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Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to … estimation for 20 OECD countries from 1970 onwards. The conclusion is that the exchange rate regime as such is not relevant for …
Persistent link: https://www.econbiz.de/10011442384
Nationale, Sénat and Bundestag) on economic policies and institutions of the Eurozone. We find that French politicians are … at the European or Eurozone level, but are skeptical about the fiscal constraints of the Fiscal Compact. There is …
Persistent link: https://www.econbiz.de/10011754032
In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB’s communication channels we focus on the monthly press conferences. Based on a counting of certain signal words we construct a wording indicator...
Persistent link: https://www.econbiz.de/10003181015
ignoring a potential national perspective may lead to a serious bias in the estimation of ECB reaction functions. The paper …
Persistent link: https://www.econbiz.de/10011447829
We analyze different alternatives how a common unemployment insurance system for the euro area (EA) could be designed and assess their effectiveness to act as an insurance device in the presence of asymmetric macroeconomic shocks. Running counterfactual simulations based on micro data for the...
Persistent link: https://www.econbiz.de/10010425498
Within the economic profession, it is a widely held view that the fiscal criteria of the Maastricht treaty are arbitrary numbers without economic foundation. Much of this criticism seems to overlook an important aspect - the strategic dimension of the criteria. This paper focuses on one...
Persistent link: https://www.econbiz.de/10011441024
Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this paper from a theoretical point of view. After a general...
Persistent link: https://www.econbiz.de/10011441669
future interest rate, inflation, and output to discover the sources of individual interest rate forecast errors. Based on a …. However, although experts tend to overestimate the impact of inflation on future interest rates, perceptions of monetary … improved communication has reduced disagreement over the ECB's response to expected inflation during the financial crisis …
Persistent link: https://www.econbiz.de/10003989026
We contribute to the literature on the long-run effect of fiscal consolidation on economic growth by applying a novel method for quantitative case studies. Relying on a qualitative (narrative) definition of fiscal consolidations based on an examination of historical policy documents and using...
Persistent link: https://www.econbiz.de/10011490895
We contribute to the literature on the long-run effect of fiscal consolidation on economic growth by applying a novel method for quantitative case studies. Relying on a qualitative (narrative) definition of fiscal consolidations based on an examination of historical policy documents and using...
Persistent link: https://www.econbiz.de/10011576967