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Fiscal Policies, the Current Account and Ricardian Equivalence
Nickel, Christiane - 2008
This paper analyses the empirical relationship between fiscal policy and the current account of the balance of payments and considers how Ricardian equivalence changes this relationship. To do so, we estimate a dynamic panel threshold model for 22 industrialised countries in which the...
Persistent link: https://www.econbiz.de/10012770620
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Does Fiscal Policy Matter for the Trade Account? A Panel Cointegration Study
Funke, Katja; Nickel, Christiane - 2021
paper did not consider that the components of private and public demand in the import demand equation exhibit different … provide empirical evidence that the composition of overall demand - i.e. the distribution among public demand, private demand … and export demand - has an impact on the magnitude of the trade account deficit …
Persistent link: https://www.econbiz.de/10013317626
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The Current Account and Monetary Policy in the Euro Area
Schuler, Tobias; Sun, Yiqiao - 2022
preference shocks drive the current account and interest rates in the opposite directions. By contrast, external demand shocks …
Persistent link: https://www.econbiz.de/10014079214
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Reverse Causality in Global Current Accounts
Schnabl, Gunther - 2010
The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising/high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...
Persistent link: https://www.econbiz.de/10013142986
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Debt Rule Design in Theory and Practice : The SGP's Debt Benchmark Revisited
Hauptmeier, Sebastian - 2020
This paper is linked to two debates on fiscal policies: first, the implications of low interest-growth differentials for debt sustainability and, second, the reform of the EU fiscal governance framework. In both debates the choice of government debt anchor and the speed of adjustment take centre...
Persistent link: https://www.econbiz.de/10012840203
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Current Account Reversals in Industrial Countries : Does the Exchange Rate Regime Matter?
Pancaro, Cosimo - 2013
This paper studies current account reversals in industrial countries across different exchange rate regimes. There are two major findings which have important implications for industrial economies with external imbalances: first, triggers of current account reversals differ between exchange rate...
Persistent link: https://www.econbiz.de/10013082531
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Debt Stabilizing Fiscal Rules
Michel, Philippe; von Thadden, Leopold; Vidal, Jean-Pierre - 2021
Unstable government debt dynamics can typically be corrected by various fiscal instruments, like appropriate adjustments in government spending, public transfers, or taxes. This paper investigates properties of state-contingent debt targeting rules which link stabilizing budgetary adjustments...
Persistent link: https://www.econbiz.de/10013318110
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Fiscal Sustainability using Growth-Maximising Debt Targets
Checherita-Westphal, Cristina D. - 2012
This paper highlights the importance of debt-related fiscal rules and derives growth-maximizing public debt ratios from a simple theoretical model. On the basis of evidence on the productivity of public capital, we estimate public debt targets that governments should try to maintain if they wish...
Persistent link: https://www.econbiz.de/10013100835
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The Minimum Liquidity Deficit and the Maturity Structure of Central Banks' Open Market Operations : Lessons from the Financial Crisis
Eisenschmidt, Jens - 2011
This paper studies the relationship between the size of the banking sector's refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...
Persistent link: https://www.econbiz.de/10013132236
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Central Bank Communication on Fiscal Policy
Allard, Julien - 2012
While the established literature on central bank communication has traditionally dealt with communication of monetary policy messages to financial markets and the wider public, central bank communication on fiscal policy has so far received little attention. This paper empirically reviews the...
Persistent link: https://www.econbiz.de/10013100569