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Empirical macromodels under test : a comparative simulation study of the employment effects of a revenue neutral cut in social security contributions
Buscher, Herbert S.; Buslei, Hermann; Göggelmann, Klaus; … - 1998 - Preliminary version
In the paper we simulate a revenue-neutral cut in the social security contribution rate using five different types of macro- / microeconomic models, namely two models based on time-series data where the labour market is modelled basically demand oriented, two models of the class of computable...
Persistent link: https://www.econbiz.de/10011442295
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Monetary-fiscal policy interactions when price stability occasionally takes a back seat
Schmidt, Sebastian - 2024
What are the macroeconomic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the fiscal conditions? I address this question in a dynamic stochastic sticky-price model with...
Persistent link: https://www.econbiz.de/10014484339
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The effects of monetary policy on unemployment dynamics under model uncertainty : evidence from the US and the euro area ( by Carlo Altavilla and Matteo Ciccarelli
Altavilla, Carlo; Ciccarelli, Matteo - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10003963762
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Poverty alleviation and the degree of centralisation in European schemes of social assistance
Hölsch, Katja; Kraus, Margit - 2003
In this paper, the relationship between the degree of centralisation and the distributive outcomes in European schemes of social assistance is investigated. For this purpose, a scheme of classification suitable for grouping the EU15 schemes except for Luxembourg according to features related to...
Persistent link: https://www.econbiz.de/10011448410
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The ECB's New Multi-Country Model for the euro area : NMCM - with boundedly rational learning expectations
Dieppe, Alistair; Pandiella, Alberto González; Hall, … - 2011
Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...
Persistent link: https://www.econbiz.de/10008935830
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How does monetary policy affect income and wealth inequality? : evidence from quantitative easing in the euro area
Lenza, Michele; Slacalek, Jirka - 2018
-form simulation on micro data from the Household Finance and Consumption Survey, capturing the income composition, the portfolio …
Persistent link: https://www.econbiz.de/10011921470
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The ECB's New Multi-Country Model for the euro area : NMCM - simulated with rational expectations
Dieppe, Alistair; González Pandiella, Alberto; … - 2011
provide some simulation results under the assumption of model-consistent rational expectations, we show that there is some …
Persistent link: https://www.econbiz.de/10008935832
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Quasi-Monte Carlo methods in stochastic simulations : an application to fiscal policy simulations using an aggregate disequilibrium model of the West German economy 1960-1994
Franz, Wolfgang; Göggelmann, Klaus; Schellhorn, Martin; … - 1998
Different stochastic simulation methods are used in order to check the robustness of the outcome of policy simulations … possible margin. Because of nonlinearities confidence intervals for the simulation results have to be obtained by means of … stochastic simulations. The main contribution of this paper consists in presenting the simulation results. The robustness of …
Persistent link: https://www.econbiz.de/10011441040
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Towards expenditure rules and fiscal sanity in the euro area
Hauptmeier, Sebastian; Fuentes, Jesus Sanchez; … - 2010
The study looks at primary expenditure developments in the euro area, its three largest members and four “macro-imbalances” countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...
Persistent link: https://www.econbiz.de/10009640273
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Market-stabilization QE
Motto, Roberto; Özen, Kadir - 2022
We identify a novel dimension of monetary policy from high-frequency changes in asset prices around ECB policy events, orthogonal to surprises extracted from risk-free interest rates. We find that it is present in policy events that were interpreted by real-time market commentaries as containing...
Persistent link: https://www.econbiz.de/10012818740