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The Policy Mix in the US and EMU : Evidence from a SVAR Analysis

Afonso, António - 2018

the US and the Euro Area (EMU). Overall, our results show that these two cases are different from each other. First, while … in the case of the US there is evidence of Keynesian monetary policy, the same is not true in the case of the EMU. Second … of the EMU (expansionary fiscal consolidation), while it does not hold in the case of the US. Third, there is evidence …

Persistent link: https://www.econbiz.de/10012928380

The Effects of Monetary Policy Surprises and Fiscal Sustainability Regimes in the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003)...

Persistent link: https://www.econbiz.de/10014377532

Consumption Patterns of Indebted Households: Unravelling the Relevance of Fiscal Policy

Afonso, António; de Sá Fortes Leitão Rodrigues, Eduardo - 2023

We have investigated the influence of fiscal instruments, notably taxes on income and government spending, on household consumption in two different samples and two measures of household debt to provide a comprehensive analysis of the topic. We used dynamic panel models and the GMM approach for...

Persistent link: https://www.econbiz.de/10014377539

Monetary Policy Surprise Shocks under Different Fiscal Regimes: A Panel Analysis of the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary policy surprise shocks on real output and the price level, conditioned on different fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection methodology, we find that the effect of monetary shocks...

Persistent link: https://www.econbiz.de/10014377601