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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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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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Essays on macroeconomic effects of fiscal policy rules
Railavo, Jukka - 2006
an active monetary - active fiscal policy regime consistent with stability of the economy.We show that, if we take supply …
Persistent link: https://www.econbiz.de/10012148897
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Finland and Its Northern Peers in the Great Recession
Suni, Paavo; Vihriälä, Vesa - 2016
exceptional negative shocks in combination with a too weak capacity of the economy to improve its cost competitiveness in the …
Persistent link: https://www.econbiz.de/10012037669
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The lessons from QE and other "unconventional" monetary policies: Evidence from the Bank of England
Lyonnet, Victor; Werner, Richard A. - 2011
indicates that QE as defined and announced in March 2009 had no apparent effect on the UK economy. Meanwhile, it is found that a …
Persistent link: https://www.econbiz.de/10010308568
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Monetary policy, inflation and economic growth in Pakistan: Exploring the co-integration and causality relationships
Chaudhry, Imran Sharif; Qamber, Yasmeen; Farooq, Fatima - In: Pakistan Journal of Commerce and Social Sciences (PJCSS) 6 (2012) 2, pp. 332-347
This paper investigates the long run and short run relationships of monetary policy, inflation and economic growth in Pakistan using co-integration and causality analysis during the period 0f 1972-2010. A large number of empirical studies on the relationships of monetary policy and inflation are...
Persistent link: https://www.econbiz.de/10011938320
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The macroeconomic effects of fiscal policy
Afonso, António; Sousa, Ricardo M. - 2009
We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we: (i) include the feedback from government debt (ii); look at the impact on the composition of output; (iii) assess the...
Persistent link: https://www.econbiz.de/10011605037
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Quantifying the inflationary impact of fiscal stimulus under supply constraints
Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - 2023
This paper builds on Baqaee and Farhi (2022) and di Giovanni et al. (2022) to quantify the contribution of fiscal policy to U.S. inflation over the December 2019-June 2022 period. Model calibrations show that aggregate demand shocks explain roughly two-thirds of total model-based inflation, and...
Persistent link: https://www.econbiz.de/10014302772
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Taxation, corruption and the exchange rate regime
Hefeker, Carsten - 2009
The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...
Persistent link: https://www.econbiz.de/10010264571
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The dire effects of the lack of monetary and fiscal coordination
Bianchi, Francesco; Melosi, Leonardo - 2017
monetary tightening, further debt accumulation, and additional inflationary pressure. Thus, the economy will go through a …
Persistent link: https://www.econbiz.de/10012030336