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European Fiscal Union: What Is It? Does It Work? And Are There Really 'No Alternatives'?
Fuest, Clemens; Peichl, Andreas - 2012
The view is widespread that there are just two options for the future of the Eurozone - either it is complemented by a fiscal union, or it will fall apart. In this paper, we discuss five possible elements of a fiscal union, of which three are in the centre of the current debate on fiscal union...
Persistent link: https://www.econbiz.de/10010331439
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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
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Price shocks in general equilibrium : alternative specifications
De Walque, Gregory; Smets, Frank; Wouters, Rafael - In: CESifo economic studies : CESifo, a joint initiative of … 52 (2006) 1, pp. 153-176
Smets and Wouters (2003) find that at short- and medium-term horizons stochastic variations in the goods market mark-up are the most important source of inflation variability in the euro area. This article shows that an empirically plausible alternative interpretation is that the estimated price...
Persistent link: https://www.econbiz.de/10003324477
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Rational inattention, inflation developments and perceptions after the euro cash changeover
Ehrmann, Michael (contributor) - 2006
This paper uses the euro cash changeover to test theories of finite informationprocessing capacities on the side of consumers. It argues that the denomination of prices in a new currency has increased the information-processing requirements for consumers by more than for sellers, a wedge that...
Persistent link: https://www.econbiz.de/10003280660
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Forecasting with a Bayesian DSGE model : an application to the euro area
Smets, Frank; Wouters, Rafael - 2004
In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...
Persistent link: https://www.econbiz.de/10003285769
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Forecasting ECB monetary policy : accuracy is (still) a matter of geography
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
Persistent link: https://www.econbiz.de/10003305135
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How would formula apportionment in the EU affect the distribution and the size of the corporate tax base? : An analysis based on German multinationals
Fuest, Clemens (contributor); Hemmelgarn, Thomas (contributor) - 2006
This paper analyses the effects of introducing a common EU tax base with formula apportionment on the size of the EU … wide tax base and on the distribution of the tax base between the EU member countries. We use a combined dataset of … the firms in the sample. Our results suggest that due to border crossing loss-offset, the EU wide corporate tax base …
Persistent link: https://www.econbiz.de/10003339188
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The European Commissionś proposal for a common consolidated corporate tax base
Fuest, Clemens - 2008
Persistent link: https://www.econbiz.de/10003846874
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EU regional policy and tax competition
Becker, Johannes; Fuest, Clemens - 2009
Persistent link: https://www.econbiz.de/10003846997
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The redistributive effects of tax benefit systems in the enlarged EU
Fuest, Clemens; Niehues, Judith; Peichl, Andreas - 2009
the redistributive effects of different tax benefit instruments in the enlarged EU based on two approaches. Inequality …
Persistent link: https://www.econbiz.de/10003906234