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European exchange rate adjustments in response to Covid-19, containment measures and stabilization policies

Klose, Jens - 2022

This paper estimates the effects of nine exchange rates for european coun- tries vis-a-vis the Euro in the COVID pandemic. Using data on COVID cases, three containment and two stabilization measures relative to the euro area counterparts, it is shown that a more severe spread of the virus leads...

Persistent link: https://www.econbiz.de/10013338763

The influence of politicians' sex on political budget cycles: An empirical analysis of Spanish municipalities

García, Israel; Hayo, Bernd - 2022

Employing a sample of Spanish municipalities from the Madrid region for the period 2010-2019, we study the influence of a politician's sex on political budget cycles (PBCs). The Madrid region is subject to a homogenous set of budget rules, which allows consistently categorising budget...

Persistent link: https://www.econbiz.de/10013338765

COVID-19 and Financial Markets: A Panel Analysis for European Countries

Klose, Jens; Tillmann, Peter - 2020

In order to fight the economic consequences of the COVID-19 pandemic, monetary and fiscal policy announced a large variety of support packages which are often unprecedented in size. In this paper, we provide an empirical analysis of the responses of European financial markets to these policy...

Persistent link: https://www.econbiz.de/10012534485

The Effect of Legislated Tax Changes on the Trade Balance: Empirical Evidence for the United States, Germany, and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2021

Using a narrative account of quarterly discretionary changes in tax liabilities from 1974Q4 to 2018Q2 in a VAR setting …, we study whether legislative tax changes affect the trade balance in the United States, Germany, and the United Kingdom …. As legislative tax changes we consider (i) all changes, (ii) personal income tax changes, (iii) business tax changes, (iv …

Persistent link: https://www.econbiz.de/10012543684

The Effects of Fiscal Policy on Households during the COVID-19 Pandemic: Evidence from Emerging Economies

Bui, Dzung; Dräger, Lena; Hayo, Bernd; Nghiem, Giang - 2021

In response to the economic crisis created by the COVID-19 pandemic, many governments provided financial assistance to households. Using representative consumer surveys conducted during the pandemic in 2020, we examine the effects of this fiscal policy instrument on households in two emerging...

Persistent link: https://www.econbiz.de/10012543701

Monetary policy, neutrality and the environment

Faria, João Ricardo; McAdam, Peter; Viscolani, Bruno - 2021

We study the interaction between monetary and fiscal policies in a Ramsey-Sidrauski model augmented with environmental capital. Equilibrium solutions are studied through the "Green Golden Rule". Despite the non-separability of money in utility and intertemporally nonseparable preferences, money...

Persistent link: https://www.econbiz.de/10012605269

State-dependent effects of tax changes in Germany and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2021

We study state-dependent effects of narratively identified tax shocks in Germany and the UK over the period 1974Q1 …-2018Q4 using local projections. In addition, we distinguish between aggregated and disaggregated tax types (direct and … indirect taxes) as well as look for possible asymmetries between tax hikes and tax cuts. We find a number of differences across …

Persistent link: https://www.econbiz.de/10012653874

The nexus between lockdown shocks and economic uncertainty: Empirical evidence from a VAR model

Hafemann, Lucas - 2021

The contribution of this paper is twofold. First, we introduce a daily vector autoregression (VAR) model for the US economy that allows discerning between lockdown shocks and a real business cycle shocks. With this methodology at hand, we then evaluate the impact of lockdown measures on economic...

Persistent link: https://www.econbiz.de/10012653881

Spillovers from tax shocks to the euro area

Mierzwa, Sascha - 2021

I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United … spillovers from US tax legislation to have the smallest effects on Eurozone countries' real GDP and UK tax changes to exert the … largest effect. There is substantial heterogeneity in both the sign and size of spillovers after US and German aggregated tax …

Persistent link: https://www.econbiz.de/10012653882

Legislative tax announcements and GDP: Evidence from the United States, Germany, and the United Kingdom

Hayo, Bernd; Mierzwa, Sascha - 2021

We study the announcement effect of legislated tax changes on GDP in the US, Germany, and the UK. Using, as the shock … of interest, narratively identified information (Romer & Romer, 2009) about future tax changes at the quarter of their …

Persistent link: https://www.econbiz.de/10012653883