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Lending-of-Last-Resort is as Lending-of-Last-Resort Does : Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area

Garcia de Andoain, Carlos - 2016

This paper investigates the impact of ample liquidity provision by the European Central Bank on the functioning of the … main euro area payment system. To identify exogenous shocks to central bank liquidity, we exploit the timing of ECB … liquidity operations and use a simple structural vector auto-regression framework. We argue that the ECB acted as a de …

Persistent link: https://www.econbiz.de/10012998230

What Do We Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic

Afonso, António - 2007

We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel...

Persistent link: https://www.econbiz.de/10012775987

Fiscal Behaviour in the European Union : Rules, Fiscal Decentralization and Government Indebtedness

Afonso, António - 2009

We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The results show that the existence of effective fiscal rules, the degree of public spending decentralization, and the electoral cycle can...

Persistent link: https://www.econbiz.de/10013160087

3-Step Analysis of Public Finances Sustainability : The Case of the European Union

Afonso, António; Rault, Christophe - 2021

We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the meanreverting behaviour of general government expenditure and revenue ratios. Secondly, we apply the bootstrap panel cointegration...

Persistent link: https://www.econbiz.de/10013316526

Government Size, Composition, Volatility and Economic Growth

Afonso, António; Furceri, Davide - 2021

This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government...

Persistent link: https://www.econbiz.de/10013316642

Economic Growth and Budgetary Components : A Panel Assessment for the EU

Afonso, António; Gonzalez-Alegre, Juan - 2021

In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006, and we use three alternative dependent variables in a growth regression: economic growth, total...

Persistent link: https://www.econbiz.de/10013316645

Expansionary Fiscal Consolidations in Europe : New Evidence

Afonso, António - 2021

In order to assess the existence of expansionary fiscal consolidations in Europe, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period 1970-2005. Three alternative approaches to determine fiscal episodes are used, and the level of...

Persistent link: https://www.econbiz.de/10013317479

Labour Market Adjustments in Europe and the US : How Different?

Beyer, Robert - 2015

We compare the labour market response to region-specific shocks in Europe and the US and to national shocks in Europe and investigate changes over time. We employ a multi-level factor model to decompose regional labour market variables and then estimate the dynamic response of the employment...

Persistent link: https://www.econbiz.de/10013025742

The First Twenty Years of the European Central Bank : Monetary Policy

Hartmann, Philipp - 2019

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of...

Persistent link: https://www.econbiz.de/10012895694

A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area

Adjemian, Stephane - 2008

The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric frame-work. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and...

Persistent link: https://www.econbiz.de/10012772411