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Monetary-fiscal policy interactions when price stability occasionally takes a back seat

Schmidt, Sebastian - 2024

What are the macroeconomic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the fiscal conditions? I address this question in a dynamic stochastic sticky-price model with...

Persistent link: https://www.econbiz.de/10014484339

Counterfactual analysis in macroeconometrics : an empirical investigation into the effects of quantitative easing

Pesaran, M. Hashem; Smith, Ron - 2012

This paper is concerned with ex ante and ex post counterfactual analyses in the case of macroeconometric applications where a single unit is observed before and after a given policy intervention. It distinguishes between cases where the policy change affects the model's parameters and where it...

Persistent link: https://www.econbiz.de/10009548055

The effects of monetary policy on unemployment dynamics under model uncertainty : evidence from the US and the euro area ( by Carlo Altavilla and Matteo Ciccarelli

Altavilla, Carlo; Ciccarelli, Matteo - 2009

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10003963762

The ECB's New Multi-Country Model for the euro area : NMCM - with boundedly rational learning expectations

Dieppe, Alistair; Pandiella, Alberto González; Hall, … - 2011

Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...

Persistent link: https://www.econbiz.de/10008935830

R&D decisions and productivity growth : evidence from Switzerland and the Netherlands

Dobbelaere, Sabien; König, Michael D.; Spescha, Andrin; … - 2024

The fraction of R&D active firms decreased in Switzerland but increased in the Netherlands from 2000-2016. This paper …-productivity firms in Switzerland. Innovation support sustains firms' R&D activities in both countries. Our structural growth model … identifies the impact of innovation, imitation and R&D costs on firms' R&D decisions. R&D costs gained importance in Switzerland …

Persistent link: https://www.econbiz.de/10014535654

The ECB's New Multi-Country Model for the euro area : NMCM - simulated with rational expectations

Dieppe, Alistair; González Pandiella, Alberto; … - 2011

provide some simulation results under the assumption of model-consistent rational expectations, we show that there is some …

Persistent link: https://www.econbiz.de/10008935832

Towards expenditure rules and fiscal sanity in the euro area

Hauptmeier, Sebastian; Fuentes, Jesus Sanchez; … - 2010

The study looks at primary expenditure developments in the euro area, its three largest members and four "macro-imbalances" countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...

Persistent link: https://www.econbiz.de/10008728760

Fiscal multipliers with financial fragmentation risk and interactions with monetary policy

Darracq Pariès, Matthieu; Müller, Georg; … - 2020

We quantify the size of fiscal multipliers under financial fragmentation risk and demonstrate how non-standard monetary policy can support the macroeconomic transmission of fiscal interventions. We employ a DSGE model with financial frictions whereby the interplay of corporate, banks and...

Persistent link: https://www.econbiz.de/10012241104

Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020

We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...

Persistent link: https://www.econbiz.de/10012137689

Macroeconomic effects of carbon transition policies : an assessment based on the ECB's New Area-Wide Model with a disaggregated energy sector

Coenen, Günter; Lozej, Matija; Priftis, Romanos - 2023

We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB's New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...

Persistent link: https://www.econbiz.de/10014315252

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