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Exchange rate regimes and fiscal discipline in OECD countries

Heinemann, Friedrich - 1999

not economic necessity have dictated the consolidation in the EU during the 90s. …

Persistent link: https://www.econbiz.de/10000683878

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

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

Fiscal policy and the assessment of output gaps in real time : an exercise in risk management

Larch, Martin; Cugnasca, Alessandro; Kumps, Diederik; … - 2019

Fiscal policymakers are expected to conduct countercyclical policies to mitigate cyclical fluctuations of output, but the assessment of cyclical conditions in real time is subject to considerable uncertainty. They face two types of risk: (i) launching discretionary measures to support or dampen...

Persistent link: https://www.econbiz.de/10011999053

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

Austerity and distributional policy

Alpino, Matteo; Asatryan, Zareh; Blesse, Sebastian; … - 2020

What are the effects of austerity on distributional policy? We exploit the autonomy of Italian municipalities in setting non-linear income taxes and the exogenous introduction of a fiscal rule to show that austerity increases income tax progressivity. Consistent with this evidence, we find that...

Persistent link: https://www.econbiz.de/10012232031

Fiscal effects of migrants in Europe : a quantile regression approach

Joxhe, Majlinda; Scaramozzino, Pasquale; Zanaj, Skerdilajda - 2020

Persistent link: https://www.econbiz.de/10012172002

Optimal sovereign default

Adam, Klaus; Grill, Michael - 2013

When is it optimal for a government to default on its legal repayment obligations? We answer this question for a small open economy with domestic production risk in which contracting frictions make it optimal for the government to finance itself by issuing non-contingent debt. We show that...

Persistent link: https://www.econbiz.de/10009733001

Cyclical adjustment in fiscal rules : some evidence on real-time bias for EU-15 countries

Kempkes, Gerhard - 2012

Most EU member states will adopt fiscal rules that refer to cyclically-adjusted borrowing limits. Under the standard …-time output gaps used to calculate cyclical components balance over time. We analyse real-time output gaps for EU-15 countries … over the 1996-2011 period as estimated by the EU, the IMF and the OECD. Compared to each institution’s final estimate, we …

Persistent link: https://www.econbiz.de/10009566470

State-owned enterprises, fiscal transparency, and the circumvention of fiscal rules : the case of Germany

Heinemann, Friedrich; Nover, Justus - 2023

State-owned enterprises (SOEs) provide opportunities for a more flexible and market-based provision of public services. At the same time, they may impair fiscal transparency and offer politicians discretion in the presence of strict fiscal rules if these only constrain the core udget. Using a...

Persistent link: https://www.econbiz.de/10014471782