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The Eurosystem's asset purchase programme and TARGET balances

Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin; … - 2017

TARGET balances have risen during the period of the Eurosystem's asset purchase programme (APP). The APP gives rise to substantial cross-border flows of reserves at the time of asset purchases and beyond, reflecting the interaction of decentralised monetary policy implementation and the...

Persistent link: https://www.econbiz.de/10011719852

Do EU fiscal rules support or hinder counter-cyclical fiscal policy?

Larch, Martin; Orseau, Eloïse; Van Der Wielen, Wouter - 2020

Rather than stabilising aggregate demand, discretionary fiscal policy tends to amplify cyclical fluctuations of output. The commonly accepted reasons are political economy and uncertainty. In the EU, the pro-cyclical nature of discretionary fiscal policy has also been associated with the...

Persistent link: https://www.econbiz.de/10012206018

Stress-testing of liquidity risk in TARGET2

Papsdorf, Patrick (contributor); Arciero, Luca (contributor) - Europäische Zentralbank / Group on TARGET2 Stress Testing - 2017

The paper reports the outcome of the stress-testing of liquidity risk in the TARGET2 payment system, with the study … resilience of the system, defined as the network of its participants, and the appropriateness of liquidity levels under tightened … liquidity conditions. The scenarios analysed are based on extreme shocks to the value of collateral of different levels and …

Persistent link: https://www.econbiz.de/10011627053

The macroeconomic effects of tax reform : evidence from the EU

Van Der Wielen, Wouter - 2019

This paper examines the macroeconomic effects of tax changes in the EU between 2000 and 2016. The novelty of our approach hinges on the use of real-time estimates of discretionary fiscal adjustments, covering personal income taxes, social insurance contributions, corporate income taxes and value...

Persistent link: https://www.econbiz.de/10012013129

How institutions shape the distributive impact of macroeconomic shocks : a DSGE analysis

Ahrend, Rudiger; Moeser, Charlotte; Monacelli, Tommaso - 2011

Persistent link: https://www.econbiz.de/10009689711

The sharing of macroeconomic risk : who loses (and gains) from macroeconomic shocks

Ahrend, Rudiger; Arnold, Jens Matthias; Moeser, Charlotte - 2011

Persistent link: https://www.econbiz.de/10009689718

How do structural policies affect financial crisis risk? : evidence from past crises across OECD and emerging economies

Ahrend, Rudiger; Goujard, Antoine - 2012

, vulnerability to international bank balance-sheet shocks is found to be lower in situations of abundant global liquidity …

Persistent link: https://www.econbiz.de/10009691018

Firm-level policy support during the crisis : so far, so good?

Harasztosi, Péter; Maurin, Laurent; Pál, Rozália; … - 2022

We use the 2021 vintage of the EIB Investment Survey (EIBIS) which contains a detailed set of questions regarding the nature of the policy support to firms during the COVID-19 crisis. Matched with hard data on the balance sheets and Profit and Loss (P&L) statements of corporations, the survey...

Persistent link: https://www.econbiz.de/10012806951

A general equilibrium analysis of the effects of the 2014-2020 European Cohesion policy in the Portuguese regions

Barbero, Javier; Salotti, Simone - 2021

We analyse the impact of the investments related to the European Cohesion policy in Portugal over the 2014-2020 programming period. We use the spatial dynamic general equilibrium model RHOMOLO to identify the direct and indirect effects stemming from a variety of spending categories and economic...

Persistent link: https://www.econbiz.de/10012594032

Fear and employment during the COVID pandemic : evidence from search behaviour in the EU

Van Der Wielen, Wouter; Barrios Cobos, Salvador - 2020

The COVID-19 pandemic has inflicted an economic hardship unprecedented for the modern age. In this paper, we show that the health crisis and ensuing Great Lockdown, came with an unseen level of economic uncertainty. First, using a European dataset on country-level and regional internet searches,...

Persistent link: https://www.econbiz.de/10012291212