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Fiscal multipliers in the COVID-19 recession
Auerbach, Alan J.; Gorodnichenko, Yuriy; McCrory, Peter B. - 2021
In response to the record-breaking COVID19 recession, many governments have adopted unprecedented fiscal stimuli. While countercyclical fiscal policy is effective in fighting conventional recessions, little is known about the effectiveness of fiscal policy in the current environment with...
Persistent link: https://www.econbiz.de/10012705410
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External monetary shocks and monetary integration : evidence from the Bulgarian currency board
Minea, Alexandru; Rault, Christophe - 2011
Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration...
Persistent link: https://www.econbiz.de/10009309508
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Labour mobility : an adjustment mechanism in Euroland? ; empirical evidence for Western Germany, France, and Italy
Puhani, Patrick A. - 1999
highest in Germany, followed by France, and Italy. However, even in Germany, the accommodation of a shock to unemployment by …
Persistent link: https://www.econbiz.de/10011294709
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Instability of the Eurozone? : On monetary policy, house prices and labor market reforms
Belke, Ansgar (contributor); Gros, Daniel (contributor) - 2007
"This paper deals with potential instabilities in the Eurozone stemming from an insufficient interplay between monetary …
Persistent link: https://www.econbiz.de/10003429626
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Close encounters of the European kind: economic integration, sectoral heterogeneity and structural reforms
Campos, Nauro; Eichenauer, Vera; Sturm, Jan-Egbert - 2020
This paper addresses two main questions: (a) Has European integration hindered the implementation of labour, financial and product market structural reforms? (b) Do the effects of these reforms vary more across sectors than across countries? Using more granular reform measures, longer time...
Persistent link: https://www.econbiz.de/10012291227
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Real wage cyclicality in the Eurozone before and during the Great Recession : evidence from micro data
Verdugo, Gregory - 2015
We study the response of real wages to the business cycle in eight major Eurozone countries before and during the Great …
Persistent link: https://www.econbiz.de/10011386663
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Asymmetric labor market institutions in the EMU and the volatility of inflation and unemployment differentials
Abbritti, Mirko; Müller, Andreas - 2012
How does the asymmetry of labor market institutions affect the adjustment of a currency union to shocks? To answer this question, this paper sets up a dynamic currency union model with monopolistic competition and sticky prices, hiring frictions and real wage rigidities. In our analysis, we...
Persistent link: https://www.econbiz.de/10009536516
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Fiscal union in Europe? : redistributive and stabilising effects of an EU tax-benefit system
Bargain, Olivier; Dolls, Mathias; Fuest, Clemens; … - 2012
representative household microdata from 11 Eurozone countries to simulate these policy reforms and to study their effects on the … cent of a macroeconomic income shock. Introducing a fiscal equalisation system based on taxing capacity would redistribute … that not all forms of fiscal integration will improve macroeconomic stability in the Eurozone. -- European income tax …
Persistent link: https://www.econbiz.de/10009545267
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Completing the monetary union of Europe as mid-term solution of the Euro crisis
Fischer, Justina A. V.; Pastore, Francesco - 2015
This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....
Persistent link: https://www.econbiz.de/10011308548
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Fiscal union in Europe? : redistributive and stabilising effects of an EU tax-benefit system
Bargain, Olivier; Dolls, Mathias; Fuest, Clemens; … - 2012
representative household microdata from 11 Eurozone countries to simulate these policy reforms and to study their effects on the … cent of a macroeconomic income shock. Introducing a fiscal equalisation system based on taxing capacity would redistribute … that not all forms of fiscal integration will improve macroeconomic stability in the Eurozone. -- European income tax …
Persistent link: https://www.econbiz.de/10009667120