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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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Monetary and Fiscal Policy Interaction in the Euro Area with different assumptions on the Phillips curve
Bofinger, Peter; Mayer, Eric - 2004
In this paper we carry over a static version of a New Keynesian Macro Model to a monetary union. For a similar approach see Uhlig (2002). We will show in particular that a harmonious functioning of a monetary union critically depends on the correlation structure of shocks that hit the currency...
Persistent link: https://www.econbiz.de/10010296376
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Monetary and fiscal policy interaction in the Euro area with different assumptions on the Phillips curve
Bofinger, Peter; Mayer, Eric - 2003
In this paper we carry over a static version of a New Keynesian Macro Model developed in previous papers (see Bofinger, Mayer, and Wollmershäuser 2002) to a monetary union. For a similar approach see (Uhlig 2002). We will show in particular that a harmonious functioning of a monetary union...
Persistent link: https://www.econbiz.de/10010305744
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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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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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Active monetary policy, passive fiscal policy and the value of public debt: some further monetarist arithmetic
von Thadden, Leopold - 2003
properties of the model economy may differ significantly between the two monetary policy rules if public debt is issued in … 'aktiven' Geldpolitik und einer 'passiven' Fiskalpolitik. Insbesondere wird davon ausgegangen, dass der Fiskalagent die …
Persistent link: https://www.econbiz.de/10010295760
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Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers
Leith, Campbell; von Thadden, Leopold - 2006
This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...
Persistent link: https://www.econbiz.de/10010295809
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Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik
Heimberger, Philipp - 2016
Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Wachstum und Beschäftigung, was die Eurozonenwirtschaft im Zusammenspiel mit der über weite Strecken zögerlichen Geldpolitik … der Finanzkrise zu einer rascheren und umfassenderen Erholung von Wirtschaftswachstum und Beschäftigung …
Persistent link: https://www.econbiz.de/10012100198