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Learning about fiscal multipliers during the European sovereign debt crisis : evidence from a quasi-natural experiment

Gόrnicka, Lucyna; Kamps, Christophe; Koester, Gerrit; … - 2018

Identifying fiscal multipliers is usually constrained by the absence of a counterfactual scenario. Our new data set allows overcoming this problem by making use of the fact that recommendations under the EU's excessive deficit procedure (EDP) provide both a baseline no-policy-change scenario and...

Persistent link: https://www.econbiz.de/10011856496

A decomposition of structural revenue developments for euro area member states

Morris, Richard; Reiss, Lukas - 2020

This paper presents a framework for analysing the evolution of the structural government deficit estimated using the official EU methodology relevant for the Stability and Growth Pact. The focus of our framework lies in the analysis of the main driving forces of changes in estimated structural...

Persistent link: https://www.econbiz.de/10012259400

Marrying fiscal rules & investment : a central fiscal capacity for Europe

Schang, Christopher; Vinci, Francesca - 2024

The European fiscal governance framework remains incomplete, hindering policy coordination during economic shocks and affecting the transmission of the single monetary policy. High public debt and low public investment worsen resilience across Member States. Many policymakers, institutions, and...

Persistent link: https://www.econbiz.de/10015154494

Assessing the fiscal-monetary policy mix in the euro area

Bańkowski, Krzysztof; Christoffel, Kai; Faria, Thomas - 2021

This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts – a historical assessment and an assessment based on an extended scenario until 2030 – and it builds on the ECB-BASE –a...

Persistent link: https://www.econbiz.de/10012705515

The effect of public investment in Europe : a model-based assessment

Jong, Jasper de; Ferdinandusse, Marien; Funda, Josip; … - 2017

We consider the effect of an increase in public investments on output in Europe against the background of a sharp drop of public investments in a number of EU countries during the crisis and subsequent policy discussions on the need to stimulate public investments. We start with a brief overview...

Persistent link: https://www.econbiz.de/10011637424

Convex supply curves

Boehm, Christoph E.; Pandalai-Nayar, Nitya - 2020

We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model, in which capacity constraints at the plant level generate convex supply curves at the industry level. The industry's capacity utilization rate is a sufficient statistic for the...

Persistent link: https://www.econbiz.de/10012271523

Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020

We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...

Persistent link: https://www.econbiz.de/10012137689

Labour tax progressivity and output volatility : evidence from OECD countries

Attinasi, Maria-Grazia; Checherita-Westphal, Cristina; … - 2011

This paper investigates empirically the effect of personal income tax progressivity on output volatility in a sample of … hypothesis that higher personal income tax progressivity leads to lower output volatility. All other factors constant, countries … ; personal income taxes ; output volatility ; automatic stabilisers …

Persistent link: https://www.econbiz.de/10009380419

Labor market institutions and macroeconomic volatility in a panel of OECD countries

Rumler, Fabio; Scharler, Johann - 2009

In this paper we analyze empirically how labor market institutions influence business cycle volatility in a sample of … protection legislation appear to play a limited role for output volatility. We also find some evidence suggesting that highly … coordinated wage bargaining systems have a dampening impact on inflation volatility. -- Business Cycles ; Inflation ; Labor Market …

Persistent link: https://www.econbiz.de/10003831754

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