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The effects of government spending in a small open economy within a monetary union

Clancy, Daragh; Jacquinot, Pascal; Lozej, Matija - 2014

Small open economies within a monetary union have a limited range of stabilisation tools, as area-wide nominal interest and exchange rates do not respond to country-specific shocks. Such limitations imply that imbalances can be difficult to resolve. We assess the role that government spending...

Persistent link: https://www.econbiz.de/10011605772

Comparing fiscal multipliers across models and countries in Europe

Kilponen, Juha; Pisani, Massimiliano; Schmidt, Sebastian; … - 2015

This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different...

Persistent link: https://www.econbiz.de/10011605805

Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area: A structural model-based approach

Jacquinot, Pascal; Pisani, Massimiliano; Lozej, Matija - 2018

We evaluate the effects of permanently reducing labour tax rates in the euro area (EA) by simulating a large-scale open …, and public employment. Our results are as follows. First, a permanent reduction in labour tax rates in the Home region … would have stimulating effects on domestic economic activity and employment. Second, reducing labour tax rates …

Persistent link: https://www.econbiz.de/10011853315

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

-term effects depend on the monetary policy reaction, on the path of the carbon tax increase and on its credibility, while expanding … redistributing the fiscal revenues from the carbon tax increase to low-income households. …

Persistent link: https://www.econbiz.de/10014374695