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Monetary-Fiscal Policy Interaction and Fiscal Inflation : A Tale of Three Countries

Kliem, Martin - 2016

We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using cross-country data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...

Persistent link: https://www.econbiz.de/10013001755

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 - 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/10013100426

Incentive Effects of Fiscal Rules on the Finance Minister's Behaviour : Evidence from Revenue Projections in Swiss Cantons

Chatagny, Florian - 2013

Predicting available tax revenue accurately is a key step of fiscal policy. It has recently been shown that revenue prediction errors have a direct impact on fiscal deficits. In the current paper we explore the relationship between the ideology of the finance minister and tax revenue projection...

Persistent link: https://www.econbiz.de/10013072085

Money creation in a neoclassical economy: Equilibrium multiplicity and the liquidity trap

Altermatt, Lukas; van Buggenum, Hugo; Voellmy, Lukas - 2024

-in-advance economy. Liquidity transformation by banks increases aggregate consumption and investment relative to a cash-only economy but … can also lead to inefficient overinvestment. Furthermore, liquidity transformation can lead to multiple steady … 'liquidity trap', in which nominal bond rates equal zero and banks are indifferent between holding bonds and reserves. Whether …

Persistent link: https://www.econbiz.de/10014564021

Determinants of equity-based and co-operative foreign R&D and impact on the parent firm's performance

Berger, Martin; Hollenstein, Heinz - 2012

The paper complements entry mode research by dealing with the choice of alternative modes of governance in the specific case of foreign R&D and its impact on a parent firm's performance. Firstly, we identify the factors that determine whether a firm locates abroad any R&D activities, and, if it...

Persistent link: https://www.econbiz.de/10010319713

The Swiss 'Job Miracle'

Siegenthaler, Michael - 2014

While Switzerland's recent growth of employment was high in historical and international perspective, the reasons for this “job miracle” were not well understood. As the “miracle” was not anticipated by economic forecasters, it consequently resulted in systematic and persistent forecast...

Persistent link: https://www.econbiz.de/10013040487

The euro cash changeover, inflation perceptions and the media

Lamla, Michael J.; Lein, Sarah M. - 2010

In the aftermath of the euro cash changeover consumers' inflation perceptions rose substantially in the euro area countries while actual inflation figures remained almost unchanged. During that period media reporting on the potentially large inflationary effect of the euro introduction...

Persistent link: https://www.econbiz.de/10010277743

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