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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …
Persistent link: https://www.econbiz.de/10003794175
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Monetary and fiscal complementarity in the Covid-19 pandemic
Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2021
government bonds and this offsets the impact of shutdowns and lockdowns in the real economy. We show that these actions reduced … that if the Federal Reserve had not intervened to such a degree, the economy may have experienced a significantly deeper …
Persistent link: https://www.econbiz.de/10012617082
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The COVID-19 consumption game-changer : evidence from a large-scale multi-country survey
Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021
Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending....
Persistent link: https://www.econbiz.de/10012643267
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Rising protectionism and global value chains : quantifying the general equilibrium effects
Cappariello, Rita; Gunnella, Vanessa; Franco-Bedoya, … - 2020
Quantifying the effects of trade policy in the age of "global value chains" (GVCs) requires an enhanced analytical framework that takes the observed international input-output relations in due account. However, existing quantitative general equilibrium models generally assume that industry-level...
Persistent link: https://www.econbiz.de/10012150076
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Fiscal developments and financial stress : a threshold VAR analysis
Afonso, António; Baxa, Jaromír; Slavík, Michal - 2011
We use a threshold VAR analysis to study whether the effects of fiscal policy on economic activity differ depending on financial market conditions. In particular, we investigate the possibility of a non-linear propagation of fiscal developments according to different financial market stress...
Persistent link: https://www.econbiz.de/10008935826
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Estimating the effects of fiscal policy in OECD countries
Perotti, Roberto (contributor) - 2002
Persistent link: https://www.econbiz.de/10001702818
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The monetary transmission mechanism at the euro-area level : issues and results using structural macroeconomic models
McAdam, Peter; Morgan, Julian - 2001
Persistent link: https://www.econbiz.de/10001637008
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What accounts for the changes in U.S. fiscal policy transmission?
Bilbiie, Florin O. (contributor); Meier, André (contributor) - 2006
Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited...
Persistent link: https://www.econbiz.de/10003274698
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One scheme fits all : a central fiscal capacity for the EMU targeting eurozone, national and regional shocks
Beetsma, Roel; Cimadomo, Jacopo; Spronsen, Josha van - 2022
This paper proposes a central fiscal capacity for the euro area that generates transfers in response to euro area, country, and region-specific shocks. The main novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on...
Persistent link: https://www.econbiz.de/10013252988
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Monetary policy transmission to mortgages in a negative interest rate environment
Amzallag, Adrien; Calza, Alessandro; Georgarakos, Dimitris - 2019
Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...
Persistent link: https://www.econbiz.de/10011975610