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Monetary/fiscal policy regimes in post-war Europe
Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023
In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three distinct monetary/fiscal regimes in France and Italy: a...
Persistent link: https://www.econbiz.de/10014482924
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Wealth effect on consumption during the sovereign debt crisis : households heterogeneity in the euro area
Garbinti, Bertrand; Lamarche, Pierre; Lecanu, Charlélie; … - 2020
countries. We estimate the MPC based on a cross-country harmonized household level dataset which combines surveys on wealth …, income and consumption. We use panel regressions and an instrumental variable approach. First, our panel-based MPC estimates …
Persistent link: https://www.econbiz.de/10012139739
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Household saving and fiscal policy : evidence for the euro area from a thick modelling perspective
Checherita-Westphal, Cristina; Stecher, Marcel - 2021
panel setting. We find that fiscal expansions are associated with an increase in household saving rate in the euro area …We study the relationship between fiscal policy and household saving across the euro area countries for the period 1999 … and estimation uncertainty and no robust evidence for total private saving offset. Our results for the euro area are …
Persistent link: https://www.econbiz.de/10012745340
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Check in the mail or more in the paycheck: does the effectiveness of fiscal stimulus depend on how it is delivered?
Sahm, Claudia R.; Shapiro, Matthew D.; Slemrod, Joel - 2011
Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic …
Persistent link: https://www.econbiz.de/10008902400
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The macroeconomic effects of fiscal policy
Afonso, António; Sousa, Ricardo M. - 2009
We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we: (i) include the feedback from government debt (ii); look at the impact on the composition of output; (iii) assess the...
Persistent link: https://www.econbiz.de/10003826480
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Inflation and fiscal policy : is there a threshold effect in the fiscal reaction function?
Briodeau, Clémence; Checherita-Westphal, Cristina - 2023
This paper estimates a fiscal reaction function (FRF) framework for euro area countries to test for the impact of changes in inflation on fiscal policy. We find evidence of non-linear short-term effects of HICP inflation on the primary balance after controlling for other relevant factors. Over...
Persistent link: https://www.econbiz.de/10014483665
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Monetary-fiscal policy interactions when price stability occasionally takes a back seat
Schmidt, Sebastian - 2024
What are the macroeconomic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the fiscal conditions? I address this question in a dynamic stochastic sticky-price model with...
Persistent link: https://www.econbiz.de/10014484339
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Household spending and fiscal support during theCOVID-19 pandemic : insights from a new consumer survey
Georgarakos, Dimitris; Kenny, Geoff - 2022
This paper introduces the Consumer Expectations Survey (CES), a new online, high frequency panel survey of euro area … cars. Moreover, we show that such beliefs also influence household expectations about own income prospects, future access … Ricardian effects in household behaviour. We find that perceptions affect spending also among households that did not receive …
Persistent link: https://www.econbiz.de/10012818792
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The COVID-19 consumption game-changer : evidence from a large-scale multi-country survey
Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021
Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending....
Persistent link: https://www.econbiz.de/10012643267
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Fiscal activism in the euro area and in other advanced economies : new evidence
Attinasi, Maria Grazia; Palazzo, Alessandra Anna; … - 2019
advanced economies during the past 20 years. This is done by estimating fiscal reaction functions using dynamic panel …
Persistent link: https://www.econbiz.de/10012135940