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Fiscal policies, the current account and Ricardian equivalence

Nickel, Christiane (contributor); … - 2008

This paper analyses the empirical relationship between fiscal policy and the current account of the balance of payments and considers how Ricardian equivalence changes this relationship. To do so, we estimate a dynamic panel threshold model for 22 industrialised countries in which the...

Persistent link: https://www.econbiz.de/10003790939

The COVID-19 consumption game-changer : evidence from a large-scale multi-country survey

Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021

in consumption in five key sectors: tourism, hospitality, services, retail, and public transports. We identify a large …-term sectoral consumption shifts may occur. …

Persistent link: https://www.econbiz.de/10012643267

Tracking growth in the euro area subject to a dimensionality problem

Comunale, Mariarosaria; Mongelli, Francesco Paolo - 2021

We investigate which variables have supported growth in the euro area over the last 30 years. This is a challenging task due to dimensionality problems: a large set of potential determinants, limited data, and the prospect that some variables could be non-stationary. We assemble a set of 35...

Persistent link: https://www.econbiz.de/10012625874

Cyclical drivers of euro area consumption : what can we learn from durable goods?

Casalis, André; Krustev, Georgi - 2020

We study the cyclical dynamics of consumption in the euro area (EA) and the large EA countries by distinguishing … cross-country heterogeneity in how different factors (including durable-specific ones) explain consumption; (iii) the … strength of spillovers from durable to nondurable consumption, as predicted by theory, is empirically correlated with how much …

Persistent link: https://www.econbiz.de/10012197836

Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers

Leith, Campbell B. (contributor); … - 2006

This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...

Persistent link: https://www.econbiz.de/10003337474

The asymmetric adjustment of global imbalances : myth or fact?

Dausà, Neus; Stracca, Livio - 2023

We revisit the so-called "secular international problem", whereby the adjustment of current account imbalances purportedly falls entirely on the shoulders of deficit countries. We introduce a stylised model to rationalise an asymmetric counter-cyclical policy reaction that is stronger for...

Persistent link: https://www.econbiz.de/10013552616

Wealth effect on consumption during the sovereign debt crisis : households heterogeneity in the euro area

Garbinti, Bertrand; Lamarche, Pierre; Lecanu, Charlélie; … - 2020

, income and consumption. We use panel regressions and an instrumental variable approach. First, our panel-based MPC estimates … the reaction to losses versus gains. Fourth, higher MPC is obtained for the two main consumption expenditure categories …. Fifth, we find evidences that housing prices shock decreases consumption inequality while financial wealth shocks have a …

Persistent link: https://www.econbiz.de/10012139739

Who bears the costs of inflation? : euro area households and the 2021-2022 shock

Pallotti, Filippo; Paz Pardo, Gonzalo; Slacalek, Jirka; … - 2023

-44 year-old winning; (iii) losses were quite uniform across consumption quantiles because rigid rents served as a hedge for …

Persistent link: https://www.econbiz.de/10014483008

Sudden stops and asset purchase programmes in the euro area

Fabiani, Josefina; Fidora, Michael; Setzer, Ralph; … - 2021

This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction of the ECB's asset purchase programmes. We define sudden stops as abrupt declines in private net financial inflows, i.e. total flows adjusted for EU and IMF loans and changes...

Persistent link: https://www.econbiz.de/10012643263

Leaning against the global financial cycle

Ferrero, Andrea; Habib, Maurizio Michael; Stracca, Livio; … - 2022

We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key determinant of the different effects of the GFC...

Persistent link: https://www.econbiz.de/10013488632

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