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The impact of extreme weather events on budget balances and implications for fiscal policy
Lis, Eliza M.; Nickel, Christiane - 2009
sustainability ; disasters …
Persistent link: https://www.econbiz.de/10003866542
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Fiscal sustainability and policy implications for the euro area
Balassone, Fabrizio; Cunha, Jorge Correia da; Langenus, … - 2009
In this paper we examine the sustainability of euro area public finances against the backdrop of population ageing. We … alternative indicators to quantify sustainability gaps for euro area countries. With respect to the policy implications, we assess … the appropriateness of different budgetary strategies to restore fiscal sustainability taking into account …
Persistent link: https://www.econbiz.de/10003826581
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Monetary and fiscal policy aspects of indirect tax changes in a monetary union
Lipińska, Anna; Thadden, Leopold von - 2009
In recent years a number of European countries have shifted their tax structure more strongly towards indirect taxes, motivated, inter alia, by the intention to foster competitiveness. Against this background, this paper develops a tractable two-country model of a monetary union, characterised...
Persistent link: https://www.econbiz.de/10003963777
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International spillovers of quantitative easing
Kolasa, Marcin; Wesołowski, Grzegorz - 2018
This paper develops a two-country model with asset market segmentation to investigate the effects of quantitative easing implemented by the major central banks on a typical small open economy that follows independent monetary policy. The model is able to replicate the key empirical facts on...
Persistent link: https://www.econbiz.de/10011881148
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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
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Global policy at the zero lower bound in a large-scale DSGE model
Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo - 2010
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10008688538
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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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Economic consequences of high public debt: evidence from three large scale DSGE models
Burriel, Pablo; Checherita-Westphal, Cristina; … - 2020
The paper reviews the economic risks associated with regimes of high public debt through DSGE model simulations. The large public debt build-up following the 2009 global financial and economic crisis acted as a shock absorber for output, while in the recent and more severe COVID19-crisis, an...
Persistent link: https://www.econbiz.de/10012251324
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The effects of government spending in a small open economy within a monetary union
Clancy, Daragh; Jacquinot, Pascal; Lozej, Matija - 2014
Persistent link: https://www.econbiz.de/10010441152
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International transmission and monetary policy cooperation
Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008
We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...
Persistent link: https://www.econbiz.de/10003636288