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Exchange rate regimes and fiscal discipline in OECD countries
Heinemann, Friedrich - 1999
Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to … the fiscal balance - a result backing an optimistic view on fiscal discipline under EMU. On the other hand, however, there … is the result that a high degree of openness has a deficit reducing impact. This is a worrying result in the EMU context …
Persistent link: https://www.econbiz.de/10000683878
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Fiscal multipliers over the business cycle
Michaillat, Pascal - 2012
Persistent link: https://www.econbiz.de/10009426268
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Nationale Schuldenbremsen für die Länder der Europäischen Union : taugt das deutsche Modell als Vorbild?
Hetschko, Clemens; Quint, Dominic; Thye, Marius - 2012
Zu den Verpflichtungen der Mitglieder im Europäischen Fiskalpakt gehört unter anderem, eine nationale Schuldenbremse einzuführen - eine Regel zur Begrenzung der jährlichen Neuverschuldung. Deutschland ist diesen Schritt bereits gegangen. Im vorliegenden Beitrag überprüfen wir, inwieweit...
Persistent link: https://www.econbiz.de/10009540728
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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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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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Cross-border banking and business cycles in asymmetric currency unions
Dräger, Lena; Proaño Acosta, Christian - 2015
Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...
Persistent link: https://www.econbiz.de/10011299044
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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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Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic
Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021 - This version: June 2021
We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU fiscal level - has been more crucial for the stabilization of...
Persistent link: https://www.econbiz.de/10012534642
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Thoughts on a fiscal union in EMU
Gadatsch, Niklas; Hollmayr, Josef; Stähler, Nikolai - 2016
within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a … EMU already. While key macroeconomic variables would have reacted very similarly, debt dynamics could have changed notably …
Persistent link: https://www.econbiz.de/10011546743
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Fiscal policy coordination in the EMU: A problem with asymmetry and aggregation
Viren, Matti - 2011
-country estimates as point of reference. The empirical results clearly show that policy coordination within the EMU context is very …
Persistent link: https://www.econbiz.de/10012503024