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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-Keynesian DSGE model of the euro area featuring non-Ricardian households. Employing Bayesian inference methods, we show that the presence of non-Ricardian households is in general...
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
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 lowering tax distortions to levels prevailing in the United … States would result in an increase in hours worked and output by more than 10 percent. At the same time, tax reductions would …
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
In this paper, we examine the macroeconomic effects of alternative fiscal consolidation policies in the New Area-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al., 2007). We model fiscal consolidation as a permanent...
Persistent link: https://www.econbiz.de/10011604948
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Globalisation and the euro area: simulation based analysis using the New Area Wide Model
Straub, Roland; Jacquinot, Pascal - 2008
labour markets would amplify the benefits associated with globalisation. …
Persistent link: https://www.econbiz.de/10011604953
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The external and domestic side of macroeconomic adjustment in China
Straub, Roland; Thimann, Christian - 2009
fixed exchange rate regime, and can be approximated by a stochastic tax on domestic consumption or time varying transaction …
Persistent link: https://www.econbiz.de/10011605086
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Fiscal policy and the 'Great Recession' in the euro area
Coenen, Günter; Straub, Roland; Trabandt, Mathias - 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/10011605474
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Gauging the effects of fiscal stimulus packages in the euro area
Coenen, Günter; Straub, Roland; Trabandt, Mathias - 2012
We seek to quantify the impact on euro area GDP of the European Economic Recovery Plan (EERP) enacted in response to the financial crisis of 2008-09. To do so, we estimate an extended version of the ECB’s New Area-Wide Model with a richly specified fiscal sector. The estimation results point...
Persistent link: https://www.econbiz.de/10011605528