We use a threshold VAR analysis to study whether the effects of fiscal policy on economic activity differ depending on financial market conditions. In particular, we investigate the possibility of a non-linear propagation of fiscal developments according to different financial market stress...

This study assesses the short and long-run behaviour of long-term sovereign bond yields in OECD countries, for the period 1973-2008. We employ a dynamic panel approach to reflect financial and economic integration, and to increase the performance and accuracy of the tests. Given the existence of...

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level...

Im Euroraum und vor allem in Deutschland hat sich die Konjunktur seit dem Boom der "New Economy" lange Zeit nur verhalten entwickelt. Ein wesentlicher Grund dafür war die schwache Dynamik der Binnennachfrage, insbesondere der Konsumausgaben der privaten Haushalte. Sie haben in Deutschland in...