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Cost of borrowing shocks and fiscal adjustment
de Groot, Oliver; Holm-Hadulla, Fédéric; … - 2012
Do capital markets impose fiscal discipline on governments? We investigate the responses of fiscal variables to a change in the interest rate paid by governments on their debt in a panel of 14 European countries over four decades. This is done in the context of a panel vector autoregressive...
Persistent link: https://www.econbiz.de/10011605548
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Post-COVID fiscal rules: A central bank perspective
Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022
Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a … growth rule as single operational indicator linked to a debt anchor. Compared to the status quo, our analysis suggests that … expenditure growth targets which take account of the ECB's symmetric 2% inflation target can improve the cyclical properties of …
Persistent link: https://www.econbiz.de/10013272147
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Cost of Borrowing Shocks and Fiscal Adjustment
de Groot, Oliver - 2013
Do capital markets impose fiscal discipline on governments? We investigate the responses of fiscal variables to a change in the interest rate paid by governments on their debt in a panel of 14 European countries over four decades. This is done in the context of a panel vector autoregressive...
Persistent link: https://www.econbiz.de/10013089247
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Post-Covid Fiscal Rules : A Central Bank Perspective
Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022
Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a … growth rule as single operational indicator linked to a debt anchor. Compared to the status quo, our analysis suggests that … expenditure growth targets which take account of the ECB’s symmetric 2% inflation target can improve the cyclical properties of …
Persistent link: https://www.econbiz.de/10013297106
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Implicit tax co-ordination under repeated policy interactions
Catenaro, Marco; Vidal, Jean-Pierre - 2003
In the context of a stylised game theoretical framework of capital tax competition, we show that when repeated policy interactions are associated to a systematic punishment of the deviating policymaker, a co-ordinated outcome can be the solution to the non co-operative tax game. This result...
Persistent link: https://www.econbiz.de/10011604305
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On prosperity and posterity: the need for fiscal discipline in a monetary union
Detken, Carsten; Gaspar, Vítor; Winkler, Bernhard - 2004
We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations...
Persistent link: https://www.econbiz.de/10011604466
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Central bank communication on fiscal policy
Allard, Julien; Catenaro, Marco; Vidal, Jean-Pierre; … - 2012
While the established literature on central bank communication has traditionally dealt with communication of monetary policy messages to financial markets and the wider public, central bank communication on fiscal policy has so far received little attention. This paper empirically reviews the...
Persistent link: https://www.econbiz.de/10011605522
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Identifying excessive credit growth and leverage
Alessi, Lucia; Detken, Carsten - 2014
to activate macroprudential tools targeting excessive credit growth and leverage. To robustly select the key indicators … using credit to GDP gaps, credit to GDP ratios and credit growth rates, as well as real estate variables in addition to a …
Persistent link: https://www.econbiz.de/10011605768
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Central Bank Communication on Fiscal Policy
Allard, Julien - 2012
While the established literature on central bank communication has traditionally dealt with communication of monetary policy messages to financial markets and the wider public, central bank communication on fiscal policy has so far received little attention. This paper empirically reviews the...
Persistent link: https://www.econbiz.de/10013100569
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Identifying Excessive Credit Growth and Leverage
Alessi, Lucia - 2014
to activate macroprudential tools targeting excessive credit growth and leverage. To robustly select the key indicators … using credit to GDP gaps, credit to GDP ratios and credit growth rates, as well as real estate variables in addition to a …
Persistent link: https://www.econbiz.de/10013049466