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The dynamic behaviour of budget components and output

Afonso, António; Claeys, Peter - 2007

reversals in tax policies, which are unmatched by expenditure adjustments. As a consequence, deficits rise when economic …

Persistent link: https://www.econbiz.de/10011604821

Sticky information Phillips curves: European evidence

Döpke, Jörg; Dovern, Jonas; Fritsche, Ulrich; … - 2008

We estimate the sticky information Phillips curve model of Mankiw and Reis (2002) using survey expectations of professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany and the United Kingdom are updated about once a year, in...

Persistent link: https://www.econbiz.de/10011604976

Fiscal policy, housing and stock prices

Afonso, António; Sousa, Ricardo M. - 2009

This paper investigates the link between fiscal policy shocks and movements in asset markets using a Fully Simultaneous System approach in a Bayesian framework. Building on the works of Blanchard and Perotti (2002), Leeper and Zha (2003), and Sims and Zha (1999, 2006), the empirical evidence for...

Persistent link: https://www.econbiz.de/10011605036

The macroeconomic effects of fiscal policy

Afonso, António; Sousa, Ricardo M. - 2009

We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we: (i) include the feedback from government debt (ii); look at the impact on the composition of output; (iii) assess the...

Persistent link: https://www.econbiz.de/10011605037

What explains the surge in euro area sovereign spreads during the financial crisis of 2007-09?

Attinasi, Maria-Grazia; Checherita-Westphal, Cristina; … - 2009

This paper uses a dynamic panel approach to explain the determinants of widening sovereign bond yield spreads vis-à-vis Germany in selected euro area countries during the period end-July 2007 to end-March 2009, when the financial turmoil developed into a full-blown financial and economic...

Persistent link: https://www.econbiz.de/10011605177

Global policy at the zero lower bound in a large-scale DSGE model

Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo; … - 2010

The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...

Persistent link: https://www.econbiz.de/10011605300

Leaders' impact on public spending priorities: The case of the German Laender

Hayo, Bernd; Neumeier, Florian - 2012

We examine determinants of the composition of public expenditure in the German Laender (states) over the period 1993-2008, as the Laender exhibit a high degree of institutional and political homogeneity and are endowed with extensive fiscal competences. Our prime contribution is an investigation...

Persistent link: https://www.econbiz.de/10010281474

The effects of legislated tax changes in Germany

Hayo, Bernd; Uhl, Matthias - 2011

This paper studies the short-run macroeconomic effects of legislated tax changes in Germany using a vector … autoregression (VAR) approach. Identification of the tax shock follows the narrative approach recently proposed by Romer and Romer … monetary policy reaction following announcement of the tax policy. In response to a 1 percent increase in the tax-to-GDP ratio …

Persistent link: https://www.econbiz.de/10010286390

Political leaders' socioeconomic background and fiscal performance in Germany

Hayo, Bernd; Neumeier, Florian - 2011

This paper investigates whether the socioeconomic status of the head of government helps explain fiscal performance. Applying sociological research that attributes differences in people's ways of thinking and acting to their relative standing within society, we test whether the social status of...

Persistent link: https://www.econbiz.de/10010286424

The German block of the ESCB multi-country model

Vetlov, Igor; Warmedinger, Thomas - 2006

The paper presents the German block of the ESCB multi-country model. It builds on previous modelling work on the Area Wide Model and other country blocks of the ESCB multicountry-model. Whilst being analogous to these models in following a common modelling approach and the same theoretical...

Persistent link: https://www.econbiz.de/10011604700