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Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment
Coenen, Günter - 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/10012844862
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Does government spending crowd in private consumption? Theory and empirical evidence for the euro area
Coenen, Günter; Straub, Roland - 2005
In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New … presence of non-Ricardian households is in general conducive to raising the level of consumption in response to government … only a fairly small chance that government spending shocks crowd in consumption, mainly because the estimated share of non …
Persistent link: https://www.econbiz.de/10011604559
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Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model
Coenen, Günter; McAdam, Peter; Straub, Roland - 2007
In this paper, we employ a calibrated two-country version of the New Area-Wide Model (NAWM) currently under development at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions caused by euro area tax structures. Our analysis shows that...
Persistent link: https://www.econbiz.de/10011604793
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Fiscal consolidation in the euro area: long-run benefits and short-run costs.
Coenen, Günter; Mohr, Matthias; Straub, Roland - 2008
fiscal consolidation has positive long-run effects on key macroeconomic aggregates such as output and consumption, notably …
Persistent link: https://www.econbiz.de/10011604948
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Gauging the effects of fiscal stimulus packages in the euro area
Coenen, Günter; Straub, Roland; Trabandt, Mathias - 2012
government consumption and, to a lesser extent, between private and public capital. We first examine the implied present … larger than one for government consumption and investment. We highlight the importance of monetary accommodation for these …
Persistent link: https://www.econbiz.de/10011605528
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Fiscal policy and the Great Recession in the Euro Area
Coenen, Günter - 2012
How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of...
Persistent link: https://www.econbiz.de/10013108718
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Fiscal Consolidation in the Euro Area : Long-Run Benefits and Short-Run Costs
Coenen, Günter - 2008
fiscal consolidation has positive long-run effects on key macroeconomic aggregates such as output and consumption, notably …
Persistent link: https://www.econbiz.de/10012772045