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The Effects of Fiscal Policy on Output: A DSGE Analysis
Furceri, Davide; Mourougane, Annabelle - Economics Department, Organisation de Coopération et … - 2010
This paper examines the effects of fiscal policy on output in the euro area. For this purpose we develop a DSGE Fiscal … Model with endogenous government bond yields to assess the impact of different fiscal policy shocks on output, its …
Persistent link: https://www.econbiz.de/10008458987
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Macroeconomic Policy and Economic Performance
de Lima, Pedro - 2003
economies. The general findings for monetary policy are that, while it was costly to lower inflation (in terms of output and …
Persistent link: https://www.econbiz.de/10012444501
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Catching-up and Inflation in Europe : Balassa-Samuelson, Engel's Law and Other Culprits
Égert, Balázs - 2010
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of...
Persistent link: https://www.econbiz.de/10012444720
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Iceland: Challenging Times for Monetary and Fiscal Policies
de Michelis, Andrea - 2009
Monetary and fiscal policies face huge challenges: the banking sector has collapsed; the economy is in the midst of a deep recession; the exchange rate has plunged; capital flows have been frozen; inflation is elevated; public debt has risen; source of revenues have disappeared; social needs have...
Persistent link: https://www.econbiz.de/10012445717
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Managing Chile's Macroeconomy during and after the Copper Price Boom
de Mello, Luiz - 2008
Compliance with the structural budget surplus rule, which has been in place since 2001, has allowed the government to maintain a counter-cyclical fiscal stance in an environment of rising copper prices, while delivering a gradual reduction in public indebtedness. Monetary policy is conducted...
Persistent link: https://www.econbiz.de/10012446209
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Growth-promoting Policies and Macroeconomic Stability
Sutherland, Douglas; Hoeller, Peter - Economics Department, Organisation de Coopération et … - 2013
Policy reforms aimed at boosting long-run growth often have side effects – positive or negative – on an economy’s vulnerability to shocks and their propagation. Macroeconomic shocks as severe and protracted as those since 2007 warrant a reconsideration of the role growth-promoting policies...
Persistent link: https://www.econbiz.de/10011276802
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Implications of Output Gap Uncertainty in Times of Crisis
Bouis, Romain; Cournède, Boris; Christensen, Ane Kathrine - Economics Department, Organisation de Coopération et … - 2012
This paper analyses the monetary and fiscal policy implications of output gap estimates in times of crisis. The … widening of output gaps observed in major OECD economies in the wake of the recent crisis has been mainly due to total factor … indicated by “positive” Taylor rules, output gaps influence policy-controlled interest rates and are in principle important …
Persistent link: https://www.econbiz.de/10011276902
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Reducing Macroeconomic Imbalances in Turkey
Röhn, Oliver; Gönenç, Rauf; Koen, Vincent; Coşar, … - Economics Department, Organisation de Coopération et … - 2014
Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process. High consumer price inflation and a wide current account deficit are sources of vulnerability. Even though below-potential growth helps rebalancing and disinflation, these...
Persistent link: https://www.econbiz.de/10011277023
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Tackling Turkey's External and Domestic Macroeconomic Imbalances
Röhn, Oliver; Gönenç, Rauf; Koen, Vincent; … - Economics Department, Organisation de Coopération et … - 2012
Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%....
Persistent link: https://www.econbiz.de/10011277032
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Growth-Promoting Policies and Macroeconomic Stability
Sutherland, Douglas; Hoeller, Peter - 2013
Policy reforms aimed at boosting long-run growth often have side effects – positive or negative – on an economy’s vulnerability to shocks and their propagation. Macroeconomic shocks as severe and protracted as those since 2007 warrant a reconsideration of the role growth-promoting policies...
Persistent link: https://www.econbiz.de/10014151193