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Do heterogeneous expectations constitute a challenge for policy interaction?
Gasteiger, Emanuel - 2016
Yes, indeed; at least for macroeconomic policy interaction. We examine a Neo-Classical economy and provide the conditions for policy arrangements to successfully stabilize the economy when agents have either rational or adaptive expectations. For a contemporaneous-data monetary policy rule, the...
Persistent link: https://www.econbiz.de/10011513023
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Gauging the effects of the German COVID-19 fiscal stimulus package
Hinterlang, Natascha; Moyen, Stéphane; Röhe, Oke; … - 2021
We simulate the fiscal stimulus packages set up by the German government to allevi-ate the costs of the COVID-19 pandemic in a dynamic New Keynesian multi-sectorgeneral equilibrium model. We find that, cumulated over 2020-2022, output lossesrelative to steady state can be reduced by more than 4...
Persistent link: https://www.econbiz.de/10012671256
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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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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
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Spending effects of child-related fiscal transfers
Goldfayn-Frank, Olga; Lewis, Vivien; Wehrhöfer, Nils - 2022
As part of Germany’s fiscal response to the Covid-19 pandemic, parents received three payments totalling e450 per child. Randomization in the payment dates and daily scanner data allow us to identify the effects of these transfers on household spending. We find a significant but small spending...
Persistent link: https://www.econbiz.de/10013268076
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On the importance of fiscal space : evidence from short sellers during the COVID-19 pandemic
Greppmair, Stefan; Jank, Stephan; Smajlbegovic, Esad - 2021
Using the exogenous shock of the COVID-19 pandemic, we study how informed market participants evaluate fiscal space. Short-selling activity shifted upon the onset of the pandemic towards companies with low financial flexibility only in countries with limited fiscal space. Among these companies,...
Persistent link: https://www.econbiz.de/10012617519
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Monetary-fiscal policy interaction and fiscal inflation : a tale of three countries
Kliem, Martin; Kriwoluzky, Alexander; Sarferaz, Samad - 2015
fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary … that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central … illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest …
Persistent link: https://www.econbiz.de/10011391752
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Fiscal transfers and inflation : evidence from India
Bahal, Girish; Shrivastava, Anand - 2020
Persistent link: https://www.econbiz.de/10012594086
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Debt, inflation and the shape of the global pandemic recovery
Zhou, Yixiao; Tyers, Rodney; Lenzo, Damian - 2022
Persistent link: https://www.econbiz.de/10013540388
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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