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Dispelling the Shadow of Fiscal Dominance? Fiscal and Monetary Announcement Effects for Euro Area Sovereign Spreads in the Corona Pandemic

Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021

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 … only for the announcement of the ‘Next Generation EU’ program. In contrast, a temporary relaxation of European fiscal rules …

Persistent link: https://www.econbiz.de/10013221648

Inflation of objectives instead of focus on inflation? : evidence on the ECB objective function from a textual analysis : study supported by the Brigitte Strube Foundation

Heinemann, Friedrich; Kemper, Jan - 2022

In this analysis, we investigate ECB communication by analyzing more than 3,800 speeches from 1999 until 2022. The study measures the attention which ECB Council members pay to various implicit and explicit monetary policy objectives. While price stability, according to the Maastricht Treaty, is...

Persistent link: https://www.econbiz.de/10013492997

Magnitudes and capital key divergence of the Eurosystem's PSPP/PEPP purchases - update December 2021

Birkholz, Carlo; Heinemann, Friedrich - 2021

The ECB Council has to take a decision on the future of its asset purchase programmes as the monetary crisis support that was appropriate in the early phase of the pandemic needs to be adjusted to new circumstances. The changing environment is characterized by an advanced recovery from the...

Persistent link: https://www.econbiz.de/10013492832

Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the Corona pandemic

Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021

economic consequences of pandemic disruptions. In addition, EU Member States have designed stimulus packages in order to …

Persistent link: https://www.econbiz.de/10013488768

Magnitudes and capital key divergence of the Eurosystem's PSPP/PEPP purchases - update December 2020 : study supported by the Brigitte Strube Foundation

Havlik, Annika; Heinemann, Friedrich - 2020

Since March 2020, the Eurosystem has been purchasing government bonds under the Pandemic Emergency Purchase Programme (PEPP). The PEPP was set up as a non-standard policy measure to encounter the economic and financial consequences of the Covid-19 pandemic and is an additional program to the...

Persistent link: https://www.econbiz.de/10013488579

Die Europäische Zentralbank vor einer erneuten geldpolitischen Lockerung : Überlegungen zu den EZB-Optionen im September 2019

Heinemann, Friedrich - 2019

Der Rat der Europäischen Zentralbank (EZB) steht vor einer schwierigen Entscheidung. Ratsmitglieder haben die Märkte in den vergangenen Monaten auf eine erneute geldpolitische Lockerung eingestimmt. Der EZB-Präsident und andere Ratsmitgliederargumentieren damit, dass die aktuelle...

Persistent link: https://www.econbiz.de/10013483289

Reform Options for the EU Own Resources System

Heinemann, Friedrich (contributor); … - 2008

This study develops a reform proposal for the future revenue system of the EU budget. The findings strongly reject the … idea that a reform based on an EU tax-based own resource would remedy current problems. Against the background of the … element of the reform proposal is a move towards a stronger financial contribution of regions to EU spending. …

Persistent link: https://www.econbiz.de/10013520977

Simulating a European recovery fund

Heinemann, Friedrich - 2020

European leaders debate the establishment of a "European Recovery Fund" (ERF). The ERF shall help the European economy to restart growth after the COVID-19 pandemic-related recession that is currently unfolding. Early national and European fiscal measures of anti-crisis policy have been focused...

Persistent link: https://www.econbiz.de/10013484697

Intransparente EU-Verschuldung : Deutschlands Anteil liegt bei 262 Milliarden Euro

Heinemann, Friedrich; Moessinger, Marc-Daniel - 2024

Verpflichtungen für wachsende EU-Schulden ausblenden. Nach Auszahlung aller Mittel aus dem Corona-Wiederaufbauplan Next Generation EU …-Stiftung durchgeführt hat. Durch neue Instrumente wie den Corona-Wiederaufbauplan "Next Generation EU" verschuldet sich die EU in …. Anders als früher werden auch nicht rückzahlbare Zuschüsse an EU-Mit- gliedstaaten und operative EU-Programme im Rahmen von …

Persistent link: https://www.econbiz.de/10014526833

Zur Zukunft der Lissabon-Strategie

Heinemann, Friedrich - In: Entwicklung und Perspektiven der Europäischen Union : …, (pp. 97 - 110). 2009

Persistent link: https://www.econbiz.de/10014563139