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There is a growing empirical literature studying whether fiscal rules reduce borrowing costs. Nevertheless, it remains an open question whether these rules are effective genuinely or just because they mirror fiscal preferences of politicians and voters. In our analysis of European bond spreads,...
Persistent link: https://www.econbiz.de/10010336738
Persistent link: https://www.econbiz.de/10010338738
We analyze data from an author‐conducted survey of members of the French and German parliaments on European Monetary Union reform preferences. We consider three potential drivers of preferences: nationality, ideology, and personal characteristics. For European Monetary Union policies like...
Persistent link: https://www.econbiz.de/10012900533
We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players – the ECB or the EU fiscal level – has been more crucial for the...
Persistent link: https://www.econbiz.de/10013221648
We analyze data from an author‐conducted survey of members of the French and German parliaments on European Monetary Union reform preferences. We consider three potential drivers of preferences: nationality, ideology, and personal characteristics. For European Monetary Union policies like...
Persistent link: https://www.econbiz.de/10011977499
In this report we update the quantitative analysis of the PEPP and PSPP conduct and analyze whether reinvestments are actually made in accordance to these claims. In prior versions of our report, we have detected patterns in the net purchases under PEPP and PSPP, which suggested systematic and...
Persistent link: https://www.econbiz.de/10014249465
Persistent link: https://www.econbiz.de/10013433545
The COVID-19 pandemic has put the public finances of industrial countries under severe stress. The resulting recession has not only led to shortfalls in tax revenues but also to increased public expenditures. National governments have embarked on massive rescue packages to protect citizens and...
Persistent link: https://www.econbiz.de/10013488768
We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU fiscal level - has been more crucial for the stabilization of...
Persistent link: https://www.econbiz.de/10012534642
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