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Fiscal policy in the semi-structural model ECB-BASE
Bańkowski, Krzysztof - 2023
a well-suited macroeconomic model for analysing fiscal policy at a central bank is of primary importance. This paper … documents the fiscal block of the ECB-BASE, which is a semi-structural model for the euro area developed at the ECB for … links to the quarterly fiscal accounts. Thanks to this design, it is possible to simulate the model with a wide range of …
Persistent link: https://www.econbiz.de/10014374590
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Introducing ECB-BASE: The blueprint of the new ECB semi-structural model for the euro area
Angelini, Elena; Bokan, Nikola; Christoffel, Kai; … - 2019
This paper presents the blueprint of a new ECB multi-country model. The version documented in the following pages is … model mechanisms, enlarge the suite of area wide tools, and provide a tool for a top down approach between euro area and … country modelling. The model converges to a well-defined steady state and its properties are in line with macroeconomic theory …
Persistent link: https://www.econbiz.de/10012142159
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Fiscal Policy in the Semi-Structural Model ECB-Base
Bańkowski, Krzysztof - 2023
a well-suited macroeconomic model for analysing fiscal policy at a central bank is of primary importance. This paper … documents the fiscal block of the ECB-BASE, which is a semi–structural model for the euro area developed at the ECB for … links to the quarterly fiscal accounts. Thanks to this design, it is possible to simulate the model with a wide range of …
Persistent link: https://www.econbiz.de/10014355745
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Optimal level of government debt - matching wealth inequality and the fiscal sector
Vogel, Edgar - 2014
We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the …
Persistent link: https://www.econbiz.de/10011605710
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Optimal Level of Government Debt - Matching Wealth Inequality and the Fiscal Sector
Vogel, Edgar - 2014
We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the …
Persistent link: https://www.econbiz.de/10013056838
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Asset prices and fiscal balances
Eschenbach, Felix; Schuknecht, Ludger - 2002
The paper argues that there are important links between asset prices and public finances which can strongly affect the variability of fiscal balances. Asset prices affect fiscal balances via capital gains and turnover related taxes, and via wealth effects on consumption and indirect taxes. The...
Persistent link: https://www.econbiz.de/10011604187
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The fiscal costs of financial instability revisited
Eschenbach, Felix; Schuknecht, Ludger - 2002
This paper conducts a comprehensive analysis of the fiscal costs of financial instability (defined as major asset price changes and including, as extreme cases, financial crises). The study identifies three channels to fiscal accounts: 1) revenue effects on capital gains, asset turnover and...
Persistent link: https://www.econbiz.de/10011604237
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Early-warning tools to forecast general government deficit in the euro area: the role of intra-annual fiscal indicators
Pérez, Javier J. - 2005
In this paper I evaluate the usefulness of a set of fiscal indicators as early-warning-signal tools for annual General Government Net Lending developments for some EMU countries (Belgium, Germany, Spain, France, Italy, The Netherlands, Ireland, Austria, Finland) and an EMU aggregate. The...
Persistent link: https://www.econbiz.de/10011604543
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Structural balances and revenue windfalls: the role of asset prices revisited
Morris, Richard; Schuknecht, Ludger - 2007
In this paper we revisit one of the “missing links” between budget balances and the economic cycle, namely the impact of asset prices on fiscal revenues. We estimate revenue elasticities with respect to equity and real estate price indices for 16 OECD countries, as well as for a synthetic...
Persistent link: https://www.econbiz.de/10011604783
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The usefulness of infra-annual government cash budgetary data for fiscal forecasting in the euro area
Onorante, Luca; Pedregal, Diego J.; Pérez, Javier J.; … - 2008
expenditure; (ii) we use a mixed-frequency state-space model to integrate readily available monthly/quarterly cash-based fiscal …
Persistent link: https://www.econbiz.de/10011604947