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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

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

Fiscal sustainability duringthe COVID-19 pandemic

Hürtgen, Patrick - 2020

The "Great Lockdown" implemented in response to the COVID-19 pandemic has led to a severe world-wide economic crisis. In euro area countries, sovereign debt-to-GDP ratios are on the rise and reductions in expected fiscal surpluses raise sustainability concerns amongst investors. This paper...

Persistent link: https://www.econbiz.de/10012250617

Educational inequality and public policy preferences : evidence from representative survey experiments

Lergetporer, Philipp; Werner, Katharina; Woessmann, Ludger - 2018

To study how information about educational inequality affects public concerns and policy preferences, we devise survey … experiments in representative samples of the German population. Providing information about the extent of educational inequality … strongly increases concerns about educational inequality but only slightly affects support for equity-oriented education …

Persistent link: https://www.econbiz.de/10011905178

Intergenerational Mobility and Macroeconomic History Dependence

Mokherjee, Dilip; Napel, Stefan - 2006

That historical inequality can affect long run macroeconomic performance has been argued by a large literature on … endogenous inequality using models of indivisibilities in occupational choice, in the presence of borrowing constraints. These …

Persistent link: https://www.econbiz.de/10012502955

Sovereign risk, interbank freezes, and aggregate fluctuations

Engler, Philipp; Große Steffen, Christoph - 2014

This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank...

Persistent link: https://www.econbiz.de/10010457126

Selective default expectations

Accominotti, Olivier; Albers, Thilo N. H.; Oosterlinck, Kim - 2023

This paper explores how selective default expectations affect the pricing of sovereign bonds in a historical laboratory: the German default of the 1930s. We analyze yield differentials between identical government bonds traded across various creditor countries before and after bond market...

Persistent link: https://www.econbiz.de/10014495920

The fiscal footprint of macroprudential policy

Reis, Ricardo - 2020

Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint,...

Persistent link: https://www.econbiz.de/10012222608

Fiscal regimes and the (non)stationarity of debt

Hollmayr, Josef - 2018

This paper analyzes the sustainability of fiscal debt contingent on fiscal policy operating in two fiscal regimes. The first regime is characterized by active policy (not reacting to debt) and the other by passive fiscal policy (reacting to debt). The average duration for which either regime can...

Persistent link: https://www.econbiz.de/10011846884

Fiscal deficits, financial fragility, and the effectiveness of government policies

Kirchner, Markus; Wijnbergen, Sweder van - 2012

Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice...

Persistent link: https://www.econbiz.de/10009625616

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