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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
fiscal consolidation has positive long-run effects on key macroeconomic aggregates such as output and consumption, notably …
Persistent link: https://www.econbiz.de/10011604948
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
fiscal consolidation has positive long-run effects on key macroeconomic aggregates such as output and consumption, notably …
Persistent link: https://www.econbiz.de/10012772045
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/10014354636