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The Impact of Constrained Monetary Policy on the Fiscal Multipliers on Output and Inflation
Bletzinger, Tilman - 2017
on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We … that this over-proportionality is stronger for the fiscal multiplier on inflation than on output. We relate this finding to …
Persistent link: https://www.econbiz.de/10012963016
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Market Power and Fiscal Policy in OECD Countries
Afonso, António - 2010
We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show...
Persistent link: https://www.econbiz.de/10013145150
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Euro Area Inflation Differentials : The Role of Fiscal Policies Revisited
Checherita-Westphal, Cristina D.; Leiner-Killinger, Nadine - 2023
This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation … is difficult to find robust evidence of the fiscal policy stance or impulse impacting directly on inflation differentials …. We do find, however, support for an indirect effect of discretionary fiscal policy on inflation differentials working …
Persistent link: https://www.econbiz.de/10014257756
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A Twin Crisis With Multiple Banks of Issue : Spain in the 1860s
Moro, Alessio - 2013
We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We...
Persistent link: https://www.econbiz.de/10013080476
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What accounts for the changes in U.S. fiscal policy transmission?
Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - 2006
Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited...
Persistent link: https://www.econbiz.de/10011604628
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Fiscal policy in a monetary economy with capital and finite lifetime
Annicchiarico, Barbara; Giammarioli, Nicola; … - 2006
properties of feedback interest rate rules by guaranteeing inflation stabilization. …
Persistent link: https://www.econbiz.de/10011604707
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Fiscal convergence before entering the EMU
Onorante, Luca - 2006
The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...
Persistent link: https://www.econbiz.de/10011604710
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10011605002
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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
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Macroeconomic Stabilization, Monetary-Fiscal Interactions, and Europe's Monetary Union
Corsetti, Giancarlo - 2017
The euro area has been experiencing a prolonged period of weak economic activity and very low inflation. This paper … stabilize economic activity and inflation. The paper describes practical ways for the euro area to be able to implement an …
Persistent link: https://www.econbiz.de/10012963947