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Global growth on life support? : the contributions of fiscal and monetary policy since the global financial crisis
Baumann, Ursel; Lodge, David; Miescu, Mirela S. - 2019
with a hierarchical structure we capture the variability of GDP response to policy shocks both between and within the … more homogeneous effects on GDP. We then quantify the policy contribution on GDP growth in the last decade by means of a … structural counterfactual analysis based on conditional forecasts. We find that global GDP growth benefited from substantial …
Persistent link: https://www.econbiz.de/10011987115
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Managing the sovereign-bank nexus
Dell'Ariccia, Giovanni; Ferreira, Caio; Jenkinson, Nigel; … - 2018
This paper identifies the various channels that give rise to a "sovereign-bank nexus" whereby the financial health of banks and sovereigns is intertwined. We find that banks and sovereigns are linked by three interacting channels: banks hold large amounts of sovereign debt; banks are protected...
Persistent link: https://www.econbiz.de/10011901498
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Fiscal policy and growth : do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010
instrumented regular and crisis spending is about 0.6-0.8 considering the sample average government spending share of GDP of about …
Persistent link: https://www.econbiz.de/10003983667
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Theoretical notes on bubbles and the current crisis
Martin, Alberto; Ventura, Jaume - 2011
We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...
Persistent link: https://www.econbiz.de/10009160016
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Fiscal policy and the "Great Recession" in the euro area
Coenen, Günter; Straub, Roland; Trabandt, Mathias - 2012
Persistent link: https://www.econbiz.de/10009765223
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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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Fiscal multipliers with financial fragmentation risk and interactions with monetary policy
Darracq Pariès, Matthieu; Müller, Georg; … - 2020
We quantify the size of fiscal multipliers under financial fragmentation risk and demonstrate how non-standard monetary policy can support the macroeconomic transmission of fiscal interventions. We employ a DSGE model with financial frictions whereby the interplay of corporate, banks and...
Persistent link: https://www.econbiz.de/10012241104
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Financial policy in an exuberant world
Walther, Ansgar - 2020
This paper studies optimal financial policy in a world where the financial sector can become excessively optimistic. I decompose the welfare effects of bank capital regulation to demonstrate the effects of exuberance and its interaction with incentive problems in banking. The optimal policy...
Persistent link: https://www.econbiz.de/10012178343
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Fiscal reaction function and fiscal fatigue : evidence for the euro area
Checherita-Westphal, Cristina; Žďárek, Václav - 2017
) sustainability constraints. The primary balance improves by about 0.03-0.05 for every 1 percentage point increase in the debt-to-GDP …
Persistent link: https://www.econbiz.de/10011637036