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Do budgetary institutions mitigate the common pool problem? New empirical evidence for the EU

de Haan, Jakob; Jong-A-Pin, Richard; Mierau, Jochen O. - 2012

We analyze how budgetary institutions affect government budget deficits in member states of the European Union during 1984-2003 employing new indicators provided by Hallerberg et al. (2009). Using panel fixed effects models, we examine whether the impact of budgetary institutions on budget...

Persistent link: https://www.econbiz.de/10010319705

Despite or because? - Some lessons of German unification for EU enlargement

Busch, Ulrich; Müller, Christian - 2004

The former German chancellor Helmut Schmidt holds that despite the huge transfers from West to East Germany the East German economy does not take off as it was widely expected. We argue it is not despite these transfers but because of them. Building on the common features of the extension of the...

Persistent link: https://www.econbiz.de/10010285916

Using real-time data to test for political budget cycles

Jong-A-Pin, Richard; Sturm, Jan-Egbert; de Haan, Jakob - 2012

We use real-time annual data on the fiscal balance, government current spending, current revenues and net capital outlays as published at a half yearly frequency in the OECD Economic Outlook for 25 OECD countries. For each fiscal year t we have a number of forecasts, a first release, and...

Persistent link: https://www.econbiz.de/10010319725

Die konjunkturelle Ausrichtung der Schweizer Finanzpolitik im internationalen Vergleich: Ex-Ante- vs. Ex-Post-Betrachtung

Lampart, Daniel - 2005

- und Ausgabenpolitik zu machen, hat die Schweizer Finanzpolitik in der Vergangenheit die Konjunkturentwicklung immer wieder … verstärkt. In der vorliegenden Studie wird die konjunkturelle Ausrichtung der Schweizer Finanzpolitik im internationalen … Finanzpolitik ex post oder ex ante betrachtet wird, fällt die Schweiz durch eine prozyklische Ausrichtung auf. Politökonomische …

Persistent link: https://www.econbiz.de/10010285883

Anmerkungen zur Schuldenbremse

Müller, Christian - 2003

Volk und Stände der Schweiz beschlossen 2001, den absoluten Schuldenstand des Staates im Konjunkturverlauf zu begrenzen. Damit hat die Eidgenossenschaft einen Weg eingeschlagen, der sich von dem der Mitglieder des europäischen Stabilitätspaktes unterscheidet. Diese halten eine positive...

Persistent link: https://www.econbiz.de/10010285899

The high-frequency response of the EUR-US Dollar exchange rate to EBC monetary policy announcements

Conrad, Christian; Lamla, Michael J. - 2007

We investigate the impact of the European Central Bank's monetary policy announcements on the level and volatility of the EUR-US Dollar exchange rate employing an AR-FIGARCH specification. Using high-frequency data we estimate the individual and complementary effects of the release of the...

Persistent link: https://www.econbiz.de/10010277736

The tress of having a single monetary policy in Europe

Sturm, Jan-Egbert; Wollmershäuser, Timo - 2008

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the EuropeanMonetary Union (EMU) member countries. Notable differences...

Persistent link: https://www.econbiz.de/10010277748

Does central bank communication really lead to better forecasts of policy decisions? New evidence based on a Taylor rule model for the ECB

Sturm, Jan-Egbert; Haan, Jakob de - 2009

Nowadays, it is widely believed that greater disclosure and clarity over policy may lead to greater predictability of central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the information provided by a Taylor rule model in which...

Persistent link: https://www.econbiz.de/10010285832

Assessing the impact of the ECB's monetary policy on the stock markets: A sectoral view

Kholodilin, Konstantin; Montagnoli, Alberto; … - 2008

This paper analyzes the response of the European stock markets to the monetary policy shocks by the European Central Bank using the heteroskedasticity based approach of Rigobon (2003). We find that monetary policy tightening has a heterogeneous impact on the Euro Area sectors on the day the...

Persistent link: https://www.econbiz.de/10010285850

A challenge to the ECB's first pillar? The French experience

Müller, Christian - 2003

Persistent link: https://www.econbiz.de/10010285875