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Spending effects of child-related fiscal transfers
Goldfayn-Frank, Olga; Lewis, Vivien; Wehrhöfer, Nils - 2022
. Randomization in the payment dates and daily scanner data allow us to identify the effects of these transfers on household spending …
Persistent link: https://www.econbiz.de/10013268076
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The interest rate exposure of euro area households
Tzamourani, Panagiota - 2019
document substantial heterogeneity across these dimensions. The median household in the euro area has a positive interest rate …
Persistent link: https://www.econbiz.de/10011963126
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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
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Monetary-fiscal policy interaction and fiscal inflation : a tale of three countries
Kliem, Martin; Kriwoluzky, Alexander; Sarferaz, Samad - 2015
We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...
Persistent link: https://www.econbiz.de/10011391752
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New Keynesian versus old Keynesian government spending multipliers : a comment
Hughes Hallett, Andrew; Rannenberg, Ansgar; Schreiber, Sven - 2014
Cogan et al. (2009, 2010) claim that the stimulus package passed by the United States Congress in February 2009 had a multiplier far below one. However, the stimulus ́multiplier strongly depends on the assumed monetary policy response. Based on official statements from the Fed chairman, the...
Persistent link: https://www.econbiz.de/10010258714
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Household saving behavior and credit constraints in the Euro area
Le Blanc, Julia; Porpiglia, Alessandro; Teppa, Federica; … - 2014
We study the role of household saving behaviour, of individual motives for saving and that of perceived liquidity … constraints in 15 Euro Area countries. The empirical analysis is based on the Household Finance and Consumption Survey, a new … harmonized data set collecting detailed information on wealth holdings, consumption and income at the household level. Since the …
Persistent link: https://www.econbiz.de/10010388544
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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
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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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Household savings, capital investments and public policies : what drives the German current account?
Ruppert, Kilian; Stähler, Nikolai - 2020
pensionreforms led to an increase in the household savings rate in Germany until about2010. As domestic investment opportunities …
Persistent link: https://www.econbiz.de/10012256500
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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