Persistent link: https://www.econbiz.de/10009636532
We use a Vector Auto Regression (VAR) analysis to explore the (spill-over) effects of fiscal policy shocks in Europe. To enhance comparability with the existing literature, we first analyse the effects of these shocks at the national level. Here, we employ identification based on Choleski...
Persistent link: https://www.econbiz.de/10009636548
Persistent link: https://www.econbiz.de/10000138864