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Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020

We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...

Persistent link: https://www.econbiz.de/10012137689

Macroeconomic effects of carbon transition policies : an assessment based on the ECB's New Area-Wide Model with a disaggregated energy sector

Coenen, Günter; Lozej, Matija; Priftis, Romanos - 2023

We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB's New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...

Persistent link: https://www.econbiz.de/10014315252

Fiscal consolidation in the euro area : long-run benefits and short-run costs

Coenen, Günter (contributor); Mohr, Matthias (contributor); … - 2008

fiscal consolidation has positive long-run effects on key macroeconomic aggregates such as output and consumption, notably …

Persistent link: https://www.econbiz.de/10003778833

Fiscal policy and the "Great Recession" in the euro area

Coenen, Günter; Straub, Roland; Trabandt, Mathias - 2012

Persistent link: https://www.econbiz.de/10009765223

Inflation persistence and robust monetary policy design

Coenen, Günter - 2003

This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inﬂation process. The paper focuses on the euro area and utilises two variants of...

Persistent link: https://www.econbiz.de/10009635885

Persistence, the transmission mechanism and robust monetary policy

Angeloni, Ignazio; Coenen, Günter; Smets, Frank - 2003

In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy...

Persistent link: https://www.econbiz.de/10009635926

Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero

Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - 2003

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We ﬁnd that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...

Persistent link: https://www.econbiz.de/10009635983

International transmission and monetary policy cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008

policy coordination are small, amounting to 0.03 percent of steady-state consumption. Nevertheless, the gains appear to be … about 1 percent of steady-state consumption. By decomposing the sources of the gains from cooperation with respect to the …

Persistent link: https://www.econbiz.de/10003636288

The performance and robustness of interest-rate rules in models of the euro area

Adalid, Ramón; Coenen, Günter; McAdam, Peter; … - 2005

In this paper, we examine the performance and robustness of optimised interest-rate rules in four models of the euro area which differ considerably in terms of size, degree of aggregation, relevance of forward-looking behavioural elements and adherence to micro-foundations. Our findings are...

Persistent link: https://www.econbiz.de/10003001830

Does government spending crowd in private consumption? : Theory and empirical evidence for the euro area

Coenen, Günter (contributor); Straub, Roland (contributor) - 2005

In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New … presence of non-Ricardian households is in general conducive to raising the level of consumption in response to government … only a fairly small chance that government spending shocks crowd in consumption, mainly because the estimated share of non …

Persistent link: https://www.econbiz.de/10003057293