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Economic growth and budgetary components : a panel assessment for the EU
Afonso, António (contributor);  … - 2008
In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006, and we use three alternative dependent variables in a growth regression: economic growth, total...
Persistent link: https://www.econbiz.de/10003636014
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Government size, composition, volatility and economic growth
Afonso, António (contributor); Furceri, Davide (contributor) - 2008
and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking …
Persistent link: https://www.econbiz.de/10003636033
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Fiscal consolidation in the euro area : long-run benefits and short-run costs
Coenen, Günter (contributor); Mohr, Matthias (contributor);  … - 2008
In this paper, we examine the macroeconomic effects of alternative fiscal consolidation policies in the New Area-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al., 2007). We model fiscal consolidation as a permanent...
Persistent link: https://www.econbiz.de/10003778833
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Fiscal and monetary policy in the enlarged European Union (forthcoming)
Pogorelec, Sabina (contributor) - 2006
I build a quantitative two-country DSGE model of the European Union (EU) and investigate whether there are welfare … gains from fiscal policy cooperation between the new EU members and the euro area (EMU). Fiscal cooperation is defined in … firms in the new EU countries. When there is no foreign ownership in the new EU countries, the euro area is indifferent …
Persistent link: https://www.econbiz.de/10003358603
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Fiscal policy in a monetary economy with capital and finite lifetime
Annicchiarico, Barbara (contributor);  … - 2006
This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...
Persistent link: https://www.econbiz.de/10003358633
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The role of fiscal transfers for regional economic convergence in Europe
Checherita-Westphal, Cristina; Nickel, Christiane; … - 2009
This paper provides evidence on the role of net fiscal transfers to households and EU structural funds for per … growth rates in poor receiving regions decline by less than in rich paying regions. EU structural and cohesion funds spent …
Persistent link: https://www.econbiz.de/10003832335
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Assessing long-term fiscal developments : a new approach
Afonso, António; Agnello, Luca; Furceri, Davide - 2009
We use a new approach to assess long-term fiscal developments. By analyzing the time varying behaviour of the two components of government spending and revenue responsiveness and persistence - we are able to infer about the sources of fiscal behaviour. Drawing on quarterly data we estimate...
Persistent link: https://www.econbiz.de/10003832368
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Should quarterly government finance statistics be used for fiscal surveillane in Europe?
Pedregal, Diego J. (contributor);  … - 2008
We use a newly available dataset of euro area quarterly national accounts fiscal data and construct multivariate, state-space mixed-frequencies models for the government deficit, revenue and expenditure in order to assess its information content and its potential use for fiscal forecasting and...
Persistent link: https://www.econbiz.de/10003790942
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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 research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10003794175
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Bidding behaviour in the ECB's main refinancing operations during the financial crisis
Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - 2009
Liquidity provision through its repo auctions has been one of the main instruments of the European Central Bank (ECB) to address the recent tensions in financial markets since summer 2007. In this paper, we analyse banks' bidding behaviour in the ECB's main refinancing operations (MROs) during...
Persistent link: https://www.econbiz.de/10003866003