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In search of the Euro area fiscal stance

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

This paper investigates the role of fiscal policies over the aggregate EMU business cycle. Previous studies, based on the assumption of non-separability between public and private consumption, obtain a large public consumption multiplier, a small fraction of non-Ricardian households and,...

Persistent link: https://www.econbiz.de/10011529025

Identifying the shocks behind business cycle asynchrony in Euroland

Trenkler, Carsten; Weber, Enzo - 2012

This paper investigates which shocks drive asynchrony of business cycles in the euro area. Thereby, it unites two strands of literature, those on common features and on structural VAR analysis. In particular, we show that the presence of a common cycle implies collinearity of structural impulse...

Persistent link: https://www.econbiz.de/10011489953

Money and Inflation in the Euro Area : A Case for Monetary Indicators?

Gerlach, Stefan; Svensson, Lars E. O. - 2021

This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data … power for future inflation. The real money gap contains more information about future inflation than the output gap and the … Eurosystem's money-growth indicator is an inferior indicator of future inflation …

Persistent link: https://www.econbiz.de/10013312477

Implications of macroeconomic volatility in the Euro area

Hauzenberger, Niko; Böck, Maximilian; Pfarrhofer, Michael - 2018

In this paper we estimate a Bayesian vector autoregressive model with factor stochastic volatility in the error term to assess the effects of an uncertainty shock in the Euro area. This allows us to treat macroeconomic uncertainty as a latent quantity during estimation. Only a limited number of...

Persistent link: https://www.econbiz.de/10011978764

Eurowinners and Eurolosers : The Distribution of Seigniorage Wealth in Emu

Sinn, Hans-Werner - 2010

The European Monetary Union (EMU) will involve socialization of the existing seigniorage wealth of the national central banks, because the Euro will have to be bought by these banks in exchange for assets which have been accumulated in the historical process of money creation. This socialization...

Persistent link: https://www.econbiz.de/10012763579

The effectiveness of forward guidance in an estimated DSGE model for the Euro area : the role of expectations

Cardani, Roberta; Paccagnini, Alessia; Bekiros, Stelios - 2016

-VAR models. DSGE model with expectations outperforms others for inflation; while for output and short term-interest rate the DSGE …

Persistent link: https://www.econbiz.de/10011583778

Winners and Losers of Tax Competition in the European Union

Mendoza, Enrique G.; Tesar, Linda L. - 2021

This paper quantifies the macroeconomic effects of capital income tax competition in the European Union using a two-country neoclassical dynamic general equilibrium model. This model incorporates three key externalities of tax competition: the relative price externality, the wealth distribution...

Persistent link: https://www.econbiz.de/10013222999

Monnet's Error?

Guiso, Luigi - 2015

-Europe sentiment as does the 2010 Eurozone crisis. Yet, in spite of the worst recession in recent history, the Europeans still support …

Persistent link: https://www.econbiz.de/10013023682

Regional Nonadjustment and Fiscal Policy : Lessons for Emu

Obstfeld, Maurice; Peri, Giovanni - 2021

How will countries handle idiosyncratic national macroeconomic shocks under the European single currency? The ways in which European countries now react to internally asymmetric shocks provide a better forecast than do the regional response pattern of the United States. In this paper we compare...

Persistent link: https://www.econbiz.de/10013249688

Stochastic Growth in the United States and Euro Area

Ireland, Peter N. - 2011

This paper estimates, using data from the United States and Euro Area, a two-country stochastic growth model in which both neutral and investment-specific technology shocks are nonstationary but cointegrated across economies. The results point to large and persistent swings in productivity, both...

Persistent link: https://www.econbiz.de/10013131508

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