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What are the effects of fiscal policy shocks?

Mountford, Andrew (contributor); Uhlig, Harald (contributor) - 2005

We propose and apply a new approach for analyzing the effects of fiscal policy using vector autoregressions. Unlike most of the previous literature this approach does not require that the contemporaneous reaction of some variables to fiscal policy shocks be set to zero or need additional...

Persistent link: https://www.econbiz.de/10003147823

Fiscal policy rules in practice

Thams, Andreas (contributor) - 2007

are Member States in the European Monetary Union (EMU) and underwent considerable increases in public debt in the early … 1990s.We focus on the question, how fiscal policy behaves under rising public debt ratios. It is found that both Germany … and Spain generally exhibit a positive relationship between government revenues and debt. Using Markov …

Persistent link: https://www.econbiz.de/10003633561

Fiscal policy effects in the European Union

Thams, Andreas (contributor) - 2006

Bayesian VAR model using sign restrictions to assess the relation between surpluses and public debt. Afterwards, we use a … ; policy interaction ; monetary policy ; public debt ; price level ; Euro area …

Persistent link: https://www.econbiz.de/10003324320

Pension sytems and the allocation of macroeconomic risk

Bovenberg, Ary Lans (contributor); Uhlig, Harald (contributor) - 2006

This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as overall "life-cycle" risk aversion. We provide a...

Persistent link: https://www.econbiz.de/10003375998

Unemployment benefits extensions at the zero lower bound on nominal interest rate

Albertini, Julien; Poirier, Arthur - 2014

In this paper we investigate the impact of the recent US unemployment benefits extension on the labor market dynamic when the nominal interest rate is held at the zero lower bound (ZLB). Using a New Keynesian model, our quantitative experiments suggest that, in contrast to the existing...

Persistent link: https://www.econbiz.de/10010251606

The composition of government spending and the multiplier at the Zero Lower Bound

Albertini, Julien; Poirier, Arthur; Roulleau-Pasdeloup, … - 2014

We investigate the size of the multiplier at the ZLB in a New keynesian model. It ranges from around -0.25 to +1.5, depending on the extent to which government spending is productive, substitutable or not for private consumption.

Persistent link: https://www.econbiz.de/10010251637

Budget-neutral fiscal rules targeting inflation differentials

Brede, Maren - 2016

In light of persistent in ation dispersion and rising debt levels in the EMU, this paper investigates the welfare …

Persistent link: https://www.econbiz.de/10011437921

VAT multipliers and pass-through dynamics

Voigts, Simon - 2016

To quantify fiscal multipliers in Eurozone countries, ECB, European Commission, and IMF draw heavily on large-scale DSGE models. In these models, the value added tax (VAT) is represented by a consumption tax, implying that changes in the tax liability directly translate into changes in consumer...

Persistent link: https://www.econbiz.de/10011530047

When the Taylor principle is insufficient : a benchmark for the fiscal theory of the price level in a monetary union

Brede, Maren - 2014

This paper derives restrictions on monetary and fiscal policies for determinate equilibria in a two-country monetary union with autarkic members. It finds that a central bank following the Taylor principle may not be sufficient for determinacy unless accompanied by one 'active' fiscal authority...

Persistent link: https://www.econbiz.de/10010436521

Fiscal devaluation in a monetary union

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014 - This version: 12.11.2013

Between 1999 and the onset of the economic crisis in 2008 real ex-change rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange...

Persistent link: https://www.econbiz.de/10010235320

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