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An Estimated DSGE Model of Austria, the Euro Area and the U.S.: Some Welfare Implications of EMU

Breuss, Fritz; Fornero, Jorge A. - 2009

. The model captures the most salient features of Austria as a small open economy, the Euro Area (EA) and the United States …, whereas in the latter, the monetary policy of Austria is fully aligned with the European Central Bank. Main results are … that in the pre-EMU period, the EA and Austria present welfare costs close to one percent of steady-state consumption …

Persistent link: https://www.econbiz.de/10011345435

The Quest for Stability: The Macro View

Buiter, Willem H.; Gerlach, Stefan; Kool, Clemens J.M.; … - 2010

On September 3-4, 2009 SUERF and Utrecht University School of Economicsorganized the Colloquium "The Quest for Stability" in Utrecht, the Netherlands. The papers included in this SUERF Study are based on contributions to the Colloquium.

Persistent link: https://www.econbiz.de/10011689943

Assessing the impact of a change in the composition of public spending: a DSGE approach

Straub, Roland; Tchakarov, Ivan - 2007

Despite intense calls for safeguarding public investment in Europe, public investment expenditure, when measured in relation to GDP, has steadily fallen in the last three decades, evoking fears that economic activity may be correspondingly negatively affected. At the same time, however, public...

Persistent link: https://www.econbiz.de/10011604841

Macroeconomic effects of tariffs shocks: The role of the effective lower bound and the labour market

Jacquinot, Pascal; Lozej, Matija; Pisani, Massimiliano - 2020

We simulate a version of the EAGLE, a New Keynesian multi-country model of the world economy, to assess the macroeconomic effects of US tariffs imposed on one country member of the euro area (EA), and the rest of the world (RW). The model is augmented with an endogenous effective lower bound...

Persistent link: https://www.econbiz.de/10012422096

How important are foreign shocks in small open economy? The case of Slovakia

Horváth, Roman; Rusnák, Marek - 2008

In this paper, we provide evidence on the nature and the relative importance of domestic and foreign shocks in Slovak economy based on block-restriction vector autoregression model in 1999-2007. We document well-functioning monetary transmission mechanism in Slovakia. Subject to various...

Persistent link: https://www.econbiz.de/10010322189

Interactions between fiscal multipliers and sovereign risk premium during fiscal consolidation: model based assessment for the euro area

Lalik, Magdalena - 2017

The paper presents a model-based assessment of fiscal multipliers operating in the euro area during the period 2011-2014. The assessment is conditional on two distinct reactions of the sovereign risk premium (either responding endogenously to fiscal shocks or being an exogenous process) and two...

Persistent link: https://www.econbiz.de/10011606061

Fiscal spillovers in the euro area a model-based analysis

Attinasi, Maria-Grazia; Lalik, Magdalena; Vetlov, Igor - 2017

The fiscal consolidation measures adopted in many euro area countries over 2010-13 reduced excessive domestic fiscal imbalances, but came at the cost of short-term output losses. This simultaneous tightening of fiscal policy raised concerns that such output losses might be exacerbated by...

Persistent link: https://www.econbiz.de/10011667198

Dynamic analysis of exchange rate regimes: Policy implications for emerging countries in Asia

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2014

This paper discusses desirable exchange rate regimes and how countries can shift from their current regimes to these regimes over the medium term. We demonstrate the superiority of a basket-peg regime with the basket weight rule over a floating regime with the interest rate rule or the money...

Persistent link: https://www.econbiz.de/10011310997

Calvo contracts: Optimal indexation in general equilibrium

Minford, Patrick - 2007

Calvo contracts, which are the basis of the current generation of New Keynesian models, widely include indexation to general ináation. We argue that the indexing formula should be expected ináation rather than lagged ináation. This is likely to optimise the welfare of the representative agent...

Persistent link: https://www.econbiz.de/10010322779

Business cycle synchronization and insurance mechanisms in the EU

Afonso, António; Furceri, Davide - 2007

In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest in particular that while some of the new Member States have...

Persistent link: https://www.econbiz.de/10011604890

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