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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …
Persistent link: https://www.econbiz.de/10011605002
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Fiscal policy in the EU in the crisis: A model-based approach
Székely, István P.; Roeger, Werner; Veld, Jan in 't - 2011
This paper uses a multi region DSGE model with collateral constrained households and residential investment to examine the effectiveness of fiscal policy stimulus measures in a credit crisis. The paper explores alternative scenarios which differ by the type of budgetary measure, its length, the...
Persistent link: https://www.econbiz.de/10011430871
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Where next for monetary policy? Lessons from the financial crisis and the pandemic
Minford, Patrick - 2023
Monetary developments of recent decades began with much promise with inflation targeting by independent central banks; the financial crisis of 2007 ushered in a period of great monetary instability. There are lessons for a return to more stability. Central banks need to stabilize money supply...
Persistent link: https://www.econbiz.de/10014480560
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Fiscal, monetary, and financial interactions in dynamic general equilibrium
Strulik, Holger - 2008
This paper proposes a model that links households and firms, as usual, by markets for factors and goods and, additionally, by a banking sector that channels households' funds to firms and eliminates idiosyncratic risk. In equilibrium, agency costs and tax benefits of corporate debt are...
Persistent link: https://www.econbiz.de/10010265686
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The unintended consequences of the debt: Will increased government expenditure hurt the economy?
Werner, Richard A. - 2011
the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal … that of Japan in the 1990s. Then a weak economy with risk-averse banks seemed to require some of the largest peacetime …
Persistent link: https://www.econbiz.de/10010308564
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Monetary and Fiscal Policy in a Large Asymmetric Monetary Union - A Dynamic Three-Country Analysis
Clausen, Volker; Wohltmann, Hans-Werner - 2005
This paper analyzes the dynamic effects of anticipated monetary and fiscal policies in a large monetary union, which is characterized by asymmetric interest rate transmission. We explicitly solve the asymmetric three-country model using the decomposition methods of Aoki (1981) and Fukuda (1993)....
Persistent link: https://www.econbiz.de/10010296252
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Dynamische Effekte der Geld-und Fiskalpolitik in einem asymmetrischen Drei-Länder-Modell mit einer Währungsunion
Wohltmann, Hans-Werner - 2005
In diesem Beitrag werden die intertemporalen Wirkungen von antizipierten geld- und fiskalpolitischen Maßnahmen im Rahmen eines asymmetrischen Drei-Länder-Modells vom Mundell-Fleming-Phillips-Typ mit rationalen Preis- und Wechselkursänderungserwartungen charakterisiert. Zwei der drei großen...
Persistent link: https://www.econbiz.de/10010296253
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Monetary and Fiscal Policy Interactions in the Euro Area
Carlberg, Michael - 2004
This paper studies the interactions between monetary and fiscal policies in the euro area. The focus is on the union central bank, the German government, and the French government. The policy targets are price stability in the union, full employment in Germany, and full employment in France. The...
Persistent link: https://www.econbiz.de/10010296372
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What accounts for the changes in U.S. fiscal policy transmission?
Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - 2006
Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited...
Persistent link: https://www.econbiz.de/10011604628
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Fiscal policy in a monetary economy with capital and finite lifetime
Annicchiarico, Barbara; Giammarioli, Nicola; … - 2006
This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...
Persistent link: https://www.econbiz.de/10011604707